Strategic plan > quarterly priorities workshop 25 Jun 2104

Questions / Answers:#RealStrategy || @RESULTSdotcom

Strategic Planning -> Quarterly Priorities@StephenLynch @RESULTSdotcom

RESULTS.com

RESULTS.com - One Page Strategic Plan

Get the slide deck:www.RESULTS.com/slides

Get the software demo:www.RESULTS.com

Full participation

Ask for everyone’s point of view

Productive conflict is important

No “group think”

Make a clear decision

Everyone commits to the decision

Access your Strategic Plan from the software

Strategy Centre Thought Leadership Library

1. Reflection and lessons2. Strategically analyze your industry

3. Confront your current reality like a VC4. Create Strategic Projects and Tasks

Agenda

Review Strategic Execution

What were the notable achievements you / your team accomplished? List your answers below:

What did you START doing that has been of value?

List your answers below:

What did you STOP doing ?

How effectively did you measure progress and keep it visible?

In the past, we used Spreadsheets / MS Excel

Now we use software

Key Performance Indicators / Key Metrics

Everyone knows their own individual accountabilities

They can also see how the entire team is performing

Team leaders can drill down to identify the cause

Looks like one person is holding the team back

What are the reasons for this trend?

Take action to diagnose and solve the problem

How well did you hold each other accountable for hitting KPI “Green” thresholds, & achieving Task deadlines?

What valuable lessons did you learn during the last planning cycle?

Agenda

What is Strategy?

"If everything you do needs to work on a 3 year time horizon, then you're competing against a lot of people.

But if you're willing to invest on a 7 year time horizon, you're now competing against a fraction of those people, because very few companies are willing to do that.

We can't realize our potential as people or as companies unless we plan for the long term."

“Companies need to operate with one eye focused on

the short-term, and one eye focused on the long-term.

Short-term is about projects related to improving

the current core business, and meeting the needs

of today’s target customers.”

Philip Kotler

“Long-term is NOT about performance

improvement.

It is about forgetting the past

and reshaping the business to compete more effectively

in the future.

Often, this demands bold, disruptive strategic moves

away from the present to reshape the company

for future success.”

Philip Kotler

Gary Hamel

Digital Darwinism = when technology and society

evolve faster than your company’s ability to adapt

It is not the strongestwho survive, nor

the most intelligent,but the ones

most responsiveto change

Industry Analysis

“The questions remain the same.

It’s the answers that keep changing”

Albert Einstein

Don’t know the answer to a question?

You need to know!

What will you do to find out?

Rivalry between existing competitors

Who are your Key Competitors? (the “players”) What moves are they likely to make?

( Industry life cycle: introduction > growth > maturity > decline / Industry growth rate / Industry profitability / Number of competitors / Market share / Capital requirements / Globalization / Commoditization / Cost advantages / Economies of scale /

Friendly vs. Aggressive competition)

New Entrants

Microsoft Office

Google Apps

"Firms are remarkably creative in defending their entrenched technologies, which often reach unimaginable heights of elegance and design and technical performance only when

their demise is clearly predictable.“

James Utterback

“ Out there in some garage is an entrepreneur who's forging a bullet with your company's name on it.

You've got one option - shoot first ” Gary Hamel

What New Entrants could disrupt you?( Industry barriers / Capital requirements / Learning requirements / Access to supplies / Access to distribution / Performance

vs. incumbents / Perceived differentiation in customers’ mind / Loyalty to incumbents / Switching costs / Retaliation by incumbents / “Innovator’s dilemma”)

Substitutes

What Substitute products / services could disrupt you?( Technology changes / Industry structure changes / Availability of substitutes / Performance of substitutes / Perceived

differentiation in customers’ mind / Switching costs / Customer desire to seek out alternative solutions to satisfy their need)

Suppliers

“Who” or “What” do you need to pay for to run your business?

Who are your Key Suppliers? What moves are they likely to make?

( Cost of supplies / Negotiating power of suppliers / Access to alternative sources of supply / Switching costs / Forward integration – supplier becomes competitor)

Customers

Who are your Key Customers? What moves are they likely to make?

( Customer demographic and psychographic description / Power to dictate prices or terms / Ability to influence other customers / Customer reviews / Perception of differentiation between vendors / Loyalty / Switching costs / Backward

integration – customer becomes competitor)

Political Factors

What political factors / laws / regulations are likely to impact you?

( Industry specific regulations / political spectrum left vs. right / political stability / laws / taxes / trade policy / wars / environmental issues / health / safety / consumer laws / employment laws)

EconomicFactors

What economic factors / changes in buying behaviors are likely to impact you?

( Economic growth / interest rates / exchange rates / inflation / availability of credit / investor interest in your industry / discretionary spending

changes in customer purchasing habits / use of debt and leverage vs. more frugal spending / new forms of payment)

Social Factors

What social factors / trends / attitudes / behaviors are likely to impact you?

( Demographic trends / career attitudes / health issues / environmental concerns / communication styles / social behaviors / online behaviors / media consumption / purchasing behaviors / cultural differences / generational differences / income

equality / society’s evolving attitudes, values & beliefs)

Technology Factors

What technological factors / trends / are likely to impact you?

(New technologies / Rate of technology adoption / Impact of internet and mobile / Social media / New devices & interfaces / Jobs replaced by technology / Business models disrupted by technology)

“Leaders must decide:

What is our business?

What should it be?

What is not our business?

What should it not be?”

Peter Drucker

“Strategy is resource allocation.

When you strip away all the noise, that’s what it comes

down to.

Strategy means making clear cut choices about how to

compete.

You cannot be everything to everybody.

You have to figure out what to say NO to”

Jeff Immelt

“Many managers do not understand the importance of having a clear strategy.

Strategy is about making trade-offs.

The essence of strategy is choosing what NOT to do.”

Michael Porter

“The difference between successful people

and very successful people is that very successful people say "no" to almost everything”

Warren Buffett

“The difference between successful people

and very successful people is that very successful people say "no" to almost everything”

Warren Buffett

What do you need to START doing? (Because it is strategically important for your long term success = “Core”)

What do you need to STOP doing? (Because it no longer serves you / not working out / purposeful abandonment = “Non

Core”)List your answers below:

Agenda

Describe your current reality

and make it obvious !!

Strengt

Weakness

Opportuniti

Threats

“Our people” is not a strength What is it about your people that makes your team strong?

E.g. “Highly qualified software engineers”

“Marketing” is not a weakness What is it about marketing that is weak currently?

E.g. “Insufficient # of target customer leads”

“Communication” is not a weakness What is not being communicated? E.g. “Strategy not well understood”

Be specific with your SWOT: Use 3-5 word phrases

Think like a VC

What are the top strengths / assets / competencies within your business you can leverage (or build) in

the next 12 months?

Rank your Top 5 Strengths in order:

What are the biggest weaknesses within your current business that could be fixed or improved in the

next 12 months?

Rank your Top 5 Weaknesses in order:

What opportunities can you pursue over the next 12 months

that will position your company for future success?

Rank your Top 5 Opportunities in order:

What external threats do you need to reduce (or closely monitor) to ensure they do not derail your

plans?

Rank your Top 5 Threats in order:

Agenda

Current Strategic Projects

“Every leader needs to clearly explain the top 3

things the company is working on.

If you can't, then you're not leading

well”

Jeffrey Immelt

Strategic Projects & their associated Tasks

“Help” menu - How to set up Projects and Tasks

SpecificMeasurableAchievableRelevantTime bound

“SMART” Projects

What are the top 3 Strategic Projects your company (or team) needs to execute in the coming period?

- Each must address 1 or more issues described in your SWOT analysis (relevant)- Describe the tangible end-point milestones (so you know when to celebrate)- Balance short-term business improvement initiatives ( = improving “what is”) vs. building long-term strategic capability for the future ( = creating “what will be”)

Current Strategic Project DueDate

Person Accountable

Many people can be involved in executing each Strategic Project, but only 1 person can be named accountable for the overall outcome

The project leader makes sure everything “gets done” (it does not necessarily mean they do it all themselves)

You may be leader in some projects and a follower in others

Single Point Accountability

Set yourself up to succeed. “Stuff happens”. Fires need fighting.

Set realistic outcomes and due dates that take into account “stuff happens” - yet still achieve your milestones.

Don’t underestimate the difficulties and challenges you will face.

Your colleagues are counting on you. Only make promises that you know you will be able to keep.

Balance Optimism with Realism

90% of those who join health and fitness clubs will stop going within the first 90 days.

International Health Club Association

Strategic Project #1 Due Date Person Accountable

Associated Individual Tasks

90% of your time is spent on “Business as usual” activities

You still need to create opportunities, make sales, deliver products and services, and collect money….

i.e. the things you do every day to pay the bills.

Set aside 10% of your time ( ½ day) every week for strategic execution. Aim to complete 1 specific meaningful task

“the #1 thing” that will move each Strategic Project forward.

Make time for Strategic Execution: The #1 Thing

What does being accountable overall for the execution of a Strategic Project mean?

– You make sure everything “gets done” related to this Project

– Colleagues with associated Tasks report to you as “project leader”

– You meet with the project team on a weekly basis to make sure:– Current status of the Project is up to date (% complete / color / commentary)

– You are aware of issues / delays - and know when it will actually be completed

– The #1 TASK to move each project forward each week is agreed and visible

– You help source the necessary support to keep things on track

– You report to the company leadership once per week showing that you fully

understand what is happening and have things under control

Using software to track projects

RED = Project behind schedule. Sound alarm!

YELLOW = Watch closely. Need help?

GREEN = Project on schedule

Strategic Projects

Home page for Accounting firm owner

Team View

Drill down into the Accounting Team

Team View

Project Goal with associated Tasks

How will you keep progress visible on your Projects?How will you hold people accountable for Task

achievement?List your answers below:

Get the slide deck:www.RESULTS.com/slides

Get the software demo:www.RESULTS.com

Connect with Stephen Lynch:

FOR CEOs and business leaders of fast growth SMBs

WHOare trying to take control of their business, engage their workforce, and achieve extraordinary RESULTS

OUR PRODUCT

IS ARESULTS focused management dashboard

THAT PROVIDES

transparency into your entire organization from company-wide strategic goals to individual tasks

UNLIKEother software providers, we offer SMBs the complete suite of tools to manage their business and engage their team

OUR PRODUCT

engages your workforce to accelerate your success

OUR PURPOSEto end employee disengagement by reprograming management

Strategic plan > quarterly priorities workshop 25 Jun 2104

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Transcript of Strategic plan > quarterly priorities workshop 25 Jun 2104

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