Strategy related Flashcards
Strategy education
What do people expect from 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
- How we are going to get there; goals, action. Next year goals, priority setting.
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 compset is doing where you are in the market place and add that data collection into the strategic planning
- Organisational 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 sides
Lead, drive the conversation, - make choices (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 the strategy is on track, keep the rhythm, update the plan/
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 about the status of goals and objectives, making changes, adapting, and repeating this process within set time frames. This is an essential part of the strategic management 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?
- Strategizing is a vision from where we are today to where we want to be, i.e., The vision.
- You draw this line BY ARTICULATING OUR ORGANISATION WIDE STRATEGY, all those things that are guardrails to keep us on a straight path.
- Once identified the vision, we articulate our long-term strategic objectives, which provides HIGH LEVEL VIEW OF where we are today and our future status
What’s important about the vision?
- It answers the question of where we’re going, and it’s really clear where we are going.
- If it’s not clear, you can’t create a plane from where 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 must have a scorecard for your employee
- They need to know how they are going to be successful in your planning. (kPI) performance, measures & targets)
How to participate in a meeting if you are not leading?
- If you are everybody else and have ownership of something, then keep it at an executive level.
- Follow the conversation model, but if you are all over the place and everybody reports out differently, then it is a problem.
- 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 see what is going well and what is not.
- come prepared to have a conversation & drive the conversation.
What do leaders expect from Strategies?
Strategy means different things to different people; leaders are seeking different things and different outcomes when they are engaging in a strategic planning process.
