16th February 2021

Creating strategies for success

Over the last few weeks, we have looked at the process of creating a robust Covid 19 action plan using tried and tested simple business techniques that everyone of us can use in our own firms. So far, we have talked about: 
 
  • Your business vision
  • Your Goals
  • Your Objectives
 
Now I want to highlight some tips to allow you to combine all these together and define strategies that you can utilise to take your business forward in a post Covid world. Once we have the goals and objectives that we wish to achieve, then it is simply a case of managing the desired change and following a process. Here is one I’d recommend: 
 
What are we trying to achieve and why?
What are the steps, we need to take to make goals and objectives happen?  I have said this many times but you must write these down in plain English or they will not happen. If you do then your strategies quickly become an action plan to take forward. Don’t over complicate the matter. Take each of your goals and detail the best actions you can take to make them a reality. 
 
How will we measure success?
Be clear at the outset of the deliverables of each strategy and how you will know you have been successful.  This is all about setting defined metrics for success and progress. By setting separate measures at each level, we can monitor how we are doing and evaluate achievement as we progress. Perhaps more importantly you should also detail at outset what failure looks like. You can then see it coming and take necessary preventative action to avoid disappointment. 
 
Who is responsible and involved in taking your strategy forward?
You may have set excellent goals and defined the objectives you need to be successful but the strategy you adopt will be nothing but paper talk if you do not define who needs to be involved and who will take ownership of achieving a positive outcome. Many excellent ideas have failed just because no one knows what they are supposed to be doing and who is ultimately empowered to lead the process. Do not fall into this trap. 
 
What resources do you need?
No strategy will succeed without the right resources allocated. What investment do you need to make in terms of people, equipment, time and finances to carry out the initiative? Again, write all these down. 
 
How will your activity affect other initiatives?
It is important to be clear about the Interdependencies in your organisation. In your strategy and plan be aware of how any initiative you undertake will impact other functions or areas of the business?  No point fixing one area if it breaks another!
 
What are the milestones you need to reach?
What are the major events, accomplishments, or key decision points that are anticipated? How will you know when and if your initiative is on or off track? If this is written down and key stakeholders are identified, then review your plan on a regular basis. You can then determine where you are, where you need to be and what needs to be done to reach your final goal. 
 
What are your performance metrics?
What will you measure to gauge progress on your initiative? How will you utilise these performance metrics to tell if your business is on or off track to meet these? Once you know what these are write them down. These form a key part of any ongoing review.
 
Create a timeline
When will the initiative begin and end? At what milestone will you judge if your initial timeline is correct? 
 
To help you document this process I have attached a simple template that you might find useful.

Business Development, John Joe McGinley, Glassagh Consulting

Registration

Free Registration and CPD

Related Articles_

Fidelity Adviser Solutions: Helping clients with their financial wellness


If you’ve ever felt that clients’ money worries run deeper than the numbers, this five part video series from Fidelity Adviser Solutions is for you. Each short session shares practical, real-world ideas you can use straight away to spark better conversations, boost confidence, and make planning feel clearer and more human for you and your clients. Watch now

Read More

Client Centred Advisers: Why money is never just about money


Perhaps one of the most important things to understand about money is that people don’t experience it rationally. They experience it psychologically.

Read More

Client Centred Advisers: Helping clients stop living in life’s waiting room


One of the most common assumptions people make is this: “I’ll be happy when…” I’ll be happy when I can retire. I’ll be happy when the mortgage is paid off. I’ll be happy when I have enough money. I’ll be happy when I can work less. I’ll be happy when I’ve achieved financial freedom. At first glance, these seem like perfectly reasonable goals. In fact, many of them are exactly the kinds of goals financial planners help clients work towards every day.

Read More

You need to be logged in to comment on this article