- What is the purpose of our business? It is a mission.
- What will we do with our business? The changing environment that we are certain about.
- What should we be doing? The vision is there.
It is the time of year when many of us are getting ready for the annual strategic planning meetings. We have to get calendar confirmations from each of our board members and nail down the right venue, but we also have to think about where we go from here.
In order to find the best mix of content and focus, questions are asked, challenges considered, and opportunities identified. Agenda content designed to engage the group, challenge ideas, and encourage strategic plays an important role in the execution of a productive meeting, however, havingFacilitated hundreds of strategic planning meetings for credit unions of all sizes and in all manner of venues ranging from scenic Caribbean oceanfront resorts to dilapidated board rooms In the ever-changing environment that we operate in, answering these questions is not as easy as you might think. To fully understand what business we are in, we must have a clear idea of who we serve.
The most successful credit unions have a clear idea of who they want to serve and what help is needed. If it is our intent to serve tech-centered consumers, we need to have the internal expertise, infrastructure, and innovative culture to be the best at consistently delivering the latest and the greatest. It is not possible to have the lowest rates in town because of the operating expenses of many smaller credit unions. You will need staff with higher skill sets to educate, serve, and develop this group.
The field of potential lenders at your local auto dealership is already pretty deep.
What are the 3 important questions to answer when developing a strategic plan?
- What is the real problem here?
- Why is our solution better than everyone else’s?
- What are you going to do?
It does sound odd, but the most effective strategic plans that lead to high growth only need the answers to three basic questions. It would seem that a strategic plan should be complex and analytical, but that may be not the case. Bringing your best solution to your customers will allow them to see your true gifts and talents.
Strategic plans always start and end with solving a customer’s problem. Tom Marin, President of MarketCues wants to hear from you.
What are the 3 strategic approaches?
There are different strategy types within the domain of well-defined strategy. There is an operational strategy. The strategy is transformational. The year 2013.
What are the strategic questions?
- What is the value proposition for our customers?
- Where do you plan to compete?
- How will we win against our competitors?
- What capabilities are needed to succeed?
- What business systems are needed to succeed?
The man sitting at New York’s Penn Station talking into his phone on a dreary, humid, rainy Monday night about to catch the 10:10 pm train home could have been the image of “Forlorn.” I could hear the anger in his voice as he told the person on the other end that retail was dead and that the next generation of consumers wanted to buy clothes from an app.
The man talked about his meeting with a large department store and how the store was exiting Menswear because of increased internet competition from companies that can provide better quality, custom clothing faster and cheaper than retail. In many ways, this is a story that is happening every day in different industries going through transformational change. Do not think that transformational change is happening because of the Internet of Things or increases in technology. The leaders who set strategy and the employees who execute it become disengaged from the five things that make strategy execution work because it is easy to get bogged down in the details and the distraction of the daily work.
Making sure you understand how to win against your competitors is a critical part of strategy selection and execution. What systems need to be in place to succeed?
What are the 4 strategic questions?
- Do you have a current share position in the market?
- What strength can your brand win on?
- How connected are your consumers to your brand?
- Do you know what the current business situation is for your brand?
The answers will come easier when you ask the best questions. What is the current business situation for your brand?
What are the 4 questions of strategy?
- Question 1: Where are we right now?
- We want to be where we want to be.
- How do we get to there?
- How will we watch our progress?
It is important to put the language and process in place early to avoid confusion, debates and wasted time that comes from a lack of agreed upon approach and definitions.
Fortune 500 companies, non-profit organizations and government agencies, as well as an entire enterprise, a business unit, a field office, an individual department, or a work team, are all covered by the Drivers Model. Monitoring allows you to make adjustments as you learn new information, encounter new barriers or identify other critical success factors. The monitoring process can help you keep your vision in front of you and give you motivation to implement the drivers.
The foundation of the Drivers Model can be found in the critical questions. In my book, The Executive Guide to Facilitating Strategy, I use an example of my wife and I trying to buy a house.