One of the areas where business coaching has a critical role is in strategic planning (better known as "STRAP"). A "true" business coach, and by that I mean someone who has real experience in corporate business and who has personally been through a series of STRAP sessions will be able to offer tremendous help to the client. Typically, the strategic planning that has been executed with business coach assistance will be more "strategic", more focused on the company's vision and objectives, will more clearly articulate the imperatives that will lead to the execution of the strategy, and will include better methodologies to track progress toward the accomplishment of the plan. The business coach will, certainly not develop the plan, since only the client can determine the strategy to follow, but he/she acts as a reference point, a sounding board, and keeps the strategic planing team centered on the key priorities of the company.
The Top 8 secret ingredients to create a great Strategic Plan
Far from being a complicated and a difficult task, putting together strategic plan is not that difficult. Follow the simple eight rules below:
1) Your plan has to respond to a specific objective (vision), let's say, "achieve 65% market share by December 2012".
2) You need to collect all the information and data pertaining to the plan, and organize it in different areas: New products, competition, unique capabilities, investments, resources, etc
3) Make the plan easy to understand and communicate
4) Be precise and detailed, to avoid confusion
5) Make it adaptable to change, and be yourself flexible. Changes in market conditions may cause you to have to "improvise".
6) Application of the plan must be realistic.
7) Cover all significant parts of your business. Remember the interdependencies.
8) Identify responsibilities immediately and create a tracking mechanism.
Contact me if you need help executing any of above principles at hector.barresi@boundlesscoaching.com
Phone: 775-200-2864
"Have a good business!" - Hector
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment