Fidelity has mapped out a six-step plan:
- Create a mission, vision and values. By taking the time to detail this information, you give the organization more direction. Individuals then will have a better sense of why they are working for a firm.
- Make clear what the clients’ needs are and how the organization aligns with them.
- Evaluate your business. At this stage, it is important to take a hard look at how the business is being run, including what it does when and where it needs to improve. By doing an analysis of the current situation, you will see more clearly what needs to be a focus. Ask the question, “Is there any drive for innovation?”
- Identify and prioritize strategic alternatives. Prioritizing a set of initiatives to reach goals is crucial to have the most impact.
- Establish measurement and tracking and create a structure for plan execution. Who is going to do it and when?
- Document the plan. Putting things on paper will help an organization better reach its desired outcomes. Identify projects and the process. Make it action-oriented. For example, get into the weeds and identify who is going to do the work and note when it is going to get done. When it comes to partners in an organization, make sure you are holding each other accountable.
Mike Byrnes is a national speaker and owner of Byrnes Consulting, LLC. Read more at ByrnesConsulting.com and follow @ByrnesConsultin.