In his book ‘Only the Paranoid Survive’, Intel’s founder Andy Grove affirms that “sooner or later, something fundamental in your business world will change.”
Intel, the world’s largest chip maker was not an overnight success. The company faced many adapt-or-fall type of moments. During each of those nightmarish events, monitoring and re-structuring the strategic planning process was critical to survival.
Monitoring the strategic planning process
To manage the company’s strategies, we start by learning how your organization is performing regarding the following:
- Your customers
- Your competition
- Your finances
The idea is to skillfully adjust your strategy and tactics -where they are underperforming-, by managing resources, obtaining market feedback, and analyzing profitability and competitive benchmarking.
All these can be attained with planning systems like the Balanced Scorecard.
Why Do We Need a Balanced Scorecard?
Developed by Dr. Robert Kaplan of Harvard University, the Balanced Scorecard (BSC) is a framework that aids in measuring organizational performance. This planning and management system allows leaders and marketers to align their activities to the organization’s vision and strategy. The ultimate objective is to monitor performance against strategic goals, in both the short and long term.
According to balancedscorecard.org, a key benefit of using a disciplined framework is that it gives organizations a way to “connect the dots” between the various components of strategic planning and management. The site explains that you can better monitor processes because the system makes visible those connection between the projects that people are working on, as well as “the measurements being used to track success (KPIs), the strategic objectives the organization is trying to accomplish, and the mission, vision, and strategy of the organization.”
To better measure and monitor progress towards strategic targets, it is essential to clearly communicate what you want to accomplish. Start by aligning the day-to-day work with the organization’s strategy.
Monitor What Your Competitors Are Doing
When monitoring the strategic planning process, be paranoid about investigating what your competitors’ plan is. Know which of their strengths are making you fall behind; which of their weaknesses leaves an open window for you to offer a competitive advantage.
HubSpot has created a strategic tool that helps you monitor competitors: Rival IQ, is a social analytics space. Rival IQ Promises to “crush your competition with on-demand social media analytics, alerts, and custom reports, by tracking up to three competitors within HubSpot.
Digital Marketing Planning: Failures and Solutions
Finally, don’t forget to plan, in advance, the solutions to possible setbacks.
If the problem is a lack of control, then be sure to regularly measure and analyze the strategic plan so that your organization can take timely corrective actions.
If relevant customer data is not collected or efficiently managed, research to understand and please your target customers to the best of your possibilities.
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