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articulation of a view of the world that your company and your people are working toward (just cause/ purpose), not what they are expected to do now. It is a vivid picture of where you are headed to motivate others to take that journey with you. Mission (potentially indefinite). This serves as a filter to determine what is important and communicate an intended sense of direction to the organization. Simply put, this is what the firm is doing to achieve the vision. Core values (potentially indefinite). A culture is defined by the values in action through behavior. Values are unwavering principals that infuse culture with purpose. Strategic objectives (duration of plan). Statements that indicate what is critical or important in your organizational strategy. Strategies (one or more years). The basic philosophies that guide us in critical business areas. Initiatives (about one year). What are we going to do? Specific programs, procedures, or policies. Actions (about 90 days). The specific steps taken to advance and complete the initiative. 3. Implementation. This is where the rubber meets the road. I’ll save an in-depth review of implementation for another article, but the importance shouldn’t be understated. If strategic plans are to fail, it generally isn’t in the design, but in execution. At a minimum you need to think about the tools, resources, and structure you have available to carry forward your plan. We generally recommend a minimum review cadence of monthly performance reviews, quarterly assessments (what is in the plan and what needs to be adapted), and a yearly strategy refresh. I hope this brief overview of strategic planning was a helpful introduction. It is an incredibly deep and potentially nuanced practice that every firm needs to consider. Zweig Group is here to help . Please reach out to any member of our team with additional questions or for help with your next strategic plan. Phil Keil is a principal and director of strategy services at Zweig Group. Contact him at pkeil@zweiggroup.com. This article originally appeared on The Flamingo Project.
PHIL KEIL , from page 1
firm’s platform for the future to every person who will be involved in the strategic planning design meetings. 2. Design. This stage traditionally consists of an off-site planning session with eight to 12 of the key stakeholders within the firm, although variable and virtual formats have recently been explored. The goal of this stage is to take into consideration the vast amount of data that was compiled in stage 1 and design the roadmap for the firm to achieve its goals/ambitions. The outcome of this stage must be an actionable plan that defines how your firm will drive purpose and performance. The first thing that must be agreed upon is the planning framework/hierarchy. There are tons of frameworks from OKR to EOS, but these are five of the best that I’ve run across: The balanced scorecard. Great for midsize to larger organizations that want to ensure their goals cover the main aspects of a successful business. The Ansoff matrix. Great for organizations that are about to embark on an aggressive growth strategy and need help defining their plan of attack. McKinsey’s strategic horizons. Great for organizations that have decided that innovation is a critical part of their strategy. Value disciplines. Great for organizations that are looking to fundamentally reposition themselves in the marketplace. The stakeholder model. Great for organizations where stakeholders are the core of what they do, such as non-profits. At Zweig Group, we leave the design stage with the following defined and built into an actionable plan that gives our clients the three- to five-year strategic plan, action items for the firm to progress in the next quarter, a communication plan for rollout, and an implementation plan. At the strategic objective level and below, each component has ownership, measurables, and timelines at a minimum. As you move down, each level is nested within and guided by what comes above it. Vision (potentially indefinite). The why. It is an
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THE ZWEIG LETTER AUGUST 15, 2022, ISSUE 1453
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