Developing your strategic management plan
The vision statement is the anchor of a successful strategic management plan. This should be a simple phrase that provides clarity, direction, and differentiation, and filters out any projects or initiatives that do not contribute to it. Directly driving the vision are your core strategic initiatives (or themes), which together should fully describe the major goals of your organization.
In the classical school of strategy formation, the vision should answer the question “where do we want to be?”, and the strategic initiatives should, together, answer the question of “how do we get there?”.
Structuring your strategic management plan
StrategyBlocks assists in the formulation of your strategic management plan to the extent that it can. You will need to work out the vision and initiatives on your own – by providing a strategic management framework that assures strict accountability between all levels of your strategic plan. That is, as each level of your plan directly contributes to the level above, the structure enforces a plan where everything contributes to the vision.
On-going strategic management
Strategic management is an on-going process in any company or organisation, and needs constant (regular) reviews to determine the health and completeness of the overall strategy. StrategyBlocks provides several key metrics that give real-time status reporting of your plan such as: progress, key-performance indicators, and our patented strategic health calculation. By assuring that all on-going plans are recorded within StrategyBlocks and their measures are kept up-to-date, you can accurately assess the health of your strategic management plan.
The importance of strategic management and execution
Strategic management is the lifeblood of any business. But even the best plans can be worthless if they are not properly implemented or seen through to the end. The key to success is in being able to create a special relationship between your plan, your people, and the information needed to support and drive your strategy.
Encourage best practices
Many organisations create pillars or silos for different departments which naturally come with inherent communication barriers. These barriers are counter-productive to efficiency because they lead to infighting, disorganisation, and duplication of effort. StrategyBlocks aims to improve on traditional strategic management by creating a deeper, more-transparent plan that, increases clarity, direction, thereby motivating employees.
One of the reasons strategic mangagement fails is the failure to manage change. StrategyBlocks provides a dynamic framework that allows you to constantly adjust and refactor your plan to align it with the current conditions. Real-time monitoring of the entire strategy at a high level will allow management to catch failures early and react immediately.
Strategic management is only useful if it asks the question: “are we doing the right thing?”. The upper levels of your strategic plan need to be formulated with that question in mind.