| Business Performance and Information Excellence Practice
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BiPM ENCYCLOPEDIA →
Performing Enterprises →
SECTION - Strategic Planning →
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CHAPTER - Creating Strategy Blueprint
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The starting point for SPM is to have a strategy. A good strategy takes us half-way to achieve a great SPM. A strategy should which clearly define the priorities, success definitions and horizons. It should answer all possible 'why' questions. Apart from driving actionable objectives and measures, it should also be articulated in a fashion that people can relate to it and internalize it.
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Topics
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Though sounding cliched, Vision & Mission statement can do a lot to alignment. It is important that the same is worded and articulated in a way the people can related to them and also find it linked to their job.
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Information based strategy is the key. One really has to look at industry, environment, competition, internal state of affairs etc to have a raw material to design, establish business case and to articulate the strategy.
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With adequate & analyzed information, we need to establish the list of strengths & weaknesses (Internal) and opportunities & threats (external). Strategy blue-print is mainly based on 'how to leverage on strengths & opportunities?' and ''how to mitigate or manage the threats and weaknesses?'
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With SWOT in place, one has to identify top 5-8 strategic themes- the engines which will drive the organization to success.
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A strategy map is a set of interlinked objectives, measures and initiatives to define and achieve success for the given strategic theme. The first step for the MAP is to list out comprehensive set of objectives.
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With objectives getting listed, its time to make them SMART objectives. Establish Measures and standards to these objectives, along with initiatives/projects which are needed to achieve the objective.
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With Strategy MAP for each theme in place, one has to combine and rationalize them, so that we get a the strategy MAP for the enterprise.
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All Chapters in "Strategic Planning." Section
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