The Strategic Change Process
Do you have a strategic plan but are not sure what to do with it now? Our top tips will help you work through the process of implementing your strategic change effectively.
In order to roll out strategic change, you must have a finalised plan. This does not mean that your plan will not change, in fact, it is very likely to, as you adapt it to external changes, but it must be complete. It should also include a rollout plan so that it clearly articulates how the strategic change will be implemented.
ALIGN YOUR BUDGET
You must consider the financial impacts of your strategic plan. You need to be clear on any financial cost of actions planned, and the likely income. You should spend time examining your budget looking at differing possible outcomes (for example, what if the marketing plan improves sales by 2%, 5%, or 10%?).
ENSURE DEPARTMENTAL AND OTHER PLANS ARE ALIGNED
It is no use having a high-level strategic plan if lower level departmental plans are not aligned with it. Each individual department in your business needs to ensure their priorities and goals are aligned with the strategic plan.
ESTABLISH KEY SUCCESS MEASURES
How will you know if your plan is succeeding? You need to have robust measurement processes in place wherever possible. You also need to ensure these measurements are tracked and analysed, to assess the effectiveness of your plan.
Ensure your performance management and rewards system is in line with your strategic plan. If your staff are being rewarded on different measures from those incorporated into your plan, then there could be misalignment, leading to confusion amongst your team as to what their priorities should be.
Review your structure. Does it support your strategy? Have you got the appropriate staff in place and will that continue? You may need to consider succession planning, particularly in key areas of the business.
Analyse your current staff skills to assess whether they are appropriate for the new strategy. Where development may be needed, work with your staff to help them build their skills. This may be through formal training, or they may develop from shadowing others in the team or one to one coaching.
REVIEW THE PLAN
Ensure you set a date for at least an annual review of the plan, if not more frequently. Review the plan to ensure any assumptions made are still valid and that goals remain appropriate.