Are you a Finance or Managing Director? Do you find yourself in a challenging position, possibly with a need for more resources or staff? How can you achieve what you want in the current workplace?
This week we delve deeper into planning, and how considering a strategic plan will develop your leadership and move your business forward toward your ultimate goals.
The Escape and Arrival Principal
This principle can be applied to a number of situations, but here we’re using it to explain the process of thinking about where you, as a senior manager, are now, and where you want to be in the future. Once you have this pinned down, you can consider how you will make the journey from A to B. This will provide your strategic plan and help you nail down milestones along the way, keeping you on track towards your goal.
What is a Good Strategic Plan
Put simply, a good strategic plan is the document that will make your vision for the future a reality? According to American Express, more than 70% of strategic plans fail, and 73% of change initiatives fall short of producing any meaningful or lasting change. So, to avoid becoming a statistic, you need to consider the purpose of your plan and be clear about setting realistic goals and deadlines.
What to Include in a Good Strategic Plan
Your plan should contain a vision for the future, a set of aspirational but achievable goals aligned to your ethos and beliefs, and a strategy to achieve these goals. It’s not a one size fits all, but a document specific to you and your business, and it should reflect this. It will also help you utilise where best to invest time, money and human resources.
Where are you now? This is not about how you would like to see yourself, but where you actually are in the business world. Be aware of your surroundings, both internally within the organisation, and externally amongst your competitors. What does it look like? An audit of the marketplace will help you understand your competencies and the business pulse around you.
What is important to you? This should form the basis of your plan; the direction in which you want your business to go. Consider what issues arise from this and how you could deal with them. For example, you may need to recruit additional staff or move location.
What are the longer term goals? These need to be aspirational but remain achievable. If you have unrealistic goals you can never achieve, you and your team will become demoralised quickly.
What are your milestones? Think about the journey towards your goals. Build in points along the way when you can not only reflect on achievement so far, but accurately measure that success. Celebrate small achievements in moving forward towards your goals.
Who will take responsibility? A clear leadership structure is paramount to success. Leaders will guide change and inspire your staff.
How do you engage your staff? Ensure there is a clear two-way communication system in place, to allow staff to feel engaged in the process and take ownership. If your staff don’t understand the goals, they may be more resistant to change, and you will find yourself trying to swim upstream. Transparency shows respect for your staff and will ultimately encourage willing participation and involvement as the whole team pulls together to make things happen.
How do you measure progress? Review your plan regularly. Monitor, measure and feedback. Be prepared to challenge assumptions and make changes if necessary. Nothing is set in stone, and if your original goals are no longer relevant, neither is the plan. You need to remain agile and receptive to ensure you arrive at your destination successfully.
Developing a strategic plan will enable your business to move smoothly forward, achieving great things and instilling a sense of achievement in your staff. So, if you haven’t considered a plan before, now is the time to focus on the future and discover how all the best leaders plan for success. You can read more about managing strategy to achieve growth here.
About Rebus Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, which historically range from a wide variety of organisations including SME’s to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs; and, in doing so, we match the two perfectly. To find out more, get in contact with one of our team today, or you can call us on 01282 930930.