Implementing Your Strategic Plan
This is the fourth article in a four-part series focused on Strategic Planning. Here are links to the first three articles in this series, “A Strategic Plan is Your Map to Future Success,” “Creating A Winning Strategic Plan. Don't Just Dream It. DO IT!” and “Communicating Your Strategic Plan.”
When implementing your strategic plan, remember, no one can row the boat alone. You’ll need to rely on your team to implement the plan. To set up the plan for success, follow in the footsteps of successful leaders who start by mapping out a project plan with milestones and timelines, then delegate sections of the plan to specific employees or teams.
First, a quick review. Strategic planning is a four-part process that includes:
Preparing
Prioritizing and Creating the Plan
Communicating the Plan
Implementing, Measuring and Rewarding
You can learn more about the first three steps in our previous blogs. Here are some ideas to help you implement your strategic plan to your team and incorporate it into the everyday activities at your business.
STEP 4: IMPLEMENTING, MEASURING AND REWARDING
Create A Project Plan
Start by mapping a detailed work plan for each of the plan deliverables with your team. The plan should include:
- What activities have to occur for each deliverable, in what sequence and in what time frame?
- What are the “stage gates” or triggers for progression to the next phase and who is empowered to makes those decision?
- Who on the team is assigned to each deliverable? Are external team members needed as well?
- How often should teams meet and what should the recurring agenda look like?
- What are the milestones and when are they due?
Taking some time to create the roadmap with your team kick starts the process and gets everyone on the same page.
Delegation Doesn’t Mean Losing Touch
Many business owners in TAB report they struggle to delegate high-level work. They worry that by letting go of doing it themselves and delegating responsibilities to others they’ll lose touch with what’s happening in their company. On the opposite end of the spectrum are business owners who are strong visionaries but don’t enjoy delving into the sometimes highly detailed work entailed to see their ideas into reality.
Regardless of your management style, you’ll need to delegate much of the plan in order for it to move forward. In most cases it’s simply too much work to take on by yourself.
Your TAB coach and the members of your board can help you create an effective work plan and work with you to increase your delegation skills.
One key to success is to enlist a project lead who manages the project and keeps everyone on track. A project lead can be a trusted staffer who has the drive and organizational and interpersonal skills to manage the sometimes intricate details of your strategic plan.
Find Success by Measuring Progress
Once you have engaged your team in the company’s strategy, they will need feedback on the plan’s progress. Feedback reflects clear, objective and thoughtful leadership on your part and reminds everyone that achieving company goals remains important to you.
An effective way to measure progress is to create and regularly report on Key Performance Indicators (KPIs) for relevant benchmarks in the plan. KPIs are quantifiable metrics that measure how well an organization is achieving its goals.
KPIs are typically:
A measurable ratio, number, or percentage
Identified upfront and communicated to all stakeholders
Measured, reported on and responded to at regular intervals to promote communication and accountability
Included in the goals and objectives given to employees to help them measure their success
Achievable, realistic and relevant
Consider selecting three to five KPIs. In addition to monitoring progress, KPIs can also provide a warning if your company is falling behind toward meeting its goals.
Reward and Recognize Success, Always and Often
Implementing and successfully achieving plan goals can be hard work, so be sure to plan how you will reward your staff for meeting their goals.
Most business owners are busy and pulled in many directions, making it a challenge to be on the lookout for milestone achievements, a job well-done, or behavior that helps the team meet its goals. Even more challenging for some owners and managers is to actively recognize these accomplishments when they occur. Yet recognition of accomplishments can bolster your employees’ feelings about the company and reinforce their energy to achieve your strategic plan.
One common way to recognize achievements is to tie individual compensation to achieving goals. By doing this, employees are motivated to contribute to the company’s success and, like you, are invested in the outcome.
On-the-spot awards are another powerful way to recognize and reward progress. A quick team meeting to recognize an individual or team success along with a gift card (it does not need to be a lot of money) goes a long way to show your team that you appreciate their work. Many TAB members keep a stash of gift cards in their desks so they can immediately reward successes when they occur.
There are many ways to reward success. What’s most important is that you do it!
Plan Now for Success Later
Strategic planning is important for any company aiming for success. A well-designed, well-implemented strategic plan:
Provides clarity, direction and focus for your organization
Can help drive organizational alignment
Optimizes resources to meet the most important goals at your company
Helps to communicate your mission, vision and values and motivate employees
Is a powerful process/tool to ensure business owners meet their goals
However, you must do it right. A poor plan or a botched implementation is a waste of your valuable time and resources.
Support for Small Business
TAB CNJ (The Alternative Board™ of Central New Jersey) has the resources you need to create and implement a strategic plan that truly meets your needs.
As a member of TAB CNJ, you’ll have access to a structured, proven strategic planning method led by a trained business coach. Member companies also participate in peer-advisory boards that bring together like-minded business owners from a variety of industries. TAB advisory boards provide valuable ideas, insights and honest feedback with the goal of helping each other’s businesses thrive.
With TAB CNJ you can create a strategic plan that provides a workable path to meet your needs and goals.
TAB Benefits
TAB CNJ offers a host of services developed exclusively for busy entrepreneurs. From individualized coaching and workshops to expert speakers, robust business tools and invaluable TAB connections, TAB helps business owners and leaders navigate difficult business conditions, discover new opportunities and achieve their strategic goals.
You’re never alone with TAB CNJ.