The first, second and third articles considered strategy mapping, choosing strategic measures and selecting strategic targets. They track performance metrics against enterprise-wide strategic goals. It is a temporary endeavor with a definite beginning and end. There are two types of growth platforms: strategic or tactical. Strategic decisions are the decisions that are concerned with whole environment in which the firm operates, the entire resources and the people who form the company and the interface between the two. As a result, these dashboards tend to summarize performance over set time frames: past month, quarter, or year. Properly planning and executing strategic initiatives is a critical success factor, and as such, has to become a core process and competency throughout the organization. According to the book, market penetration, product development and diversification are some of the strategies that a company can use to enhance growth (Porth, 2003). Six Key Questions in Strategic Planning Jan 24, 2019. It is a temporary endeavor with a definite beginning and end. Pull towards the future: Strategic priorities should focus on initiatives that position the company to succeed in the future, not reinforce business models or strategies that worked in the past. It’s role as the liaison between employees and the organization is a vital one, especially given the highly competitive nature of the workplace today. Goals form the basis of your strategic plan. Whenever you must create or reinvent the direction of your organization, there are six questions, in order, that you must answer correctly. The best KPIs offer hints as to the … Balanced Scorecard. Strategy defines your long-term goals and how you’re planni… These are, in fact, basic types of competitive strategies. Choosing Strategic Initiatives. This is how we go from mission t… The report illustrates the application of the major analytical strategic frameworks in business studies such as SWOT, PESTEL, Porter’s Five Forces, Value Chain analysis, Ansoff Matrix and McKinsey 7S Model on IKEA. Growth platforms are specific initiatives selected by a business organization to increase their revenue and earnings growth. Greg Githens explains that there are 5 important tasks for leaders of strategic initiatives to create growth through innovation: understanding the brand promise, understanding the voice of the customer, effectively leveraging business intelligence, establishing … Projects are the logical descendants of initiatives as they represent the link between tasks and the more strategic planninglevel. This is the final of four articles that collectively provide key learnings for the basic architecting of the Balanced Scorecard. Hopefully, these align with the majority of your employees. 4. This article considers choosing strategic initiatives. We see initiatives as the bridge between the company mission and everyday operations. Establish key performance indicators (KPIs) to measure results. ... strategic thinking includes all types of information sources while strategic planning does not. It is characterized by the following features: 1. These actions and initiatives are also measurable, and we’ll explain below the methodology for measuring them. Tactics without strategy is the noise before defeat.” Tactics and strategy are not at odds with one another—they’re on the same team. 3. Here’s how we define the tactical vs. the strategic: 1. It may include elements of related work outside of the scope of the discrete projects in the program. No matter their size or mission, most organizations employ some form of strategy to make progress towards their long-term goals. 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