Company strategy is how firms win in the marketplace. The company has to develop a vision for where it is going, a mission for what it hopes to achieve, measurable objectives on how to win and actions to complete those objectives.
A financial plan has to be one of the key outputs. Strategic planning is where you develop the strategy with key members of the company in order to win by launching new products and services, lower costs, improve existing services, find new customers and markets, etc.
The process of developing Vision, Mission and Guiding principles is fairly straightforward for most companies. However, development of measurable objectives and action steps with clear responsibilities, resources and timelines is often where companies struggle. The plan will look great on paper but not be useful in practice.
TechCXO can custom tailor Strategic planning meetings to help develop actionable strategy that is easy to understand and execute. The plan becomes a working document where objectives are measured and action steps are followed.
In addition, the cost to complete the plan (and the corresponding sales growth and/or cost savings) can be followed monthly in order to provide accountability to the organization. Ultimately, the action steps are integrated into employee performance goals to maintain clear accountability and visibility.
An additional step can be to have Partners participate in and develop Advisory Boards that can help review and provide input into the strategy. This can help provide additional insight on market conditions or best practices outside of the firm.
Ultimately, Strategic planning becomes a routine process and practice in the firm that has an annual planning meeting to drive the results from 1-5 years and monthly component to provide monitoring and measuring to ensure execution and flexibility to changing market conditions.
Our Partners can facilitate and lead these meetings and customize formats and approaches that match your industry or challenge. We can also call on other experts at TechCXO to help with the financial modeling, staffing, sales execution, marketing and technology challenges you face as you execute the plan.