This week marks the beginning of the last month of the second quarter, which will, with its passing, bring us to the mid-point for the year. This is an appropriate time to review business accomplishments to date against quarterly and annual strategic plans and goals. Yes, I know. Some of us, perhaps most, would rather visit the dentist (no disrespect to the profession) than review strategy, goals and competitive positions for our companies. While I am energized when I work with clients on their goals for business, technology and creating a future-focused foundation, I, too, encounter thoughts of procrastination when it comes to examining my own business. As I began writing this, I received an email newsletter from BPM Express stating that "financial and operational performance management activities must derive from corporate strategy to be effective, [but]...a growing body of research indicates that despite all the exposure they've had to this argument, many executives still fail to adequately think through their strategy. And many of those that do strategize successfully fail to execute on the outcome of that process."
So, how is KMC doing? Very well on about 75% of plan. However, there are revenue opportunities in the other 25% that have not yet been addressed. Considering the BPM Express quote above, I can improve financial and operational performance by executing that remaining 25% of KMC goals. I like the thought of making more money, the sense of achievement that comes from operating well and ...more money!
What can we do to put some energy in the work ahead of us? In working with clients, I usually start by focusing on the goals they've set, their accomplishments and the lessons learned from them. Consider expanding into a full S.W.O.T analysis for the accomplishments-a great way to get an accurate view. Make goal review and planning an on-going, rather than annual, process across the business and within business units to keep the focus on relevant issues and dynamic changes that are sure to occur.
What issues are there? Don't worry about good, or bad, just name the issues and ways to solve them. Focus on the future and on critical thinking for optimum results. The following acronym highlights the points of discussion:
- P - Priorities & Plans for the next time frame(s)
- A - Action Items & Assignments
- G - Gauge - How to gauge, or measure, success
- E - Expected Outcomes: Begin with the end in mind and paint a picture of successful results
After all, we are turning a new page, aren't we? It's a great opportunity to innovate and improve! Develop a routine, or acronym, that will work in your environment. Execute it repetitively to keep your company, and by ripple effect, this country, in the leadership position!
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