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The Executive Connection SM
a publication of The Virtual Executive Coach SM
"Vision + Accountability = Success!"
In This Issue:
1. Preview
2. Executive Summary
3. Strategic Planning
4. Helpful Hints
1. Preview
The Executive Connection explores the creative and analytical process of business development, team-building, and executive development. We are an interactive community of executives and small business owners who desire to network with like-minded high-performance executives to enhance our knowledge, skills, and aptitudes in the competitive business world.
Published monthly, the Newsletter offers coaching suggestions around the topics of: business development, financing, marketing, networking, incorporations, mergers, human resources, governmental regulations, and tax laws.
Topics are presented from the perspective of Keith Barton and represent only his ideas on creating and running your business. Because we are an interactive community of executives and business owners, other viewpoints are welcomed and may be printed in future monthly newsletters with permission from Keith Barton.
2. Executive Summary
February, 2006
Dear Executive Connection Subscriber,
This month features
strategic planning and its importance in managing change successfully.
3. Strategic Planning
www.planware.org is an excellent website for developing strategic and business plans for small business owners who don’t have the money to hire a consultant to come and spend a few days learning the company’s corporate values, branding, P&L, and human resource policies and procedures. The software template is easy to use with copy and paste capabilities as well as “writing on the fly” and frequent save features. I just completed a strategic plan for a physician primary care group practice in a few hours.
A strategic plan is not the same thing as an operational plan. Strategic planning is visionary, conceptual and directional in contrast to an operational plan which is likely to be shorter term, tactical, focused, and measurable. As an example pretend you are planning to develop a new product line. A strategic plan evaluates the market conditions and talent required given the current business climate and willingness of the organization to take up a new challenge. When Pepsi lost the “cola war” in 1996, the company wasted no time in taking on food and energy drinks and has shown double digit profits in each of the last five years. This turnaround was made possible by redefining Pepsi as a food and beverage company rather than just another beverage company. Before an operational business plan was developed a strategic plan looked at the current market conditions, focus groups, and predicted the health and fitness craze that defines a healthier person rather than just a younger person. This allowed Pepsi to move from the teenager market to cover the entire lifespan.
A strategic plan, unlike a business plan, is a 3-5 year look at where the company wants to be; it future-driven based on company core values and includes mission and vision statements, a SWOT analysis (strengths, weaknesses, opportunities, threats), corporate values, business objectives, key strategies, major goals, strategic action programs. A short description of each follows:
Company core values. This defines the company’s core values and beliefs. To use the Pepsi example it is to provide healthier snacks and drinks that will enhance physical fitness rather than providing “empty calories” via sugars and carbs.
Mission statement. This is the central purpose of the company—its reason for doing business whether delivering a service or product.
Vision statement. This is a 3-5 year prediction of where the company wants to be. In Pepsi’s case they wanted to be the leader in health drink industry with Gatorade and offer power snacks to people who want to take care of their bodies. They expanded the market from “just athletes” to the average person who wants to remain in good physical shape.
SWOT analysis. Strengths and weaknesses are internal to the company. This involves staffing, expertise, and ancillary business solutions that define a niche that draws consumers to their products or services. Weaknesses are gaps between where the company wants to be and where they are today, sometimes defined as a “gap analysis.” This is where the company’s strengths are redirected to shore up the weaker areas whether it be personnel management, staff recruitment and selection, staff retention, R&D, etc. Threats and opportunities are the market conditions external to the company and defines the competition.
Corporate values. This is a reiteration of the company’s core values and beliefs but in relationship to the consumer, shareholder, employees, trade associations, business organizations, and competing companies.
Business objectives. These can be “hard” or “soft.” Hard objectives are concise descriptions that identify the responsible party, and are time-limited, focused, and measurable. Softer objectives simply state what the company needs to accomplish to close the gap between present and future goals. An example of a softer objective is that a business “will become the one entry portal for offering quality services while eliminating office overhead.” A “hard” objective might be: “Over the next four years, virtual executive coaching will offer busy executives long-distance learning opportunities for business growth and expansion into new markets.”
Key strategies: This is the “to do” list or action steps necessary to fulfill the objectives listed above. Examples might be: redesign of a company logo, website, joining a trade association, or building an Internet-based consumer.
Major goals. This is a list of key targets that can be achieved in the next 3-5 years. Examples might be: increasing client base by 100%, increase a new product line, spend 5% on R&D, redefine market niche, etc.
Strategic action programs. This is the “meat” in your strategic plan and defines the who, what, where, and when and builds accountability into the plan. An example might be: “ancillary healthcare staff will be recruited by a physician practice by September, 2006, to bring their expertise in vision, hearing, and weight management to increase patient referrals by 25% over the next three years and become self-sustaining profit centers to the physician practice.”
Helpful hints:
- Go to www.planware.org and develop your own strategic plan for your current job, especially if you want to make a career move in the next 3-5 years.
- Look at successful companies like Pepsi and find out what they did to become more diversified and profitable.
- Hire a business coach to help you redefine how you balance career, family, spiritual, and personal life.
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With advance permission, we are happy to edit an issue to fit your space requirements. Republication also is encouraged under other circumstances. However, the advance permission of A. Keith Barton, Ph.D. must be obtained in the event that changes in the text are desired.
The Executive Connection SM Mission:
The Executive Connection SM is dedicated to helping first-time business owners and executives to recognize resistance to change, while they create and manage their own businesses. My goal is to help you transform your vision into a successful business venture with the addition of accountability structures and silent partner.
The Executive Connection SM is a publication of The Virtual Executive Coach SM and Keith Barton, Ph.D.
We would like The Executive Connection SM to be as interactive as possible. If you have feedback, comments, topics you would like addressed, or can suggest additional resources to benefit us all, please email us at any time. Send your e-mail to
keith_barton@att.net
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Archives:
You can read previous issues of The Executive Connection SM in our archive section.
About Keith Barton, Ph.D
Dr. Barton received his Ph.D. in 1972 from the University of Texas at Austin and has been a practicing therapist for over thirty years. He is a graduate of MentorCoach and is accepting new clients. He has been an adjunct professor at the University of South Carolina, consultant to Fortune 500 companies in executive development, founded and managed Texas Community Living Ventures, Inc., in 1986 for providing group home services to persons with mental retardation, and has been running a clinical practice in Northwest Houston since 1990. He writes part-time with the goal of completing one novel a year. His desire to coach others derives from his passionate interest in helping others become attuned to their creative powers of storytelling.
Dr. Barton has training in coaching, cognitive and family therapy and health psychology. He has published articles, made presentations and conducted workshops about:
Small Business Development
Employee Wellness Programs
Anxiety and achievement
Stress management
Self-esteem
Communication skills
Leadership styles
Core values in the workplace
Executive Development
High-performance groups
Physician support groups
Writer support groups
© 2010
The Virtual Executive Coach SM and Keith Barton.
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