Outperform Your Competition in 2010

By Shari’ Taber

The phrase “strategic planning” causes the mind to go numb and triggers apprehension in most executives and business owners. The problem isn’t that it is a complex exercise as much as it is a misunderstood exercise.  Historically, organizations that actually developed a decent strategy looked in the rearview mirror for direction on how to plan an aggressive strategic plan.

The basic goal of any strategy is to win customers, create sustainable competitive advantage and increase shareholder value.  Strategy defines the business’s direction. Direction is identified by looking into the future and translating shifts in industry, business and technology, then aligning it with the organization’s longer-term goals, which have been developed in alignment with the company’s mission, vision, and values.

Key elements of the strategic planning process:

• External Assessment
• Internal Assessment
• SWOT Analysis
• Development or Refinement of Mission, Vision, and Values
• Long Term Directional Objectives
• Short Term Objectives
• Strategy Development
• Strategic Program Action Plan Development
• Alignment
• Execution
• Measurement Metrics

Research shows that executing on the strategy is responsible for 85% of your company’s financial results. Tapping the minds of those who best understand the company’s markets, resources, external conditions, strengths and weaknesses is crucial to your organization’s effective strategy development.  Looking over your shoulder for direction as you enter an economy and business climate that has never before been navigated is a recipe for disaster.  Certainly, wisdom comes from experience, but strategy must be designed with assumptions about the future - derived from understanding your industry.  Consideration to impending trends will also influence strategy.  Strategy must be developed so that execution delivers desired results.

A failed strategy always goes back to failure to effectively align and execute at the people level.  Alignment is the critical, and often missing, next step when developing an effective strategy and action plan.

If you don’t get the people part right, your business will never reach its potential. Without the right people doing the right things at the right time, your strategy will fail miserably. 

When considering the demands of fulfilling your company’s strategy, answer these questions:

• Do you have a framework for identifying and developing talent at every level in your organization?
• Do you have an effective succession plan that fills the leadership pipeline?
• Do your people possess the skill set and capabilities to meet the near and mid-term demands of your long-term plan?
• Do you have a plan to increase retention?
• What will you do with non-performers?
• How will you translate strategy to the activities of HR?

Can your company afford not to develop a strategic plan in this rapidly shifting economy and business climate?  Those businesses that have survived this “stubbornly retreating” economy have become lean, tactical, and they are fit.  Don’t be caught off guard.  If you aren’t providing your people with a workplace that ensures career growth and opportunity, they will be targets for your stealth competition.  Companies that are doing it right will be gobbling up your best people.

With the proper plan in place you can increase company profits without spending more money.

Equip and fortify your company for success in 2010 and beyond.   By doing the right things, at the right time, with the right people, providing your managers and executives with the data to not only know what to do, but to measure and influence performance, you can create sustainable competitive advantage, leave your competition scratching their heads and your shareholders smiling.

As an advisor to leaders of companies large and small, I’ve had the opportunity to observe corporate dynamics and participate in them.  Companies that operate without a strategic plan cannot create sustainable success, they cannot effectively compete in the fast shifting business environments of our times, and they cannot attract and keep “A” level employees when they lack a culture of execution.

Without an effective strategy there can be no effective execution.  Without building effective execution into your company’s strategy, goals and its culture there is no foundation for success.  Developing effective strategy and effectively executing it within your organization will not only be a competitive advantage, it will generate breakthrough results. 

You can outperform your competition in 2010!

Sheri’ Taber, an award-winning strategy expert, provides her clients with more than 25 years of organizational development and performance improvement experience.  She is the founder and CEO of The Peak Performance Group a global management-consulting firm. Sheri' and her team of experts collaborate with their clients to help them achieve breakthrough performance and competitive advantage at every level of the organization.  813.832.2949 P 888.654.3009 P / F www.ThePPGinc.com Sheri@ThePPGinc.com