When you are embarking upon the task of creating a strategic plan for your business, it is vital to be clear about your desired end point. The purpose of a business vision statement is to outline where your business will be, following the implementation of a successful strategy.
Vision based planning describes the process of a Business Management team collaborating, in order to decide upon specific business goals (and identifying any plans required in order to achieve them), taking into consideration;
- The business
- Personal goals
Careful planning and execution determine the success of vision based planning. Companies who see consistent growth tend to have two things in common; a strategic operating plan that is clearly thought through and brought to fruition throughout an organisation – and a team that effectively executes critical success factors to optimal effect:
The creation of a coherent and viable plan, with full stakeholder buy-in, can be a somewhat complex task. For the best chance of success, you will need:
- An effective planning process
- Well-presented data in a useful format
- Honesty throughout the team
- The inclusion of SMART objectives/actions:
S – specific, significant, stretching
M – measurable, meaningful, motivational
A – agreed-upon, attainable, achievable, acceptable, action-oriented
R – realistic, relevant, reasonable, rewarding, results-oriented
T – time-based, timely, tangible, track-able
Many businesses discover that the most difficult aspect of the planning process is finding sufficient time and the appropriate environment to get the right people together; however, it is vital to create time wherever needed in order to realise long-term goals.
On formulation of a vision based plan, companies must consider the best way to execute defined objectives. Ask yourself if you and your team can:
- Identify vital critical success factors?
- Make these factors a reality over time?
You can boost your chances of answering yes to these questions by measuring your progress – and success – with numbers. Balance objectives with resources; try to avoid creating too many objectives relative to the limited resources available, instead, create a smaller list and add to it as and when required. Link incentives to performance; employees are generally more motivated to accomplish goals if they have a reward in sight.
Make sure that all of your goals and objectives are aligned to your overall vision for business performance and create a culture of accountability. Try to stay disciplined and retain focus on objectives by measuring progress at regular intervals and holding individuals accountable for specific actions.