STRATEGIES THAT WORK
Strategic Management: four critical processes
- *Clarifying and translating vision into strategy – identifying strategic objectives and capturing them in a strategic map. This requires the business leaders to reach consensus on what the strategic objectives truly are, and that all objects are linked to deliverables.
- *Communicating strategic objectives and measures and linking them to Operations – this includes establishing a two -way communication with stakeholders to encourage dialogue to refine processes and promote feedback.
- *Planning targets to align strategic involves – including identifying targets of each of the objectives measured by the KPIs. Ideally, individual targets are set for strategic objectives and projects, which are in turn linked to the larger strategic objectives.
- *Enhancing strategic feedback and learning – this includes learning from performance information and using the findings from the balanced scorecard to refine decision making.
Implementing the strategy monitored by the Balanced Scorecard and Performance Indicators, company-wide, should be the key to the successful realization of the strategic vision and goals which will result in:
- Improved processes
- Motivated and educated employees
- Enhanced information systems
- Monitored progress
- Greater customer satisfaction
- Increased financial usage
- 3-5 year strategy map
- Corporate KPIs & Targets
- 3-5 year Corporate BSC
- Operational objectives
STEP BY STEP
- Information Gathering and SWOT analysis Identification of critical issues facing the organisation
- Development of a strategic vision statement that its future direction
- Mission statement review / revision
- Development of Strategic Goals
- Formulation of objects for each goal
- Preparation of the operational plan based on the strategic plan
- Balanced Score Card which is the visual representation of what is integral to achieving the vision and mission.
PLAN OF ACTION
- Thoroughly advanced planning workshop, agenda development, and facilitation plan, Pre-meeting and interview with Key stakeholders to understand perspectives and issues.
- Provide a change agenda and formulate a coherent strategy with Vision, Mission, Values, and corporate objectives of the organization.
- Review and enhance current strategy and performance framework & corporate BSC. Update & refresh urgent corporate strategic plan.
- Align core operation and support units using KPI management & BSC.
KPIS & BALANCED SCORECARD
The Balanced Scorecard is a strategic planning and management system used to align business actives o the vision statement of the organization. balanced scorecards have long been used in strategic business management to track KPIs (key performance indicators) and they are designed to provide a framework to manage resources. There re our basic viewpoints or perspectives to take with he KPI balanced scorecard:
- Financial perspective: tracking financial performance: Return On Investment
Return on Capital Employed
Financial Results (Quarterly / Yearly)
- Customer perspective: tracking customer satisfaction, attitudes, and market share goals.
Delivery performance to customer
Quality performance for customer
Customer satisfaction rate
Customer percentage of the market
Customer retention rate
- Internal process perspective: operational goals needed to meet customer objectives.
The number of actives per function
Duplicate actives across functions
Process alignment Process bottlenecks
- The learning and growth or innovation perspective: intangible drivers for future
Is there the correct level of expertise for the job? *Employee turnover * Job satisfaction