Archive for the ‘Strategic Planning’ Category
by Linda Pophal
One of the most important elements of successfully implementing a strategic plan of any size (whether a business plan, an annual company plan, a marketing plan, etc.) is establishing benchmarks or objectives that are specific and quantifiable and that will be tracked throughout the planning period. The use of dashboards is a great way to visually—and simply—convey information on how the organization is doing. (more…)
Supporting the local community can be expensive. Even large organizations have to be careful about how and where they lend their time – and money. Is there value – beyond personal satisfaction – in supporting local events and activities? Which ones? How can you say “no” graciously to the many requests that come your way? (more…)
A SWOT analysis – Strengths, Weaknesses, Opportunities and Threats – is a critical element of a strategic plan, if done correctly. Far from being a “silly exercise” (and I’ll admit in the early days of my career I sometimes felt that it was…) the SWOT is an important input that leads to the development of strategies. It can be a determinant of whether or not you will be able to successfully achieve your goals and objectives. But, it has to be done correctly to deliver that value. (more…)
How many times throughout the week do you see a company logo slapped onto a billboard, incorporated into the name of a sporting event, or even plastered on the back of a boxer? These are classic examples of brand awareness strategy. With brand awareness, companies are simply making the consumer aware that they exist—that’s about it.
While brand awareness is generally of little use on its own, it’s an important first step in a process known in marketing as the purchase funnel. (more…)
Every MBA student or undergraduate in an introductory business strategy course has encountered Porter’s Five Forces. The concept, outlined by Harvard economist and professor Michael E. Porter in 1979, has been a foundation of business strategy in both academia and the business world for decades.
Professor Porter revisited the topic in a recent article in Harvard Business Review, appropriately titled “The Five Competitive Forces that Shape Strategy.”
For those unfamiliar with the five forces, they are: (more…)
I’m a strong proponent of the value of strategic planning but I’m also glad to acknowledge that the vast majority of strategic plans rarely drive real action or measurable results. The reasons why are numerous, but a recent article I read in Harvard Business Review made a great point about strategy.
In The Big Lie of Strategic Planning, Roger L. Martin, makes the point that, inevitably, whenever the word “strategy” is used, it’s often in conjunction with the word “plan” — those two words then become, somehow, inevitably–and inaccurately–intertwined. (more…)
A few weekends ago, for one glorious afternoon, I turned off all of my tech devices, pulled out a pile of Harvard Business Review magazines (the hard copy kind) and, with nothing but a legal pad and pen in hand, set out to engage in some thinking time. I sat on my deck, without even my Bose SoundLink, and just lost myself in learning. I literally (more…)