Think Big, Achieve Bigger

We recently moved our software company to an office out of the Rocky Mountain Innosphere in Fort Collins, Colo. There are a lot of cool things about this, especially being able to look out the window to see the mountains. 

The move is a testament to what can happen when you think big. Five years ago, we had an idea for a product. We set out to develop a prototype and hoped to get a few people interested along the way. 

We realized if we put together a growth strategy, this thing could take off, so we asked a person to come in and help create our strategic plan. (This is a service we offer, but it is not advisable to self-medicate.) Then, we envisioned where we are today.  And recently, once the sign was hung on the door of the new location, we reflected on how critical that time was. We realized we wouldn’t have come close to the level we reached without strategy.

 

What Is Strategic Planning? 

In its purest form, strategy is the means by which an organization determines what it wants to accomplish. A plan encompasses the way an organization wishes to achieve it. A true strategic plan aligns the actions of today with the goals of tomorrow. 

 

Why Do Strategic Planning?

In short, good strategy improves business results. It helps grow profits.

Organizations should fully engage their leadership teams in strategic planning in order to set the course for the future and give the team purpose. It enables each member to embrace ownership of the goals that lie ahead, solidifying each member’s power to influence his or her destiny. Without strategic planning, the organization’s path is likely to be ambiguous and difficult to achieve.

Also, as a result of the dialogue that leads to strategic planning, teams will realize they can achieve much more than they thought possible.

When planning strategy, the team should proactively define what will happen, rather than just moving from one checkpoint to the next. In a good strategic plan the checkpoints sometimes even change.

 

What Should a Good Plan Include?

Mission is the overall purpose and focus for the organization. It is not likely to change substantially over time unless the company’s growth causes a broadening of purpose.

Vision captures a clear picture of the characteristics that will define the organization 3-5 years in the future. Vision answers the question, “Where should we be?”

Strategic initiatives are the lifelines that feed the goals, connecting the present to the future. They fall within a broad range of categories.

Strategic milestones are the big achievements needed in order to fully implement the initiative. They are the connective tendons that build the ability of the appendage to move. This is where the plan gets real. 

Finally, the execution of strategy should include the definition of the projects that will deliver the targeted results.  All tasks should have specific owners, due dates and measured deliverables. One of the biggest reasons a strategic plan might fail is there is not a detailed plan for execution, so this step is critical. 

Teams should think big. When they do, they are likely to achieve even bigger. 

Patti and Ken Leith are managing partners of EDGES Inc., a strategic planning and process efficiency firm based in Bentonville. They also own and operate e-Gauge Inc., a software services company specializing in strategic execution, talent management and project management. They can be reached at 479-203-7198 or 970-515-7898.