February | 2017 | Strategic Planning and Execution

Denise Harrison

In today’s fast paced economy, we often find that executives think that they don’t have the time to reflect on their business. While quick decision-making is important, taking the time to reflect on the possible choices and looking at long-term implications will set your business on a course to achieve long-term success.

Reflection: What does this mean?

There are three areas that we often find are missing when teams develop a strategic plan:

Discussion of topics for research
Collection of research in a consistent format
Analysis tools that help the team think through what is the best use of the company’s resources

Topics for Research

Many teams have a two to three-day retreat to develop a strategy; this is a good time for team building and gets ideas out on the table. But if your strategic planning is done during this retreat, we often find that the team does not have all the information to make good decisions. Our recommendation is a more-robust three-step process:

1. Situation Analysis

Select the topics that require further research (markets, competition, opportunities, etc.) Selecting these topics and then developing research allows the team to have better information for decision-making when they get to the next step.

2. Strategy Formulation

Review the information to have a shared base of knowledge and make decision based in this information. Now you can select the strategies and the strategic initiatives that are most likely to position your company for future success. Take the time to develop action plans for your strategic initiatives so that you know what steps need to be undertaken, who is responsible and how much time and money each step will take.

3. Implementation

Vet the action plans to ensure that accomplishing the steps will achieve the objective and assess whether the company has enough and the right talent and financial resources to accomplish the task set out in the action plans.

A three-step process allows your company to reflect on the correct topics to research. Once the research is completed, the team can reflect on the information gathered to make informed decisions concerning the future direction of the company.

Consistent Format

After you select the topics for research and develop the research, it is important that the information is collected in a consistent format. Having templates that aid in consistent information development allows for better analysis as your team develops its strategy. For example, without a consistent format, you will get different information regarding opportunities to be researched and this will make it hard to compare options because the data is inconsistent.

Analysis

Once you have reviewed the research and the team has a shared base of knowledge, it is important to use analytical tools to assess where the best opportunities lie in your business. Tools include the Growth/Share matrix (often associated with Jack Welch) to assess which of your core business should get the most emphasis. Analytical tools pull out the key variables and help the team better understand the information that has been gathered.

If you would like to learn more about a structured process, with templates for research and analytical tools to help digest the information please call or email me: Denise Harrison, 910-763-5194 or harrison@thestratplan.com.

By Denise Harrison

Fitbit’s personal activity tracking device started with simple functionality – tracking steps taken during a day – now added functionality includes a heart rate monitor, sleep tracker, calorie calculator among other features. While the trackers are not perfect (not good with stationery bicycles) the monitors give the user a better idea of their activity during the day. Since I began using my Fitbit I found myself walking through airports rather than using the electric sidewalks to meet my step goal for the day.

Why would businesses be interested in purchasing Fitbits?

Corporate HR officers began calling Fitbit to discuss how they could incorporate fitness trackers into their wellness programs. Fitbit, originally focused on consumers, had to change gears to better understand the corporate requirements. Corporations, looking to enhance the wellness of their employees saw Fitbit activity trackers as a way to encourage activity. The desired benefits included:

Healthier employees
Safety benefits
Lower insurance rates
Enhanced productivity

A Duke University study calculated that obesity cost American businesses $73 billion per year in lost productivity and medical expenses. Using this information, Fitbit started collecting data on the activity trackers use and found that wearing an activity tracker improved health outcomes and increased participation in wellness programs. As employers were able to track wellness participation they were able to negotiate lower insurance rates.

In order to support the corporate wellness campaigns Fitbit became compliant with HIPPA regulations to ensure the privacy of the individuals using the Fitbit trackers. Adding this feature enabled the Fitbit team to better serve its corporate customers.

Key Take-aways

Keep alert to emerging markets, users may find other applications for your products and services – you may have an underserved market out there.
Be cognizant of different market requirements when you find an unexplored segment – don’t assume that needs and preferences will be the same.
When you find a potentially new segment make a go/no go decision as to whether or not you will serve this market – do you have the capabilities to serve this market? Is it a distraction? Make a firm decision – don’t straddle the fence.

Denise Harrison can be reached at harrison@thestratplan.com if you have questions about how you can enhance your strategic plan.

Monthly Archives: February 2017

Strategic Planning: A Time for Reflection

Fitbit Focuses on Corporate Clients to Generate Growth

By Denise Harrison

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