Planning for Success
Clearly, there is a substantial gap between successful businesses and those that struggle. And that gap is growing at a rapidly increasing rate. Why is this? How is it that these consistently high-performing companies enjoy outcomes that outpace the competition by a wide margin? Well, there is more to it than good fortune or just plain luck. In fact, in most cases, they find success because they planned for it.
The dynamic nature of business demands a clear-eyed view of customers, markets, technology, talent, and economic conditions in general. Understanding core capabilities and how and to whom these are best deployed are key factors in enduring business success. And there is no better way to understand, organize, and communicate these than in focused strategy and planning meetings.
Ask any CEO of a high-performing company about factors impacting their sustained achievement and they are sure to say that careful, thoughtful strategy development and comprehensive planning are core contributors to their success.
Clear, prioritized objectives for the business over a 12- to 36-month period is an essential starting point. Setting clear expectations for each area of the operation (departments and teams) and for leadership, management and supervisory members with specific timeframes and targets breathe life into the plan. Following up on a regular basis (weekly, monthly, and quarterly) help ensures that changes and course corrections can happen in real time.
The process of planning is every bit as impactful as the plan itself. Bringing the team together to identify key opportunities and setting a course for success can be a powerful way to solidify the senior leadership team. And deciding what not to do is a key ingredient in an effective plan. A solid plan can help organizational leaders avoid distraction by “shiny things;” potential opportunities that can divert resources and focus in a haphazard way.
How do high-performing companies do it? By creating an effective, strategy-based plan with confidence and clarity and executing on that plan flawlessly by ensuring that processes and people meet high, non-negotiable standards.
For more information on planning for your business success, contact me at email@example.com.
Joseph P. Truncale, Ph.D., CAE, is the Founder and Principal of Alexander Joseph Associates, a privately held consultancy specializing in executive business advisory services with clients throughout the graphic communications industry.
Joe spent 30 years with NAPL, including 11 years as President and CEO. He is an adjunct professor at NYU teaching graduate courses in Executive Leadership; Financial Management and Analysis; Finance for Marketing Decisions; and Leadership: The C Suite Perspective. He may be reached at Joe@ajstrategy.com. Phone or text: (201) 394-8160.