The key to a successful operation is a well-planned and established action plan that is constant and consistent. The strategy may also include operational goals, actions plans and measuring performance. However, most companies have a strategic plan but it is not integrated with operations hence it is not well executed and results in a crisis to crisis mode of management. Adding on, some departments in the organisation is then averse to each other, which create conflict and denies improvement.
A strategic plan is unable to completely help a company change or suddenly increase market share, improve customer satisfaction and enhance products. In this case, it is vital for the organisation to establish a well defined and well executed strategy. It is also important for the company to effectively plan their strategy by using a dynamic and careful process to ensure that the focus of the strategy is aligned to the right actions.
There are 4 main components of a successful strategy. They are namely:
- Strategic goals: concise statements of what management wants to achieve in terms of growth, products, markets, and profits
- Improvement objectives: definite and quantitative improvements established within a timeframe and tied to specific strategic goals
- Action plans: translate objectives into a series of steps, duties, schedules and cross-functional teams for enforcing the plans to achieve the objectives
- Performance measures, provide measurable means of reviewing, evaluating and updating actions, improvement objectives, strategic goals, and performance
If these 4 strategies are in place and done well, it will allow an organisation to analyze and manage strategically, to form measurable objectives and plans that integrates with goals and continuously measure performance results and evaluate a need for additional changes. If a strategic plan is not completed, the organisation will miss the opportunity to focus its entire organization on its objectives and actions and to develop common values and beliefs.
Carrying out these steps requires courage, confidence, hard work and persistence, but the rewards will be a leading strategy for your company and a focus on vision and mission, and a prevalent purpose for the entire organisation.The greatest strategy successes comes from not just a clear vision of the end goal, but also a set of actionable steps to bridge the gap.
Bluehive Consulting works with our clients to develop the roadmap, timeline, defines functional responsibilities, coordinate these actions and guide them towards on time delivery within the defined budget.