Strategic Planning: How Will We Measure Our Progress?
How will you know whether you’re hitting those mile markers in your strategic plan or whether you’ve steered off course? Every plan needs some check-in from time to time. Some important progress measures include:
Scorecard: A scorecard measures and manages your strategic plan. What are the key performance indicators, or KPIs, you need to track to monitor whether you’re achieving your mission? Pick five to ten goal-related measures you can use to track the progress of your plan and plug them into your scorecard.
Monthly/Quarterly Business Reviews (M/QBR): A group check in from time to time allows all team members a chance to report on the status of their action items and make adjustments to their goals if deemed necessary.
Financial assessment: A financial assessment helps you determine whether your strategic plan makes financial sense. Do the estimated revenue projections exceed your estimated expenses?
If you’re embarking on this strategic planning journey for the first time, assessing whether you’re ready before you start is wise. Successful strategic planning and implementation require a keen understanding of how well your organization can adapt to this new process. Introducing it at the right time is key to successful adoption.