Strategic Planning and Implementation Process SPSSHRM(1).pdf · Strategic Planning and...
Transcript of Strategic Planning and Implementation Process SPSSHRM(1).pdf · Strategic Planning and...
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Strategic Planning and Implementation ProcessWendy Cook, [email protected]
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Strategic Planning Process
FORMULATION IMPLEMENTATION EVALUATION
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Formulate
Mission
• What business are we in?• One paragraph• Emotional• Specific yet broad
Vision
• Where do we want to go? Who do we want to be?• One sentence• Emotional• Inspires employees
May also have values statements, statement of purpose, charters, etc.
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Formulation
External Audit
Internal Audit
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SWOT
Internal•Strengths•Weaknesses
External•Opportunities•Threats
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Internal AuditStrengths Weight = Adds to 1.00 Rating = 3 or 4 Weighted Score = W X R
1
2
3
4…20
Weaknesses Rating = 1 or 2
1
2
3
4…20
Total: 1.00 >2.5 is good
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External AuditOpportunities Weight = Adds to 1.00 Rating = 1, 2, 3, or 4 Weighted Score = W X R
1
2
3
4…20
Threats
1
2
3
4…20
Total: 1.00 > 2.5 is good
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Five Forces
COMPETITORS SUPPLIERS CUSTOMERS NEW COMPETITORS
SUBSTITUTE PRODUCTS
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SWOT MatrixStrengths Weaknesses
1. Slack production at 20% 1.
2. New social media manager 2.
3…20 3…20
Opportunities SO WO
1. University Place discretionary income up by 5%.
1. Increase marketing in the University Place Neighborhood (S1, O1)
2. 2. Focus social media marketing in UP neighborhood (S1, S2, O1)
3…20
Threats ST WT
1.
2.
3…20
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BCG MatrixStars Question
Marks
Cash Cows Dogs
Relative Market Share
Indu
stry
Sal
es G
row
th R
ate
Low 0High 1.0
High
.20
Low
-.2
0
RMS: Your Firm’s Division Revenues/Top Firm’s Division RevenuesISGR: Market Growth Rate for the Division
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Quantitative Strategic Planning MatrixAlternative 1 Alt 2 Alt 3
Weight Rating Weighted Score
Rating Weighted Score
Rating Weighted Score
Strengths
1…20
Weaknesses
1…20
Total: 1.00
Opportunities
1…20
Threats
1…20
Total: 1.00 Highest Wins
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Implementation
Strategy
Leadership
Change
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Top Management Team
Trust
Challenge
On the same page
See the TMT as the primary team
Work for the good of the firm
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Change - Kotter
Establish a sense of urgency
Create a guiding
coalition
Develop a clear shared vision
Communicate the vision
Empower people to act on the vision
Generate short-term
wins
Consolidate and build on
gains
Institutionalize the change
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Communicate the Vision
TMT needs to communicate the new vision at every meeting.
Communicate to the satisfaction of the other.
Listen to people’s concerns.
Address people’s actual concerns - not what you want to address.
Be honest.
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Empower People to Act on the Vision
Provide resources that support the vision.
Remove barriers.
Change reporting structures, if necessary.
Reward those who act in accordance with the vision.
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Institutionalize the Change• All policies support the new way of doing things.• All managers must hire, promote, and fire based on the new way of
doing things.• Employees need to be trained and informed of the new culture.• Encourage and support change:
• Compassion• Boundaries• Accountability
• Those who refuse to change need to leave the firm.
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Emot
iona
l Res
pons
ePa
ssiv
e
Activ
e
Time
Immobilization
Denial
Anger
Bargaining
Depression
Testing
Acceptance
Psychological Responses to Negatively Perceived Change
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Evaluation
Where are we now, and where did we expect to be?
Change in SWOT.
Change in financial ratios.
Change in employee satisfaction.
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Support
In every meeting, think about implementation.
There needs to be a reason why the change is happening. Can management respond effectively to, “Why?” What is the urgency?
When change happens, the TMT are far ahead of everyone else. Help people understand the beginning.
Keep handy the names of mediators, consultants, and executive coaches. They will be needed.
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Strategic Management
Formulation
Implementation
Evaluation
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References
• HBR's 10 Must Reads on Strategy (including featured article "What Is Strategy?" by Michael E. Porter) https://store.hbr.org/product/hbr-s-10-must-reads-on-strategy-including-featured-article-what-is-strategy-by-michael-e-porter/12601
• David, F., & David, F. Strategic Management: A Competitive Advantage Approach. ISBN-13: 9780133444797
• Kotter, J. P. (2012). Leading Change.