It is easy to write a document and name it strategic plan. Because planning is easy. Anyone can plan. However, very few realize their plans. Why? The measure of an effective strategy is reflected in effective execution.
Avoid the mistake most leaders make of looking at strategic planning asa SWOT analysis exercise and target setting against the balanced scorecard dimensions! Don’t limit your business potential by thinking within your vision and mission to deliver a great strategy.
The measure of an effective strategy is reflected in effective execution.
As a strategy and risk expert, I have identified the following five tell-tale signs that your strategic plan lacks a clear strategy to facilitate effective execution. Get a copy of your strategy and let’s examine it for effectiveness.
#1. A research paper?
What is the strategy in your strategic plan? Does your big strategy document have a clear strategy? Open a page where your strategy is clearly articulated. What exactly is your strategy? Remember, strategy are choices you make to win with your customers and key stakeholders against the competition. According to Michael Porter, a company has choices of either being low cost or differentiated, or focusing on both. Does your strategic plan clearly explain and justify your strategic focus choice?
Open the page of your SWOT analysis. How do they clearly link to your strategic imperatives and focus areas? Are your focus areas clearly articulated or it is just a feeling of the major areas to focus on based on competitive benchmarking? What is the rationale of your strategic objectives or focus area choices?
If your strategic plan document is not clear on the above, chances that it is a research paper are high. You will likely have difficulties during execution.