Strategic Planning and Management Flashcards
The strategic planning process is used by business managers to answer three basic questions:
Where are we now?
Where are we going?
How will we get there?
Core Elements of a Strategic Plan
Mission Statement Vision Statement Strategic Goals Strategic Objectives Tactical Action Plans or Operational Plans Implementation Planning Schedule Outcome Measures
Strategic management
management philosophy that emphasizes thinking in terms of strategies.
Strategic thinking
addresses the questions of what we should be doing and why we should be doing it.
Strategic planning
addresses, in general, the questions of how and when we should take action
The value of a strategic plan is
communicates aligns motivate focuses prioritizes scans
Communicate:
It communicates where and how the organization is going to fulfill its mission to internal and external audiences
Aligns:
It aligns efforts at all levels of the business
Motivate:
It can motivate employees to contribute to the business’ success
Focuses
Focuses thinking
Prioritizes
Prioritizes efforts
Scans
Scans external environment
Core Elements of a Strategic Plan
A mission statement A vision statement Strategic goals Strategic objectives Tactical action plans or operational plans Implementation planning schedule Outcome measures
Mission Statement
Purpose of Business
Value Statement
What motivates a business and the behaviors it promotes in its employees
Vision Statement
Ideal future state
Strategic Goals
Ways to get from current state to ideal state
Strategic Objectives:
Plans that will move the business toward goals
Tactical Action Plan:
Timelines for achievement with measurable outcomes
Implementation of Planning Schedule:
Breaks up the annual plan into smaller plans with meeting schedule
Outcome Measures
Did we achieve what we set out to do? Scorecard
Tactical Action Plans have:
Are specific
Have set timelines for achievement (implementation schedule)
Assign responsibility
Produce measurable outcomes
Balanced score card
management tool that can be used to share and report outcome measures.
Strategic Planning Model
Leadership Style –based models
Scope and Complexity-based models
Leadership style–based models are:
Commander model (top management prescribes) Change model Collaborative model Cultural model Crescive model (bottom up direction, top level responds)
Scope- and complexity-based models:
Basic model (planning done by top management) Issue-based model Alignment model Scenario model Organic model (all organizational levels participate)
Strategic Plan
qualitative: Minimal hard numbers, broad focus, and it doesn’t focus on financial
Strategic plan is global; a general road map
Business Plan
Quantitative: Specific Detailed Information
Business Plan includes
Marketing Plan: customer preferences, growth trends, size
Operational Plan: Building Needs, business capacity, tech requirements, infrastructure needs
Financial Plans: MONEY (capital expenses, revenue, opportunity cost
External factors seen as
opportunities and threats
Internal factors seen as
strengths and weaknesses
PEST factors:
Political (e.g., tax rate, price regulation)
Economic (e.g., state of economy, interest rate)
Social (e.g., market demographics, attitudes)
Technological (e.g., new devises, infrastructure)
DEBT SPACES
Demographic Economic Political Technology Stakeholder Perceptions Accountability Competition Ecology Social
E:
Economic Environment
how consumers, providers of services, producers of goods, and government chose to use their limited financial resources.
P
Political Environment
Payment for appropriate services
Arbitrary annual cap on reimbursement
Referral for profit (referrers employing PTs)
Clients having direct access to PTs (no referral)
Clinical competence for relicensing
T
Technology Environments more than durable goods; it includes ideas, methods, and anything else that enhances human capabilities. Computer-based products and services Evidence-supported interventions Consultant services Manufacturers’ websites
S
Stakeholder Environment
Those who want to influence decisions because they have something to gain or lose depending on the decision are stakeholders
Internal stakeholders are members of the organization (staff).
Interface stakeholders are part of the organization but also have a legal identity outside of the organization (contract PTs).
External stakeholders are outside the organization (referrers).
P
Perception Environment
understandings that stakeholders and potential stakeholders have about an organization whose success they have a stake in
A
Accountability Environment
To whom does the organization have legal responsibilities?
What do the mission/values statements say about how we treat others?
With whom has there been proactive follow-up on unfinished business that the organization agreed to complete?
C
Competition Environment
Look for the soft spots in your competition. Where are they vulnerable?
E
Ecology Environment
Two environmental areas to look at are competitors’ impact on:
Public health (e.g., disposal of waste matter)
Their neighborhood’s natural and architectural environment (e.g., harmony, taste, quality)
S
Social Environment
Social variables of a target population like age, base language, and lifestyle are important when choosing staff members, practice location, and equipment
Mission
Who we are?
Who our customers are?
What sets us apart from our competitors?
Vision
A clear vision for the future serves to focus and align the efforts of the business toward a common goal. Where are you headed?
Concisely identifies what the business can be like
Provides guidance when choosing between options
Evolves as the business grows and changes
Values Statement
describe the forces that motivate a business and the behaviors it promotes in its employees.
Important Elements of an Internal Organizational Assessment
Mission, vision, and values Regulatory compliance Governance and management model Organizational structure Operational processes Human resources Customer satisfaction Financial operations and resource availability
SMARTER goals:
Specific Measurable Acceptable Realistic Timed Evaluated Reviewed
