Strategy 6 - What are the actions that will implement those strategies?
If you’ve been following our blog series and implementing the strategies to date you will have addressed short term focus, applied a long term focus, defined your business vision and determined your goals to achieve your vision and identified what’s needed to bridge the gap to your goals.
Now that the ideas, vision and goals for the next 12 months are determined it’s important to ensure that they are implemented effectively.
Quite often strategic planning sessions will stop at this point with everyone feeling very positive that improvement can be made and the goals achieved. However, stopping here would inevitably lead to stagnation in the improvement activities within the following 2-4 weeks. Therefore, before calling the session to a close it is important to determine the actions required to implement each idea/strategy as well as identifying a due date for that action and a person responsible for ensuring that it happens.
Using the previous example of increasing prices across the board an action plan may look something like this:
- Collate a report for all current products listing the current sale price, current average buy price, date of last price increase, and previous sale price. John Jones (15 January)
- Determine an initial price increase recommendation for each current product and include it in the report prepared for the previous step. Jane Smith (30 January)
- Meeting with senior management to review (modify where required) and approve new prices. Sarah Conner (7 February)
- Prepare and send customer communication piece to advise of the new prices. James Potter (14 February)
- Update all prices in the accounting software. John Jones (30 February)
By setting these actions with responsibility and deadlines before the planning session is complete will feed off the momentum of the previous steps. It will create a clear series of steps required to be taken to create the best opportunity for success.
To conclude our business improvement series we’ll determine what the barriers to implementation will be and how they can be mitigated.
Hanrick Curran has many years of experience supporting SME business owners to improve their business performance. If you would like to review how your business is currently performing and discuss strategies that can have a significant impact on your business please do our online business improvement assessment, speak with your usual Hanrick Curran advisor, or alternatively call Robert Pitt on 07 3218 3900.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.