Archive for the ‘Strategic Planning’ Category

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Google’s “B2B Buyer at Zero Moment of Truth”

Wednesday, August 18th, 2010

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If you haven’t yet heard about Google’s “B2B Buyer at Zero Moment of Truth,” you’re not alone. Initially, the phrase “First Moment of Truth,” as coined by Proctor and Gamble (P&G), described the 3-7 seconds after a shopper first encounters a product on a store shelf. Marketing strategies have been developed and focused around that moment to convince the buyer to interact with that product.

However, since more people are using the internet as a research tool, Google is proposing that the rise in online information has posed an new moment of truth they call “B2B Buyer at Zero Moment of Truth.” A video presentation explaining this concept, along with Mike Brown’s interpretation of the presentation is available at http://brainzooming.com/?p=4261&cpage=1#comment-1280.

So what does this mean for businesses? According to Brown, Google suggests businesses focus on three strategies:

1. Visibility: More individuals are performing searches in “off” (non 9-5) hours when individuals are at home in the evenings or during the weekends. There’s also an increase in the amount of searches on  mobile phones, so maintaining a constant online presence is very important

2. Persuasion: With the dramatic increase in social media conversations, businesses need to work harder to manage their reputations. This means they need to be active in online social media sites. By engaging in the conversation, businesses gain trust and build stronger relationships.

3. Flexibility: This is a businesses willingness and ability to respond and adapt to customer needs quickly. It also implies that products come to market faster, with less emphasis on perfection and more emphasis on finding better solutions.

Brown goes on to write that the biggest take away from the presentation is that online activities have already affected many industries, including travel, publishing, retail, and real estate. A warning message follows: if you think online activity won’t affect your business, you’re wrong. Don’t wait to begin your online strategy, or to adjust the online strategy you already have in place.

Interestingly, a survey of 100 companies by Digital Brand Expressions found that although 78% of respondents engage in social media within their business, only 41% actually have a social media strategic plan in place. You can find the survey survey here: http://www.digitalbrandexpressions.com/services/enterprise-social-media.asp. It appears that businesses need to re-evaluate their marketing strategies and incorporate social media strategies into their comprehensive plan, otherwise they risk being left behind.

For more on strategic planning, see this blog on strategic planning and execution: http://www.performancesolutionstech.com/category/strategicplanning/

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Strategic Planning & Scenario Planning

Thursday, July 29th, 2010

This video provides information on strategic planning and scenario planning. John Canfield is an experienced business executive and coach who has successfully implemented planning, problem solving, creativity, and innovation processes in a wide variety of teams, organizations, industries, and cultures.

616.392.2634
JOHNC@JOHNCANFIELD.COM
WWW.JOHNCANFIELD.COM

Strategic planning requires understanding the internal and external conditions of the organization, and developing a strategy to move the company forward. All strategic plans should be about growth or improvement. Either the company is trying to grow through expansion, innovation, or acquisations or they are trying to improve on current business processes, client relationships, supply-chain logistics, or whatever they deem appropriate.

Strategic planning that involves scenario planning is useful because it applies “what-if” scenarios to the plan and devises a strategy in case the scenario becomes reality. Scenario planning is widely used in the strategic planning process and can alleviate the stress of the unknown. Of course, scenario planning is only an exercise in forward thinking that is done before the opportunity or threat arises. By planning ahead for scenarios, leadership has a plan to refer to that was developed long before the event presents itself.

Strategic business software that keeps all goals, objectives and projects in a highly visible format keeps the plan active and assists in execution.  The ability to drill down on a project or goal and see who’s assigned to what, what’s been accomplished to date, and what’s still outstanding is invaluable for the strategic manager. Saving both time and resources with the use of progress updates and conversational threads keeps business strategy aligned with personnel performance.

For more on strategic planning software, see http://www.performancesolutionstech.com/category/strategicplanning/

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Strategic Planning for the Strategically Impaired

Friday, July 23rd, 2010

Summary:

While it’s true that some large corporations employ strategic planning specialists that do nothing but focus on how to master their art, strategic planning at its core is simply defining desired outcomes and establishing corresponding action items. Fred Nickols offers in this article some helpful advice on simplifying strategic planning. First, take stock of the situation. This will vary depending on the organization; some may simply need to have a conversation about the condition of the company, while others will perform SWOT or PEST analysis, according to Nickols. He suggests looking at different methods and choosing one that makes sense to your organization.

Nickol’s second tip: picking your targets and setting your objectives. The “target” is that which you focus your attention on (e.g. sales, or market share, or productivity rate). Then set your objectives, such as “We want to increase our market share by 10% within 18 months,” or “We want to increase sales by 25% next year.”

Finally, formulate your plans. This is a set of action items to get you to your planned objectives. How exactly does you company plan to increase sales, or market share, or whatever is the selected objective. This is also when you allocate the needed resources, decide who does what and when, and deciding if you have the necessary tools in place to accomplish the action items.

Article Quote:

“Sometimes, people are overwhelmed by the apparent complexity of the strategic planning process. Two pieces of advice: (1) Relax, because it isn’t really all that complex once you strip it down to its essentials, and (2) No company has ever been known to fail for lack of a strategic plan (although more than a few have been known to shoot themselves in the foot with one).”

Link: http://www.smartdraw.com/blog/archive/2010/02/04/strategic-planning-for-the-strategically-impaired.aspx

With so many different models and practices to choose from, it’s no wonder business owners shy away from strategic planning. Strategic planning doesn’t have to be an exhaustive chore as Nickols points out. It really is only a set of goals and activities planned to reach those goals. Once the plan is developed, implementing the plan is often the next hurdle to jump. Leaders should communicate the plan to subordinates and clearly define what each individual’s responsibility to the plan is.

Utilizing performance technology can help mangers by keeping the plan active and visible to all participants. By knowing your expected outcomes and having a system in place for documenting results, managers are given timely information on critical information. This enables them to see how the goals are progressing and whether or not they should course correct.

For more on strategic planning technology, see http://www.performancesolutionstech.com/category/strategicplanning/

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Topsider Homes Makes It Great With Strategic Planning

Friday, July 16th, 2010

Summary:

Topsider Homes, builders of prefabricated homes attribute their four decade long success to hard work and careful strategic planning.  Additionally, Topsider values their customer service standards and maintain customer contact beyond that of many of their competitors. For instance, they understand that every customer has different needs and wants and they communicate closely to meet those needs before building begins.

After the customer choses a design, Topsider has their experts and engineers  ensure that the terrain is suitable for the home.  The company has diversified their product line to include green homes. They must adhere to guidelines set by the National Association of Home Builders (NAHB) Green Building Program, and on occasion consult environmentalists.

Article Quote:

“It should be remembered that Topsider Homes builds homes that are green, eco-friendly in all ways. Special care is taken as regards waste disposal and recycling of unused material. The company takes it as a challenge to provide architectural solution for home building in environmentally sensitive and topographically challenging locations, with minimal disturbance and impact on the environment.”

Link: http://www.livegreenecofriendly.com/topsider-homes-makes-it-great-with-strategic-planning/

One of the core focuses of any business should be to create a product that people want, and provide service that exceeds customer expectations. However, many companies have failed even though they met these criteria. Why? Because running and maintaining a successful business requires strategic planning of the whole business, from operations, marketing, logistics, and capital management.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/

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The War for Talent Is Real

Wednesday, July 14th, 2010

Summary:

There is a shift happening in workforce demographics as the baby boomers move into retirement. Employers need to have in place a plan to have skilled individuals to replace these retiring boomers.  Employers are concerned with having in the right person, with the right skills, in place at the right time in order to achieve business objectives and goals. On top of that, employers want a diverse workforce.

To help address these needs, OptTek, an optimization technology firm has recently completed its first pilot of OptForce™ with a company called CH2M HILL. This software, developed with the support of a Small Business Innovative Research grant from the National Science Foundation, allows companies like CH2M HILL, to ask “what if?” and see the impacts that different business decisions will have on their business performance.

Article Quote:

“The technology examines the impact of recruitment, orientation, development and retention practices on individual employees, allowing for more accurate prediction of future workforce scenarios and company performance metrics.”

Link: http://www.sys-con.com/node/1462994

Software designed to help make business decisions is constantly being sought out by leadership. If Optek can produce similar results of 95% accuracy for other companies, it will surely be in high demand. Through the use of scenarios, companies will be able to optimize their efforts in strategically planning their work force needs to cover both long and short term business needs.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/

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Menace to Mobility

Thursday, July 1st, 2010

Summary:

The U.S. Department of Transportation (DOT) recently published its “Strategic Plan for FY2010-FY2015” which focuses on five areas: safety, maintenance, economic competitiveness, livable communities, and environmental sustainability. Gabriel Roth points out that the plan is missing some vital components such as how the plan will provide jobs, data supporting costs and benefits, and the preferences of American drivers.

Instead, the safety section of the plan calls for all new automobiles to average 35.5 miles per gallons by 2016, which Roth asserts is counterproductive to safety as manufacturers will be forced  to make the cars lighter and less “crash worthy”. In the maintenance section of the plan,  it calls for greater asset management principles to maintain current transportation. On this topic Roth argues that the way federal government favors capital investments over maintenance in awarding grants. Therefore, Roth believes the solution lies in privatizing areas of transportation as private investors have more of an incentive to maintain transportation.

Roth goes on to criticize every major section of the plan. For a full reading of his opinions regarding DOT’s plan, visit the link below.

Article Quote:

“The federal fuel tax needs to be reauthorized before March 2011; Congress should end it instead. Eliminating it would result in federal fuel taxes being phased out and give the states—which own the interstates—full responsibility for highway financing. States would have strong incentives to improve the highways in their jurisdiction, spawning innovation. Successful innovations, such as contracting out some or all of their operations to private firms, would be copied in other states.”

Link: http://www.american.com/archive/2010/june-2010/menace-to-mobility

While it is true that Americans love their mobility, it is also true that it is irresponsible to impede other options simply because we love our cars. The details of the proposed high-speed passenger rail network of 100–600 mile intercity corridors, specifically the cost savings in fuel and the quality of air is not laid out in this article. Instead, the focus in on how expensive it will be to construct the system. Strategic planning involving our transportation department needs to be done with all interests in mind. Unfortunately, it can be difficult to take out the natural bias of the drafters of the plan, that is why it is left open for public debate.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/

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Watch for opportunities to engage staff in strategic planning

Thursday, June 10th, 2010

Summary:

Conversations regarding resources generally revolve around what is spent, by whom and on what. These conversations are filled with comparisons of who has more, how they got it and how to get more. The focus remains on the budget, reviewing variance reports and juggling cost-center allocations. The problem with these conversations is they only focus on past events instead of  seeing resources as investment commodities: time, information, relationships, talents and passions.

Author, Mimi Bacilek suggests that leaders watch for opportunities to engage staff in strategic planning. One way to engage staff to think strategically is to “send them to meetings where they learn from outsiders and participate in cross-functional teams accountable to different business units.”  By participating in these kinds of exercises, staff has the opportunity to broaden their perspective and gain experience while the leader exercises coaching skills in the process.

Article Quote:

“Resources are often wasted when conversation focuses on action plans and task lists rather than results. Require proactive conversations on predictable problems versus applying energy, time and materials to fix them later. Limit “rearview mirror” conversations and focus on future outcomes. Be sure every meeting has clear purpose and that leaders skillfully facilitate to promote valuable use of time and agenda space.”

Link: http://www.democratandchronicle.com/article/20100608/BUSINESS01/6080314/1001/BUSINESS

Encouraging and providing training on how to think strategically will serve to strengthen your teams skills in identifying opportunities for the business and at the same time, help them identify existing problems before more resources are wasted. One obvious way to get your team thinking strategically is to make sure everyone know the strategic goals and what their role is in accomplishing those goals. This requires putting the plan in a visible location, inputting regular progress updates on initiatives, and holding people responsible for their assigned tasks.

Click here for more on strategic management.

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TECHNOLOGY MANAGEMENT: TOP STRATEGIC PRIORITY

Wednesday, June 9th, 2010

Summary:

In order to survive, companies need to constantly be looking for new, innovative products and processes that will set them apart and help to dominate their particular market. Often though, companies place greater value on engineering activities, such as product development and record development than they do innovation within the operations activities. Technological innovations can improve changes in products as well as services, or improve changes in the ways of handling current operations.

Leaders that place technology management at the top of the strategic priorities can reduce costs and place their firms in an advantage. However, finding the “right fit” requires a deep understanding of the core competencies of the business and a clear vision of where the firm would like to be.

Article Quote:

“The idea of Technology Management is to emanate the synergy between all the factors (i.e. research, development, planning, engineering, machines, software, production, as good as communication) to have them work together in the many fit approach to furnish distinction for the association in the long-term.”

Link: http://www.betafun.com/2010/05/31/Stock-Market-Investing-Money-tips-technology-management-top-strategic-priority/

Technology management is vital to maintaining a competitive advantage. From small businesses to large conglomerates, management of technology must enhance the business processes, collaboration, and the ability to track crucial information.

For more on strategic management, see http://www.performancesolutionstech.com/category/strategic-manager/

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SWOT analysis and strategic planning

Monday, June 7th, 2010

This video provides an overview of SWOT analysis, a widely used model many businesses use to develop a deeper understanding of their business and the market in which it belongs.

S – strengths are internal attributes that the business already possess that will help in achieving the objective

W – weaknesses are internal areas in which the business needs to improve in order to achieve the objective

O – opportunities are external conditions that the business can pursue to achieve the objective

T – threats are external conditions that can hider the pursuit of the objective

SWOT analysis, while useful in helping a business identify important internal and external conditions, is not the only tool strategic planners need to utilized in the planning process. There also needs to be clearly defined mission and goals, an analysis of existing strategies, an analysis of initiatives that will help the business grow, along with a time line of when deliverables are to be achieved.

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The Strategic Retail Planning Process

Friday, June 4th, 2010

Check out this quick slide show that covers 7 steps in retail planning. The steps given are:

1. Define the business mission

2. Conduct a situation audit based on: market, competition, & environmental factors

3. Identify strategic opportunities

4. Evaluate strategic alternatives

5. Establish specific objectives and allocate resources

6. Develop a retail mix to implement strategy

7. Evaluate performance and make adjustments

These steps are very similar to the steps any business would take when developing a strategic plan. The focus of the planning process should always remain on the outcome. Identifying strengths, weaknesses, opportunities and initiatives/goals creates a foundation for establishing an action plan.

Action plans need to be very specific as to who is assigned what and when the deliverable is expected to be completed. Strategic execution is often difficult because assigning specific tasks and more importantly, holding people accountable, is not easily accomplished unless progress updates are made regularly. This allows leadership to evaluate the progress of an initiative and more easily identify areas that may need adjusted.

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