Updated: Jan 21, 2020
Your responsibility as a business leader is to ensure the business thrives, and is creating long-term value for its shareholders, customers, and employees. Treat the development of a superb strategic plan as a duty, and don’t even consider starting unless you are deeply committed to its completion with your best effort possible.
Be passionate about the prospects for growth and transformation of your business. Use your commitment to increase your odds of success by building a plan with a clear understanding of the issues affecting your business, long-term strategic goals, bold growth initiatives, and then implement it with discipline and passion.
The Checklist Commit to an exceptional business strategy Determine its purpose and broadly communicate Engage the right team, leader and resources Understand the issues Focus on core capabilities Develop strategic goals, initiatives and financial projections Build a scalable business model Document the strategy and build an implementation plan Measure and reward achievement Establish a strategic planning process
Most strategic plans fail due to poor execution, not poor ideas or planning. Even the best plan becomes useless if it is not implemented well. Start executing on the key elements of your strategic plan, as soon as practical, in order to start building momentum and demonstrate that this is real exercise, not a paper one. Once the plan has been finalized, properly resourced and communicated, ramp up the implementation dramatically.
Make its implementation the top priority of management, and ensure you continue to communicate the plan’s purpose, merit, outcomes and expected benefits to the affected parties. Pick a proven implementation system that fits with your company like Lean Thinking, or develop a system that works best for you. Seek out or hire individuals that are exceptional at getting things done, and make them core to your team. Be relentless.