midwayusa strategic planning process
DESCRIPTION
MidwayUSA Strategic Planning ProcessMidwayUSA validates their Strategic Planning Process by creating a Mission Statement setting goals, creating processes to meet those goals and continuously improving the methods used to achieve these goals.TRANSCRIPT
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This category examines how an organization develops stra-tegic objectives and action plans; from the 2011-2012 Crite-ria for Performance Excellence p. 10-12. Strategic planning is a process; a series of steps designed to create a strategic plan. When executed systematically and effectively the strategic planning process adds tremendous value to any organization by providing focus on the vision, the goals and the key requirements of stakeholders. The process then guides the creation of a plan that contains the most value-adding, change initiatives to implement in pur-suit of achieving the organization’s goals and meeting the key requirements of stakeholders. An effective strategic planning process will not only create a strategic plan to support achievement of goals, but will also manage the execution of the strategic plan and the sustainability of the results proposed by the action plan. Additional benefits of an effective strategic planning proc-ess include high levels of innovation and employee engage-ment. This handout gives an overview of MidwayUSA’s strategic planning process. Additional detailed information is avail-able in the strategic plan development timeline, which is available upon request.
Strategic Planning
Baldrige Performance Excellence Program, Criteria for Performance Excellence Category 2: Strategic Planning
Important Definitions
Action Plan - The individual ideas for improvement that have been extensively detailed with who, what, where, when and how.
Strategic Objectives - Broad statements that communicate what an organization must achieve to remain or become competitive and ensure long-term sustainability.
Key Requirements - The most important needs of a stakeholder that must be met to achieve stakeholder satis-faction.
Stakeholders - Any group or individual that is or might be affected by an organization’s actions and success.
Strategy - The methods use to achieve organizational goals and long-term sustainability.
ISO 9001:2008 Registered 2009 Recipient of Baldrige National Quality Award
v.10.5.11
Frequency
1. Opening Comments Monthly
a. From the President Monthly
b. Review Meeting Purpose Monthly
c. Next steps in the Strategic Planning Process Monthly
2. Review Direction
a. Mission Statement, Company Goals and Stakeholder Key Requirements Monthly
i. Finalize recommendations (if any) for changes to Mission Statement Annually - Q1
ii. Discuss any changes from BOD (to stakeholders, shareholder key requirements, MS, CGs) Annually - Q1
b. Company Strategies Annually - Q1
c. Company SWOT Analysis (Review) Semi-Annually Q1 & Q4
d. Review Strategic Planning Process handout Annually - Q4
3. Review Strategic Objectives - 2012 Monthly
a. Discuss recommendations for future strategic objectives Annually - Q1
4. Operational Analysis
a. Results Review Monthly
b. Review Level 1 CARs Monthly
c. SWOT Analysis Annually - Q4
d. Core competencies, strategic advantages and challenges Semi-Annually Q2 & Q4
5. Review Bucket List (top 20 and new ideas) Monthly
a. Top 20 Monthly
b. Additions to Bucket List Monthly
i. New ideas added Monthly
ii. New ideas to consider adding Monthly
c. Identify ideas to move to 2012 Strategic Plan Monthly Q1 & Q2
6. Create Strategic Plan - Analyze and Select Company Action Plans (CAPs) Monthly Q1 & Q2
2012
a. Review Action Plans on 2012 Plan Monthly Q1 & Q2
b. Prioritize CAPs Monthly Q1 & Q2
c. Review Gantt chart of 2012 Strategic Plan and Master Resource Pool Monthly Q2
d. Discuss and resolve capacity conflicts Monthly Q2 & Q3
e. Finalize 2012 Strategic Plan September
f. Discuss timeline for 2012 Strategic Plan Monthly Q3
7. Create Long-Term Strategic Plan
2013-2014 Annually - Q4
8. Review Execution of the 2011 Strategic Plan
a. Discuss status of active 2011 CAPs Monthly
9. Control the Results of Action Plans
a. Review completed CAPs results matrix Monthly
Monthly Strategic Planning Meeting Agenda
Purpose: To facilitate the execution of the Strategic Planning Process by reviewing the Company direction; deploying
the strategic objectives; creating the strategic plan; managing the execution of the current year's strategic plan; and
controlling the results of implemented action plans. For more information see the Strategic Planning Process handout.
Strategic Planning Meeting Agenda
Below is a sample agenda for a monthly strategic planning meeting that aligns with the process described in this
handout. Each item is covered as indicated in the frequency column.
Strategic Planning Process
1
Set the Direction
January
2
Deploy the
Strategic Objectives
February, May, August
3
Create Strategic Plan
October—October
4
Deploy the
Strategic Plan
November
5
Execute the
Strategic Plan
January-December
6
Control the
Results of APs
January-December
Validate Mission
Statement
To ensure guidance to the
organization is aligned
with current business needs and direction
BOD, CEO and President
A
Validate Key
Stakeholders
To ensure groups with a
vested interest in the or-
ganization’s success are represented.
BOD, CEO and President
B
Validate
Organizational Goals
To ensure goals are
aligned with current busi-
ness needs and direction.
Goals owned by BOD.
Future performance levels
for goals set by CEO and
President
Our goals are to satisfy our
key stakeholders
BOD, CEO and President
C
Validate Shareholder
Key Requirements
To ensure current under-
standing of the key re-
quirements hat must be met to achieve the share-
holder satisfaction goal.
CEO and BOD
D
Validate Company
Strategies
To provide guidance in
decision-making.
BOD, CEO and President
E
Validate other
Stakeholder Key
Requirements
To ensure current under-
standing of the key re-quirements that must be
met to achieve the respec-
tive stakeholder satisfac-tion goal.
President and SLT
F
Results Review
To identify opportunities
to address, both actual and
projected performance are reviewed against goals.
CEO and President
G
Conduct Company
SWOT Analysis
Strengths, weaknesses,
opportunities and threats in
relation to the current and future environment are
analyzed.
Strategic advantages,
challenges and core com-petencies are validated.
Reviewed with the BOD to
identify blind spots.
Chairman, CEO and SLT
H
Create Strategic
Objectives
To define the initiatives to
undertake to remain com-
petitive and achieve cur-rent and future goals.
Major APs may be identi-
fied.
Reviewed with the BOD to
identify blind spots.
CEO and President
I
Strategic Objectives
Deployed
To all Employees with a
formal call for innovation.
Employees submit ideas
for APs.
Employees help identify
blind spots.
CEO and SLT
J
Ideas Categorized
To identify strategic ideas
for consideration as APs
on the strategic plan
SLT
K
Innovation
Sources include*:
Employees
Customers
Vendors
Shareholders
Strategic Thinking Teams
Strategic Planning Meetings
*ideas also used in process manage-
ment process to improve processes.
Results Review
To identify opportunities
to address, actual and
projected performance are
reviewed against goals
SLT
L
Operational Analysis
Review Company
SWOT Analysis and
Conduct Department
SWOT Analyses
SLT
M
Review
To create a focus on fac-
tors or capabilities to
utilize or overcome in the
strategic plan, core compe-tencies, strategic advan-
tage and challenges are
reviewed.
SLT
N
Innovation
Strategic ideas for APs to
achieve strategic objec-
tives captured.
SLT
Analyze and Select
Ideas for APs for Next
Year’s Strategic Plan
To determine the most
important APs to imple-ment next year to achieve
strategic objectives and
goals.
SLT
O
Analyze and Select
APS for Long-Term
Strategic Plans
To determine the most
important APs to imple-ment as a part of the long-
term strategic plan (2-5
years out) to achieve fu-ture strategic objectives
and goals.
SLT
P
Prioritize APs
To determine the appropri-
ate importance level of each AP.
SLT
Q
Integrate Strategic
Plan with Workforce
Planning
To ensure the resources
needed to execute the strategic plan are inte-
grated into workforce
plans.
SLT
R
Integrate Strategic
Plan with Financial
Plan
To ensure the impacts to
financial plans are identi-fied and incorporated into
the budget.
SLT
S
Finalize and Approve
the Strategic Plan
To commit to a strategic
plan to implement in the
next year.
SLT finalizes the plan, the
CEO and President ap-
prove the plan, and the
BOD reviews the plan.
CEO and SLT
T
Deploy the Strategic
Plan
To the entire organization
to facilitate engagement
and acceptance of the plan.
SLT
U
Execute the Strategic
Plan
Implement the APs on the
current year’s strategic
plan.
SLT
V
Control the Results of
the APs
To ensure desired results
are achieved and sus-
tained.
SLT
W
S W
O T