As you think about where your organization is now, you want to look at your foundational elements (mission and value) to make sure there has not been a change. More than likely, you will not revise these two areas very often. Then you want to look at your current position or your strategic position. This is where you look at what is happening internally and externally to determine how you need to shift and change You should review your strategic position regularly through the use of a SWOT. These elements are as follows:
Mission statement: The mission describes your organization’s purpose — the purpose for which you were founded and why you exist. Some mission statements include the business of the organization. Others explain what products or services they produce or customers they serve. Does your mission statement say what you do? Why does your organization exist?
Values and/or guiding principles: This clarifies what you stand for and believe in. Values guide the ...view middle of the document...
The following elements help you define the future for your business:
Sustainable competitive advantage: Sustainable competitive advantage explains what your are best at compared to your competitors. Each company strives to create an advantage that continues to be competitive over the time. What can you be best at? What is your uniqueness? What can your organization potentially do better than any other organization?
Vision statement: Your vision is formulating a picture of what your organization’s future makeup will be and where the organization is headed. What will your organization look like in 5 to 10 years from now?
How will we get there?
Knowing how you’ll reach your vision is the meat of your strategic plan, but it’s also the most time consuming. The reason it takes so much time to develop is because there are a number of routes from your current position to your vision. Picking the right one determines how quickly or slowly you get to your final destination.
The parts of your plan that layout your roadmap are listed below:
Strategic objectives: Strategic objectives are long-term, continuous strategic areas that help you connect your mission to your vision. Holistic objectives encompass four areas: financial, customer, operational, and people. What are the key activities that you need to perform in order to achieve your vision?
Strategy: Strategy establishes a way to match your organization’s strengths with market opportunities so that your organization comes to mind when your customer has a need. This section explains how you travel to your final destination. Does your strategy match your strengths in a way that provides value to your customers? Does it build an organizational reputation and recognizable industry position?
Short-term goals/priorities/initiatives: Short-term goals convert your the strategic objectives into specific performance targets. You can use goals, priorities, initiatives interchangeably. In this book, I use goals to define short-term action. Effective goals clearly state what you want to accomplish, when you want to accomplish it, how you’re going to do it,