Business Strategy Flashcards
What do people expect from a strategic planning?
we want to know the Strategic position; where you are, where you are headed as a company. Where we going, vision in future/ recalibrating where we are trying to go as a company, And how we are going to get there; goals, action. Next year goals, priority setting.Means different things to different people; leaders are seeking different things and different outcomes when they are engaging in a strategic planning process.We have an articulated plan, that is strategic, that is cascaded, through the whole organization that we talk about on a regular basis, and we make changesto as we move along the way, and we help shift behaviors and help drive choiceAnd we do that by visibly talking about it in specific meeting,
What is strategic planning?
Talk about them sequentially;-Articulated plan: vision, mission, goals, objective etc-Strategic differentiation; external data such as what customers think, your company set is doing where you are in the market place and add that data collection into the strategic planning -Organizational engagement; you can achieve by cascading goals; everybody in the Organisation know what their piece of future role-Organizational transformation using a strategic planning process. Talk abt on a regular basis, make changes to help shift behaviors and help drive choices
Strategic Planning definition
We have an articulate plan, that is strategic, that is cascaded, through the whole organization that we talk about on a regular basis, and we make changesto as we move along the way, and we help shift behaviors and help drive choiceAnd we do that by visibly talking about it in specific meeting,
What is the purpose of strategic planning retreat/offsite?
Setting the corporate directions and identifying priorities for next year/ where we are today and where we are going / on an annual basisWhere we going, vision in future/ recalibrating where we are trying to go as a companyAnd how we are going to get there; goals, action. Next year goals, priority setting.
How to run a strategy review
In the meeting two sidesLead, drive the conversation, make choice (take stuff off the table) set it up as no penalty no fear of recrimination (keep open dialog about how the plan is going and if strategy is on track, keep the rhythm, update the plan If you are everybody else and ownership of something, keep it at executive level.Follow the conversation model, how to flow the market, if you are all over the place everybody reports out differently, speak your mind, it does nt help to sit around taking stuff offline every chance they get, this is the opportunity to come together and what is going well and what is not/ come prepared to have a conversation & drive the conversation.
What you should if you don’t lead the meeting!
Follow the conversation model, if you are all over the place and everybody reports out differently, then. Speak your mind it doesn’t help to sit around taking stuff offline every chance they get, this is the opportunity to come together and what is going well and what is not, Come prepared to have a conversation and drive the conversation, no presentations.
What is common in strategy planning and strategy reviews
Definition of strategy planning can be used for Strategy review; heartbeat of strategic Managenent process; coming together talking abt the status of the goals & objectives making changes adapting and coming together again within regular time frames, that’s a strategic review, part of stray mgmt process.
Explain smart goals?
Short-term SMART goals; fabulous to have articulated goals that go out multiple years. But you need to break that down into specific goals at the functional level or department levels and then at the individual level. We have to cascade corporate goals to departments and to the individual contributors.They all should roll up into the ultimate goals of the organisation. Everyone needs to know know how they can con do their part to contribute to the strategy..
What is the most important aspect of Strategizing?
Strategising is a vision from where we are today to where we want to be; i.e. The vision.Your draw this line BY ARTICULATING OUR ORGANISATION WIDE STRATEGY; all those things that are guardrails to keep us on a straight path. Once identified we articulate our long term strategic objectives which provides HIGH LEVEL VIEW OF where we are today and future status
What’s important abt the vision?
It answers the question where we’re going and it’s really clear where we are doing. If it’s not clear you can’t create a plane from there we are today to where you want to go.
What does it mean to take stuff offline?
Discuss a sensitive or highly specific topic individually or in a small group away from a larger group: “Let’s take this discussion offline.”
How are you going to measure your strategic priorities or know that you are successful?
You need to have a scorecard / scoreboard for your employee; they need to know m how they are going to be successful in your planning. (kPI) performance, measures& targets)
