Strategies To Develop, Monitor And Execute Your Companies Plan
We know that strategic planning is critical for the success of your company. You can’t scale up a company and experience explosive growth without a plan. It doesn’t do you any good to come up with a great plan and then stick it in a file folder. You have to execute the plan. But how do you know if your plan is working? That’s the importance of monitoring your strategy to keep on track for scaling up your business.
Make Sure You Have the Right Priorities
Not everything in your business has the same priority or the same sense of urgency. As leaders, you and your leadership team need to establish the most important activities and indicators for the success of your building. Key performance indicators (KPIs) are a good way to monitor your success—or your shortcomings. There may be other things you want to pay attention to, but make sure the ones absolutely imperative to your success are at the top of your list. Here’s a look at why KPIs can be so helpful — and why they’re not enough by themselves.
Make Sure You Have the Right Information
You may remember the old saying: “Garbage in, garbage out.” It’s still valid today. If you’re not tracking the right information it’s really not going to help you. It’s important that the information you’re monitoring is accurate, current, and valid. It’s also important that you avoid “silo” thinking when reviewing data. As an example: It really doesn’t help you to know that sales are up 15 percent if you ignore the fact that you’re losing money on each sale. Make sure you get the full picture.
Make Sure You Have a System for Monitoring Progress
How are you actually going to check your progress (or lack thereof)? Unread reports simply aren’t going to cut it. You need face-to-face time with key employees to determine exactly what’s happening so that you can make strategic decisions.
Sometimes business meetings get a bad reputation. I’ve even heard people in businesses quip: “What does our business do? We have meetings!” That may bring a chuckle, but it’s the sign of a poorly run meeting.
Depending on what you’re tracking (and who needs to be tracking it), you’ll probably want to schedule daily, weekly, monthly, quarterly, and even annual meetings. But just getting people together in a room doesn’t make for a good meeting. Make sure the agenda is clear. And make sure you address the all-important “W-W-W” issues. WHO is responsible for specific activities? WHAT exactly are they responsible for? And WHEN are those tasks due?
Those are things you need to establish as part of your strategic plans. When those things are clear, it eliminates finger pointing and uncertainty in your meetings. Not only will your meetings go much more smoothly (and quickly), but you’ll also get to the information that tells you whether your strategy is on target. Your reviews won’t be based on emotion, but on previously agreed-upon criteria.
Need a Little Help Monitoring Your Strategy?
The basic concept of monitoring your strategy (and strategic activities) is fairly straightforward. Evaluating the results can be a little more involved. If you’re wondering how your strategy stacks up, click on the “Assess Your Strategy” button below. This short (5 questions) assessment will give you a good feel for whether or not you’re on the right track.