developing a strategic planfiles.asme.org/events/ltc12/31498.pdf · swot analysis formulation of...
TRANSCRIPT
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Developing a Strategic Plan
William T. Cousins, Chair - VOLT Academy
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Session Objectives
• Introduce strategic plan formulation• Relate Strategic Plans, Business
Plans, and Balanced Scorecard• Provide basics that lead to success
(ASME, Industry, Academic)
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Session Outline• Introduction to Strategic Planning• Formulation of the Strategic Plan• Communicating & acting on the
strategic plan– Strategic Plan document– Balanced Scorecard Strategy Map– Business Plan
• Failure points to protect against
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Introduction to Strategic Planning
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Strategic Planning vs. Long Term Planning
Long TermPlanning
More ofthe Same
Extrapolation ofthe current state of the organization
Organizational Direction Change
CompetitivePositional/tactical analysisCustomer Driven
StrategicPlanning
Changes to the Business
Introduction to Strategic Planning
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Strategic Planning Steps1. Develop a document that spells out:
– Mission, Vision, Purpose of the organization
2. Develop a communication plan that saturates the consciousness of everyone with: What business are we in and why? Where are we going? What do we stand for as an organization?
3. Examine the culture to establish a baseline to which change can be compared.
Introduction to Strategic Planning
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Strategic Planning Steps4. Develop changes in information flow, accountability
& reward systems to ensure (at least) compliance and (at best) commitment & creativity.
5. Develop supports for changed behavior. (Training, team building, etc.)
6. Set goals for all parts of the organization. Criteria for goals: Perform gap analysis What we hope to accomplish How this relates to the vision of the organization How we will track progress
Introduction to Strategic Planning
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Strategic Planning Steps
7. Hold a strategy session with each unit to create action plan & agreed-upon goals that are aligned with the organizational vision. Who will do what, when, where, how, with what intent.
8. Communicate the plan.
9. Celebrate achievements & learn from mistakes.
Introduction to Strategic Planning
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How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
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Formulation of theStrategic Plan
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Determining Mission, Vision,and Driving Force (1)
• Mission statement should have meaning… otherwise a corporate exercise in futility
• Helps align decisions with values and goals• Some Tests
– Mother test: If you mother does not understand it, start again.– Should inspire– Aligned with core competency
• A brief description of a company’s fundamental purpose. A mission statement answers the question, “Why do we exist?”
Formulation of the Strategic Plan99
How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
Why are we in business?
Mission / VisionDriving Force
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Determining Mission, Vision,and Driving Force (2)
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How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
Why are we in business?
Mission / VisionDriving Force
• Samples of Mission Statements– The Elephant Sanctuary:
• "A natural-habitat refuge where sick, old and needy elephants can once again walk the earth in peace and dignity."
– Sun Microsystems:• "Solve complex network computing problems for governments, enterprises, and service providers. "
– VOLT Academy:• "Ensure that ASME volunteers have the training needed to assume leadership positions of ever-increasing responsibility in the Society and that the skills gained from such leadership positions, in turn, enhance their professional careers. "
Formulation of the Strategic Plan
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Determining Mission, Vision,and Driving Force (3)
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How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
Why are we in business?
Mission / VisionDriving Force
• Vision Statement:– Provides the inspiration for both your daily operations and your
strategic decisions – Keeps the organization focused
• Writing the Statement:– Examine your mission statement– Dare to dream. Where will you be 5 years from now?– Vision should force you to choose what you consider to be the
most important accomplishment of your business and give you a time frame to accomplish it.
Five years from now, (my company name) will ___________________ by ________________________.
A Formula
Formulation of the Strategic Plan
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Determining Mission, Vision,and Driving Force (4)
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How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
Why are we in business?
Mission / VisionDriving Force
• Sample Vision Statements:– “Five years from now, Computer Services Ltd. will have annual revenues of over one
million by consistently providing timely, reasonably priced repair and instructional services.”
– “Within the next five years, Metromanage.com will become a leading provider of management software to North American small businesses by providing customizable, user-friendly software scaled to small business needs.”
– “Five years from now, Tiny Tots Diaper Service will be the top grossing diaper service in the Lower Mainland by consistently providing a reliable, affordable service for Moms and Dads with small children.”
– “ASME will be recognized worldwide as a premier organization for the quality of leadership training and orientation provided to its volunteers.”
From your Mission and Vision, do you have a Driving Force for your organization?
Formulation of the Strategic Plan
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Determining Values, Climate, and Culture
• Values: Integrity? Customer service?– Employee satisfaction? Teamwork?
• Climate: Economic? Business? What satisfies a need? Are people looking? Can youimprove it?
• Culture: One of collaboration? Not invented here? Internal cooperation or struggle?Anything that has to change?
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How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
How do we do business?
Values, Climate, Culture Formulation of the Strategic Plan
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Gap Analysis:Environmental Assessment
• Social impacts• Cultural impacts• Sensitivity to economics• Effects on other parts of the organization• Conflicting efforts• Governmental regulations
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How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
GAP ANALYSISWhere is our
business now?
Environmental Assessment
Formulation of the Strategic Plan
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Gap Analysis:Strengths, Weaknesses, Opportunities & Threats
• Strengths / Weaknesses – Internal issues• Opportunities / Threats – External issues
• Brainstorm these, then group into logical areas (like areas of concern, necessary growth areas, areas to protect)
Good for pre-work !
99
How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
GAP ANALYSISWhere is our
business now?
SWOT Analysis Formulation of the Strategic Plan
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Gap Analysis:Competition, Constraints, Barriers
• Who is the competition? Internal? External?…is this a concern?
• Are there defined constraints that must be maintained? …lived with? …changed?
• Are there certain barriers that need to be removed? …watched? ..lived within? …managed?
99
How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
GAP ANALYSISWhere is our
business now?
Competition, Constraints, Barriers Formulation of the Strategic Plan
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Gap Analysis:Strategies (Goals)
• From the past analysis… What are the major factors that need to drive the strategy?
• What major goals need to be achieved to reach the vision? (4-6 is adequate)
99
How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
GAP ANALYSISWhere do we want to be?
Strategies (Goals) Formulation of the Strategic Plan
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Gap Analysis:Tactics (Plans) & Resources
• Tactics are the things you will actually do, in line with your strategies, to meet your vision.
• Individual tactics may have business plans.
• Resources are physical items needed to invoke your tactics… people & organization, materials, but NOT BUDGET.
99
How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
GAP ANALYSISHow can we get
there?
Tactics (Plans)Resources Formulation of the Strategic Plan
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People-Friendly Change:How will we know we’ve arrived?• Coordination• Budgets• Controls• Reports• Milestones• Measures and
Metrics
20Introduction to Strategic Planning
Can think of this as the“project management” piece
99
How it all fits together…Broad
ActionsGap
AnalysisPeople-Friendly
Change
StrategicQuestions
Why are wein business?
How do wedo business?
Where is ourbusiness now?
Where do wewant to be?
How can weget there?
How will we knowwe’ve arrived?
StrategicActions
Coordination
Budgets
Controls
Reports
Milestones
Vision
Mission
DrivingForce
Values
Climate
Culture
EnvironmentalAssessment
Strengths
Weaknesses
Opportunities
Threats
Competition
Constraints
Barriers
Strategies(Goals)
Tactics(Plans)
Resources
Metrics
Introduction to Strategic Planning
How will we know we’ve
arrived? Formulation of the Strategic Plan
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Communicating and Acting on theStrategic Plan
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The Strategic Plan Document
• Purpose– Communication of the
plan to others– A constant reminder of
the direction of the organization
Communicating and Acting on the Strategic Plan
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Example: The VOLT Strategic Plan
Communicating and Acting on the Strategic Plan
Mission
Vision
Factors
Strategies
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What is the Balanced Scorecard?
The Balanced Scorecard (BSC) is a tool to help translate strategy
into operational objectives.
Communicating and Acting on the Strategic Plan
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Balanced Scorecard Strategy Map– Links Action to Strategy
Knowledge, Skills, Systems, and Tools
Internal Capabilities
Customer Benefits
Financial Viability
Deliver Benefitsto Customers in a Financially Viable
Manner...
Realize the Vision
Equip the Team...
Build Strategy...
Communicating and Acting on the Strategic Plan
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27Communicating and Acting on the Strategic Plan
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28Communicating and Acting on the Strategic Plan
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The 2012 Enterprise Strategy Map
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Guiding Your Strategy into Operation
Communicating and Acting on the Strategic Plan
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How it all fits together…
Communicating and Acting on the Strategic Plan
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32Communicating and Acting on the Strategic Plan
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Application of a Business Plan
Communicating and Acting on the Strategic Plan
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34Communicating and Acting on the Strategic Plan
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Failure Points to Protect Against
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Do not let the budget drive the plan
Failure Points to Protect Against
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37Failure Points to Protect Against
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Don’t spend group timeword-smithing, let one person
author, then change.
Failure Points to Protect Against
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39
Be sure to keep strategies separate from tactics… don’t confuse the two.
Failure Points to Protect Against
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Don’t drop the ball with the measures and metrics… they allow you to monitor success.
Failure Points to Protect Against
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Keep moving through the process at a decent pace… you will have a
better result… speed helps.
Failure Points to Protect Against
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