In the last article on Personal Leadership Managing Stress we outlined how to use a few areas to reduce stress and help the leader show leadership by not allowing stress to impact it. In this article, we will address how to show leadership with thinking strategically.
Clearly articulating your Business’s Vision is not an end in itself: it is just the beginning. From this point forward, the leader must make every effort to muster the resources of the business and direct them toward achieving this Vision. The beginning point is to take the time to think Strategically about how to most expeditiously achieve the vision.
One very effective method that allows the leader to muster the resources of the business and direct them toward achieving the vision is a well thought out business plan. The business plan provides a road map for everyone to follow. You see, one of the most common mistakes in the planning process is to dive directly into objectives / tactics.
Effective leaders avoid this trap at all costs. Effective leaders understand Strategies must precede tactics. It is the Strategies that provide framework, guidance for building a successful business. Therefore Personal Leadership: Thinking Strategically involves two areas: Strategic Thinking and Strategic Planning.
Strategic Thinking & Strategic Planning
As we move deeper into the 21st century, we are progressing from the ear of Manpower to the era of “mind-power”. An argument can be stated we ae well down this progression. Therefore more than anything else the quality of your thinking will determine the quality of your effectiveness and results. It is time to learn to think Strategically before acting on tactics. Your goal as a Leader is develop the most effective way to achieve the vision of your company.
A Strategic plan In addition to the Business Plan is the model you can use. To think Strategically is to establish a G.O.S.P.A. Goals, Objectives, Strategies, Plans / Actions document in this order allows you to determine the resources needed to achieve your vision. Let’s use an example: Suppose you want to set a goal for 2018 to Increase top line revenue for your business.
Your Goal / Objective could be stated very SMART such as: Increase Gross revenue by 25% each quarter of the year through 2018.
Your Strategy is to choose one or more of the five ways to increase gross revenue: Make more sales, Sell more often to the same customer, Sell Something else, Make Larger Sales, and Increase your Prices, If you strategically decide to Increase your prices, Sell more often to the same customer and Make Larger Sales you now have the framework to start developing the Plans / Actions to make that work.
Your Plans / Actions are now your specific tactics to that you and your team will utilize to achieve your Strategy of increasing gross revenues by increasing your prices, sell more often to the same customer and Make Larger sales.
See how effective this strategic plan is in articulating the What, How, and Why? See how easier it is to manage the resources to achieve this? This can be done quarterly as in a small business changes occur rapidly that require new assessment. So this Strategic plan is based on a series of assessments, intermediate and long-term Goals / Objectives, Strategies to achieve them, coupled with the Plans/Actions to deliver them.
This process is Powerful in developing your Personal Leadership with thinking strategically.
If you would like to learn more of to obtain a free GOSPA Template for yourself, click on the link and request one: https://businesscoachingofpa.com/contact
By Mark R. Steinke
Elite Business Coach
Focal Point Business Coaching of Pennsylvania
1.610.768.7774