Yes, there is a difference between the possible strategies and the ones you implemented. No company is 100% effective in implementing their chosen strategic plan. Limited resources, time constraints, and unexpected event all affect your ability to make things happen as you planned. Create a long list of possible strategies. Implement a short list of those possibilities. Be sure your chosen paths are in line with your mission statement and objectives.
A great business leader is constantly evaluating his mission statement against the strategic plan. It is tempting to try new paths. Each new path consumes precious resources and may not lead you any closer to your goals. You must work efficiently. This means avoiding straying from your mission statement whenever possible. Never perpetuate bad choices by doubling down in resources to correct errors. Change your processes, not your objectives.
Constant performance evaluation is important to staying focused. A good set of KPI (Key Performance Indicators) will help you stay true to your mission and your objectives. Be sure that every person in your team knows the KPI list. Encourage each team member to evaluate each and every decision of their day against this list. If you are a start-up then create a weekly KPI for the first 12 to 36 months. After that, monthly, quarterly, and yearly evaluation is customary.
Stay engaged. Your strategic plan is a living document. You should be constantly updating and revising your strategy and tactics. Read business journals, listen to podcasts, and keep a wise group of peers. Your advantage is your ability to stay ahead of the trends and recruit top talent.
“To achieve results, one has to use all the available strengths–the strengths of associates, the strengths of the superior, and one’s own strengths” – Peter Drucker
In the quote above, Mr. Drucker mentions that you are not an island. Your team, their own personal strengths and weaknesses, is what will drive your success. Your ability to identify and harness top talent is the measure of your own effectiveness. While creating your SWOT Analysis to build your strategic plan, consider these important items:
- Possible and Chosen Strategies
- Newly Updated Mission Statement
- Updated Company Objectives
- Implementation of Strategic Plan
- Evaluation of Key Performance Indicators