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Most entrepreneurs agree that the ability to consistently execute is a key factor in surviving the start-up phase and ultimately winning. That said, you cannot make a pig fly, no matter how much you stick with it. In other words, a crummy plan executed well still gets you crummy results. So start with a solid strategy.
A theme I hear over and over again from clients is, “Give us three steps, and we will knock ’em out. Give us a three-ring binder, and it will sit on the shelf.”
There is a direct correlation between the simplicity of a plan and the chances of executing it consistently. Given that, why stack the odds against yourself with a complex plan?
A sound plan and a simple plan are not mutually exclusive. If you are going to work on a plan, your plan should work for you.
Management journals, books, blogs and articles are filled with countless approaches to strategic planning. The definitions for the various components of a strategic plan can be debated endlessly: a vision versus a mission, initiatives versus tactics, goals versus objectives.
Whatever the terms you prefer, cut through the clutter by answering six simple questions about your business:
- Why do we exist? (mission)
- Answers in a compelling way how we make the world a better place or improve the human condition (for partners, customers and/or employees).
- Where are we going? (vision)
- Answers what we want to look like or achieve in the future. Also serves as a clear filter for opportunities that do/do not help us realize the vision.
- How will we conduct ourselves? (values)
- Answers how we treat each other and our customers/partners. Values also serve as cultural glue for the team and a guide for policy decisions.
- What will we do? (strategies)
- Answers how we will focus our resources. Just as importantly, it should clearly answer what we will not use our resources on.
- How will we measure our success? (metrics)
- Answers how we are progressing toward our goals and if we are growing in health ways.
- What improvements or changes must we make? (initiatives)
- Answers what actions we will take to execute our strategy.
Answering these questions will get you started with a solid plan you can execute.
Don’t be deceived by the simplicity of the questions. In order to articulate concise answers, you’ll need to give them deep thought, good supporting data and honest discussion.