January is a good time to review and update your strategic plan for the new year. Most operations-related challenges can be addressed through an active strategic planning process. The Supernova Five Star model will help you in creating a strategic plan because it sets clear assignments, goals and measurement tools for each team member that will keep you on track over time.
First step would be to apply the GAP analysis to your business and find out what you need to work on. We divide a business into five strategic areas: Planning; Planning Implementation; Branding/Service; Marketing and Leadership. (See articles on the Five Star Model in the Advanced Learning Library. Once you have assigned the roles and responsibilities to members of your team (in the case of a solo FA he/she would be responsible for every role) you can evaluate the areas based on competence and execution. To Download a template for the Gap Analysis click here.
David Lawrence, founder and president of EfficientPractice.com, in a recent article states, “For a strategic plan to be successful, it should be an ongoing process with periodic reviews during the year to ensure the firm stays on track or accounts for changes in goals. ”
Set up daily and weekly meetings to work on the day to day goals. Set up monthly, quarterly and annual meetings to work on long range goals and set your strategic plan based on your mission and purpose statement.
Lawrence uses the example of a SWOT analysis (strengths, weaknesses, opportunities and threats) grouped into a four box grid to uncover issues that need to be address. Having the team think through these four aspects of planning prior to a meeting will lead to more accurate results. You can also apply the Steven Covey’s Urgent/Important chart as well. Once you have set up your strategic plan and identified workable goals assign the VP of that area to execute them Use the Gameboard to measure your progress.