Operationalizing Your Strategic Plan
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The document discusses four critical issues that organizations face when operationalizing their strategic plans: 1) lack of engagement within the organization, 2) inability to transition strategies to actions, 3) failure to conduct regular reviews, and 4) employee actions not aligned with strategy. It then provides solutions to each issue: 1) conducting engagement conversations, 2) establishing project plans and scorecards, 3) implementing three types of review meetings, and 4) utilizing a weekly productivity transformer tool. The overall document aims to provide organizations with approaches and solutions to effectively implement their strategic plans.
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Operationalizing Your Strategic Plan
- 1. OPERATIONALIZING YOUR STRATEGIC PLAN 1 h$p://strategy-‐consul5ng.ca/ Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. January 2013
- 2. Operationalizing Your Strategic Plan Approach 2 Engagement Within Your Organiza5on Inability to Transi5on Your Strategy to Ac5on 2 Failure to Conduct Regular Reviews 3 Employee Ac5on Not Aligned to Your Strategy 4 1 Solu5on #1 Solu5on #2 Solu5on #3 Solu5on #4 h$p://strategy-‐consul5ng.ca Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. January 2013
- 3. Critical Issue #1: Engagement Within the Organization “Actively disengaged employees -- the least productive -- cost the American economy an estimated $350 billion per year in lost productivity.” - The Gallup Business Journal 3 h$p://strategy-‐consul5ng.ca Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. January 2013
- 4. Solution #1: The Engagement Conversation Key Player Manage Closely Keep Informed Two Way Communica5on Keep Sa5sfied Keep Informed Influence High Priority Low Priority Low Priority Moderate Priority Moderate Priority High Priority Interest • Vision? • S.W.O.T 4 h$p://strategy-‐consul5ng.ca Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. January 2013
- 5. Critical Issue #2: Inability to Transition Your Strategy to Action Strategy Strategic Plan Individual Plan “Companies realize only 63% of the financial performance their strategies promise because of defects and breakdowns in planning and execution. More than 1/3 placed the figure at less than 50%.” - Harvard Business Review, Fall 2004 5 h$p://strategy-‐consul5ng.ca Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. January 2013
- 6. Solution #2: Project Plan and Scorecard 6 h$p://strategy-‐consul5ng.ca Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. January 2013
- 7. Critical Issue #3: Failure to Conduct Regular Reviews “Less than 15% of companies make it a regular practice to go back and compare the business’s results with performance forecast.” - Harvard Business Review, Fall 2004 7 h$p://strategy-‐consul5ng.ca Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. January 2013
- 8. Solution #3: Establish the 3 Types of Meetings Tac5cal Review Review current status of weekly ac5vi5es and progress since last mee5ng. 1 Quarterly Strategic Review Discuss strategic or higher level issues that effect the medium to long term. 2 Annual Management Review Review all inputs and outputs of the management system ensuring their con5nuing suitability and effec5veness. 3 8 h$p://strategy-‐consul5ng.ca Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. January 2013
- 9. Critical Issue #4: Employee Action Not Aligned to Your Strategy “Only 7% of employees today fully understand their company’s business strategies and what’s expected of them in order to help achieve the company goals.” - Driving Success: The Incredible Power of Company-‐Wide Goal Alignment. SuccessFactors 2007 9 h$p://strategy-‐consul5ng.ca Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. January 2013
- 10. Solution #4: The Weekly Productivity Transformer 10 Tac5cal Review Review current status of weekly ac5vi5es and progress since last mee5ng 1 h$p://strategy-‐consul5ng.ca Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. January 2013 Weekly Productivity Transformer TM ! ! Profit Driver SolutionTM Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. April 2013 IA.FS.PDS.001.A0 Make It Stick ! Name:! ! Date:!! ! ! Positive(Focus(of(the(Past( Week( Why(is(it(a(positive(focus?( Emerging(Challenges( What(actions(can(be(taken( to(overcome(the(challenge?( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Current(Challenges(( What(immediate(actions(can( be(taken(to(overcome(the( challenge?(( Priority(Deliverables(for(the(Quarter( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Stewardship(Reporting(( Key(Priorities(for(the(Week(( Status( When( Who( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
- 11. Operationalizing Your Strategic Plan Solutions to the 4 Critical Issues 11 Engagement Within Your Organiza5on Inability to Transi5on Your Strategy to Ac5on 2 Failure to Conduct Regular Reviews 3 Employee Ac5on Not Aligned to Your Strategy 4 1 The Engagement Conversa5on Project Plan and Scorecard Establish the 3 Types of Mee5ngs The Weekly Produc5vity Transformer h$p://strategy-‐consul5ng.ca Innovate Advisory Inc. All Rights Reserved. This integral concept of Innovate Advisory may not be reproduced in any form, or by any means whatsoever, without written permission from the publisher. Made in Canada. January 2013