{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

4 give the team time to develop detailed strategy

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 5.3 SWOT Analysis (assessing internal Strengths and Weaknesses, and external Opportunities and Threats) is an excellent framework that everyone can understand. It is probably the best tool there is for taking a strategic look at a company. It’s also a wonderful tool for gathering a team. I recommend the SWOT, as a group discussion leading to strategy, be part of every planning process, and that its summary be a page or two in the business plan. I can recommend some specific steps that will help make this work: 1. At least once a year, go through a strategy review process that begins with a SWOT meeting and SWOT review. Get your key people together and develop bullet points. Keep notes. Keep the discussion open. 2. Digest the results of the SWOT. Consider the responsibility you have as owner or manager of a business. Strategy is not done by committee or by popular vote. Work on a digestion system that combines ownership responsibility with participation and teamwork. Optimize the SWOT. 3. Share the digested, optimized SWOT with your team of key managers. Develop the strategy. Keep in mind that strategy is focus, and remember the principles of long-term consistency, displacement, and priorities. 4. Give the team time to develop detailed strategy, tactics, and programs. You can use the strategy pyramid framework, for example. Keep everybody involved focused on strategic priorities and look for concrete, measurable, detailed specifics. Make sure that everything important is measurable, and that the measure is embedded into the plan. If you can’t track it, then you won’t be able to manage it later. 5. Merge the team’s contributions into a plan. Remember again that strategy isn’t done by committee or popular vote. Somebody has to have the last word, and that somebody ought to be somebody who owns the business. 6. Schedule regular implementation and plan review meetings — give them dates and importance from the beginning — at the same time that you approve the plan. Make this schedule very specific, real dates and times, so that every manager knows ahead of time, like the third Thursda...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online