CEO and Founder of Prescient Consulting, LLC, Jeff Nock is an experienced executive, consultant, and world-class leader who has demonstrated a history of growing startups, non-profits and established companies. He is skilled in areas such as business planning, the strategic planning process, leadership development, marketing, sales, finance and presentation development.
Jeff Nock shares his insight on strategic planning to encourage businesses to make sure they have a strategic plan and that everyone in the organization understands their role in that plan. He believes that every business must have a vision, mission and strategic plan with operational goals and objectives that all can understand and contribute to.
The vision for the organization is the perfect state if everything goes well. Since the world isn’t a perfect place, the mission is the purpose of the organization. While a vision and mission are incredibly important as they should drive everything in the organization, they won’t be effective unless they have a good strategic plan that aligns objectives with that mission and clearly articulates how each person in the organization will contribute to those objectives.
Once the vision, mission, and objectives have been defined it is then important to establish key performance indicators (KPIs) or metrics for each objective. How do you know you are being successful if you aren’t measuring your progress? KPIs should be easy to understand and relatable for everyone on the team. Topline revenue, for example, is a simple metric and the strategic plan should make it clear who in the organization is responsible for which components of revenue generation. Operationally, what quality, quantity, and on-time KPIs does the company have in place? Each area including finance, human resources, marketing, engineering, and others should have defined objectives with clear and easy to understand KPIs.
“After these objectives and KPIs have been determined,” says Jeff Nock,” businesses should determine a time frame for reporting results and make adjustments when necessary when KPIs are not met. Some KPIs can be done in real-time and others may be reported weekly or monthly.”
According to Jeff Nock, the senior leadership team of the organization should have a dashboard of high-level KPIs and each department or area within the organization should have their own KPIs that connect to the higher-level dashboard. Business is a competitive landscape and consistent measurements should also be taken of external key factors such as customer and partner satisfaction. While working hard is, of course, important, it is also important to work smart and to know what you are trying to achieve, when, and whether or not you accomplished your objectives.
In today’s ever-changing world, companies can’t be afraid to dynamically adjust their strategic plan to take advantage of new opportunities or address objectives that aren’t working.