In today’s fast-paced business world, having a well-crafted strategic plan is critical to achieving success. But how do you measure the effectiveness of your plan? In this blog post, we will explore the six questions you should ask to guide your strategic planning process and share tips on measuring the results of your plan.
The first question is, “Where are we?” This question involves situational analysis and strategic assessments of both internal and external factors. It’s important to understand your organization’s strengths, weaknesses, opportunities, and threats to create a strong foundation for your plan.
The second question is, “Where could we be?” This question requires you to envision possible future scenarios for your organization. This will help you identify potential obstacles and opportunities that may arise during the implementation of your plan.
The third question is, “Where do we want to go?” This question links your future vision to a shorter time horizon of 3 to 5 years. It’s important to set clear, specific, and achievable goals that align with your vision.
The fourth question is, “How do we get there?” This question is broken down into two parts: strategies and one-year goals. It’s important to have a clear plan of action that outlines the steps you will take to achieve your goals.
The fifth question is, “How do we implement our plan?” This question focuses on the tactics you will use to implement your plan. It’s important to have a detailed plan that includes timelines, budgets, and resource allocation.
The final question is, “Are we getting there?” This question is all about measuring the effectiveness of your plan. It’s important to have metrics, scorecards, and data gathering processes in place to measure your progress and make adjustments as needed.
Once you have developed your one-year strategic initiatives, it’s important to use SMART goals to turn your plan into action. SMART goals are Specific, Measurable, Achievable, Relevant, and Timed. Setting SMART goals for each strategic goal will help you measure the results of your plan.
The old business maxim, “what is measured and monitored is improved,” is the reason why measuring the results of your strategic plan is so important. Scorecards have been around for a long time, and they provide a quick and easy way to see how your plan is doing. Pick 5 to 10 metrics that matter to your performance and measure them constantly.
A well-crafted strategic plan is essential for achieving success in today’s business world. By asking the right questions and measuring the results of your plan, you can stay on track and make adjustments as needed. Contact us at Dame Leadership to learn more about measuring the results of your strategic plan.
See related article: Guide to Strategic Planning in Business