This month the Roundtable will provide an overview of current best practices and considerations for managers to explore in determining the best strategic business planning process for their business.
Sally Schmall, President & CEO of Academy Coaching will summarize the best practices employed by her clients ranging from manufacturing companies to the University of Michigan. Ms. Schmall is the lead organizational consultant and trainer providing a multiyear core competency strategic planning / training process at the University. An energetic and engaging speaker, she has presented workshops on organizational effectiveness across the country.
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April 2011 - CFO Roundtable - Sally Schmall
1. BEST PRACTICE APPROACHES IN STRATEGIC PLANNING Sally Schmall, MSW Faculty, University of Michigan President, Academy Coaching Specializing in talent acquisition , leadership development and organizational competency models in Industry and Hig her Education http://AcademyCoaching.com sallyschmall@academycoaching.com (p) 734-274-1436 (f) 734- 668.2525 516 E. Washington Ann Arbor, Mi. 48104
5. THE BALANCED SCORECARD APPROACH Kaplan, R. & Norton, D. The Balanced Scorecard. Harvard Business School Press, 1996 Strategic Objectives Strategic Measures Financial Broaden revenue mix Revenue growth, mix Customer Increase after sale satisfaction Customer retention, surveys Internal Create innovative products New product revenue, product development cycle Learning Provide strategic information across business units Strategic information availability ratio
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12. "Cheshire Puss,...Would you tell me, please, which way I ought to go from here?" "That depends a good deal on where you want to get to," said the Cat. "I don't much care where--" said Alice. "Then it doesn't matter which way you go," said the Cat. "--so long as I get SOMEWHERE," Alice added as an explanation. "Oh, you're sure to do that," said the Cat, "if you only walk long enough." from Alice in Wonderland by Lewis Carroll
Editor's Notes
While LouGerstner,
The balanced score card is a multifaceted tool that combines both financial and non financial factors to measure company performance. Kaplan and Norton developed the approach in the late 1990’s based on the realization that financial returns are only one aspect for organizational success
Your narrative has to mean something to your employees. It has to be about more than facts and figures - for example - it could contain stories and anecdotes to illustrate where your business is going. UM: As a result of training, 300 employees based across multiple locations are drawn together by the same vision and know they are part of one organization. identify champions in different departments or teams who can identify and share examples from their parts of your business - they can have a key role in linking managers with the ideas and experiences of employees - see our page on employee engagement champions in our guide on employee engagement - an overview With any method you use - collate the results, identify key themes and discuss them with your employees. Involving your employees in developing your narrative can help them make a personal connection to it and strengthen their commitment to achieving your business' goals.
What is lacking in this strategic plan? This strategy could be applied to virtually any organization / business The bullet points communicate priorities at the most basic level, and while they convey goals they ignore the complex processes and resources / training needed to actually realize these goals As a result, strategy can seem ungrounded, abstract and even frustrating for employees to understand
Gordon Shaw, Executive Director of Planning at 3M first coined the term “strategic narratives” when he wrote about how consultants at the 3M corporation used stories to communicate strategy. To describe strategic problems and objectives they created stories life a fiction piece with a setting, conflict and resolution Information conveyed in a story form has much higher absorption rate then bulleted lists UM union negotiations; FORD analogy “sparking action; spring board stories”
Mapping out your own thoughts can help you form a framework, which you can then ask senior managers and employees to contribute to or amend
The priorities give everyone clear direction of what needs to be achieved. They have been developed with staff and have been widely promoted through management briefings, the intranet and internal newsletters."
You need to communicate your narrative to build common purpose across your business and to guide everyday behavior. You could: Include regular features or case studies in internal newsletters to show how employees apply the values Be Creative - eg use graphics, photos, maps or timelines to illustrate your business' past, present and future
