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Implementing Strategic Plan

Implementing Strategic Plan. Strategic Plan. Action Plans. Evaluate Progress. Major Components of the Strategic Plan / Down to Action. C omponents. Mission. Why we exist. Vision. What we want to be. Goals. What we must achieve to be successful.

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Implementing Strategic Plan

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  1. Implementing Strategic Plan

  2. Strategic Plan Action Plans Evaluate Progress Major Components of theStrategic Plan / Down to Action Components Mission Why we exist Vision What we want to be Goals What we must achieve to be successful Specific outcomes expressed in measurable terms (NOT activities) Objectives O1 O2 Planned Actions to Achieve Objectives Initiatives AI3 AI2 AI1 Indicators and Monitors of success Measures M1 M2 M3 Targets T1 T1 T1 Desired level of performance and timelines

  3. Goal Objectives KPIs & Targets Key Points Translate your strategic plan into Business Plan and Operational Plan

  4. Objectives Components • Relevant - directly supports the goal • Compels the organization into action • Specific enough so we can quantify and measure the results • Simple and easy to understand • Realistic and attainable • Conveys responsibility and ownership • Acceptable to those who must execute • May need several objectives to meet a goal

  5. Goals vs. Objectives Components

  6. Example: Goal = Increased cross-border SME joint investment Strategies: • Establish agriculture development corridors between Lao and China (rubber), Thailand (maize) and Vietnam (Cassava) to facilitate cross-border agribusiness • Facilitate the forming of production clusters to increase SME production and marketing capacity (e.g. Boleven Plateau for Coffee, Vientiane for Cassava products)

  7. Increased cross-border SME joint investment Strategic Objectives • Improve cross-border contract farming arrangements to help Lao small plot holders get access to capital, technology and markets. • Enhance capacity of provincial officials in enforcing contract farming agreements to reduce the contract default rate.

  8. Indicators and Targets

  9. Diversified and more value added tourism programs Strategies • Promote new initiatives like one-more-night campaign, unseen Bagan, Discover Hue • Promote cultural and world heritage tourism courses at vocational and university levels • Provide tax incentive and subsidies for hotels and shop selling local products

  10. Diversified and more value added tourism programs Objectives • Improve quality of handicrafts made by local communities to make them more competitive • Together with private tourism associations launch Community-based Eco-tourism in World Heritage sites

  11. Indicators and Targets

  12. Specific Measurable Attainable Relevant Trackable A good balance should be achieved between theory and practice, i.e., between what should be and what can be measured SMART Indicators Indicators are "yardsticks" that can be used to demonstrate that changes have (or have not) taken place. They provide meaningful and comparable information on changes.

  13. Key Results Indicators MEASURES SHOULD Identify • Quantity, Quality & Time • i.e. “HOW MUCH” of “WHAT” and “by WHEN”

  14. The general “Purpose” of Strategic Management is be able to do “MORE / BETTER” than the current situation by Improving EFFICIENCY &/ or EFFECTIVENESS

  15. TYPICAL INDICATORS of EFFICIENCY are REDUCED • Processing Time • Costs • Personnel / Level of Effort • Waste / Misuse of Resources

  16. TYPICAL INDICATORS of EFFECTIVENESS are • IncreasedQuantity • Improved Quality • Extended Outreach (Coverage) • Improved Timeliness Response • Time) • Reduced Risk / Uncertainty

  17. Down to Specifics Targets • For each measurement, you should have at least one target • Targets should stretch the organization to higher levels of performance • Incremental improvements over current performance can be used to establish your targets • Targets put focus on your strategy • When you reach your targets, you have successfully executed your strategy

  18. Down to Specifics Examples of Targets

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