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I Advice - Strategic Planning - Pitfalls in Implementation
Mortgage Leads, Quality Leads to Applications nagement guru that is currently in favor with the top executives. This is a dangerous problem, as many of today's management gurus espouse strategic outlooks that are diametrically opposed. For example, ''The Experience Economy'' espouses a strong, service-centered specialty strategy, while ''Nuts!'' centers on a focused commodity strategy. You might succeed in shoehorning both of these outlooks into one company, but you are just as likely to end up with a train wreck.If you are a mortgage broker or loan officer looking for internet mortgage leads as a source to pick up some more applications, make sure the mortgage leads you are using are of good quality.Here are a few tips to help you determine lead quality.When you are deciding which mortgage lead company you want to do business with, be sure to call the company and speak with someone in customer service.Find out how they obtain their leads. Too many times mortgage lead providers are obtaining their leads through third party vendors and recycling them at a profit to unassuming loan officers such as yourself.The mortgage lead companies that can produce the highest quality leads are the ones that obtain their leads through lead generation web sites they own and operate on their own.So narrow your search to those mortgage lead companies. Chances are, they have the ability to deliver fresh quality mortgage leads.Also, look for the lead companies that allow for you to view their leads in their entirety before you purchase them. This is also known as cherry picking.These leads should have all the applicable The annual planning process, and strict discipline around that process, is the best antidote we know to ''short attention span''. The key here is to make sure you have sound strategic reasons for every change you make in your objectives (and no, ''there's a lot of money to be made'' is NOT a sound strategic reason). Likewise, test every change against the wisdom that is inherent in your own strategy. If it fits, great - but when it doesn't, be very wary of making changes because of small, temporary changes in your marketplace or (worse) your reading list. 5. The plan attempts too much too quickly This is probably the second most common issue, and, as we said, sometimes difficult to distinguish from issue 3 (The implementation is given insufficient resources). As managers, and as teams, we all seem to have eyes that are much bigger than our stomachs. If five objectives are good, ten must be better, right? Well, wrong... ten objectives are almost always worse, from an implementation perspective, than five. There are two key reasons for this. First, we psychologically tend to focus more on items when they are limited in Problem Solving - Think Cleopatra's Ass In our strategic planning work, we often work with companies who have tried strategic planning before. Almost inevitably, the companies we meet were disappointed in the results they got before using Simplified Strategic Planning. While some of these disappointments can be attributed to poor strategy or process issues, many - perhaps a third - were disappointed because the plan failed to lead to good implementation of the strategy.Picture the scene. Anthony pops down to the guardhouse, partly because he wants a break with the lads, but also because he has a problem. Cleopatra says she wants to bathe in ass's milk. So Anthony tells the guys in the guardhouse, that he needs some help. "The wife wants to bathe in ass's milk now." He says.Gerald, the Head Guard, says, "She wants to what?" "Bathe in ass's milk", says Anthony, "You know what these women are like - she's read it on some tablets of stone somewhere - it's supposed to be good for her complexion"."So how are you going to sort that out then," says Gerald, "Are you going to get someone to pour it over her or something?" Anthony thinks about it and says, "No, that won't do, she wants to soak in it. She needs a 'bath'.""What's a 'bath' then..", says the Gerald. "It's a big thing you get into that's full of the ass's milk - and then you lie down in it," says Anthony."What do you want to do that for then..?" asks one of the new guards, a young lad really."So you can get clean all over and relax in it - let the ass's milk do it's job." Says Anthony, trying to sound as if it makes This is a shame, because your management team puts some of its best thinking into your strategic plans. Often, the team is quite excited about the vision portrayed by your strategies. So, how is it that strategic plans are so often poorly implemented? In our experience, there are five main root causes of poor implementation. Some of these are very closely linked to each other - that is, it's common to see pairs of this issue operating in tandem. But, ultimately, each of these items, by itself, can torpedo your strategy implementation: 1. The plan is not linked to implementation 2. The implementation lacks follow-through 3. The implementation is given insufficient resources 4. Managers change their objectives too quickly 5. The plan attempts too much too quickly Let's examine each of these issues, and how to mitigate its negative effects on strategy implementation at your company. 1. The plan is not linked to implementation This one is unfortunately, very common. In many cases, the plan's issues can be traced back to a consultant who wanted to sell each step of the implementation as a separate service, but sometimes, it arises from sheer ignorance of the pitfalls of strategic planning. Many people who attempt strategic planning for the first time assume that once the strategies are written down, the organization has a plan. In a sense, this is true - written strategies are, technically, a plan. Writing your vision down, however, doesn't guarantee that it will come to pass. If it did, we'd all be living in the utopia of the mission statements most of us labored over in the 1980s and 1990s. The clearest symptom that a plan isn't linked to implementation is an absence of clear, measurable objectives and related action plans that define, at a fairly low level, who is going to do what, when, how much it will cost and when it will happen. Sometimes this happens when the process stops after identifying strategies and goals, and sometimes the objectives are set, but no action plans are created (often because there are just too many objectives). The simplest remedy for this problem, of course, is to follow a process that drives implementation by progressing beyond strategies and goals to measurable objectives and appropriate strategic-level action plans. Yes, this takes more time than the cheap and cheerful one- or two-day retreat that a lot of companies seem to like, but it has such a profound impact on the results generated by the plan that it is time well spent. 2. The implementation lacks follow-through Sometimes, we see companies that do a decent job of linking their strategies to objectives and action plans, but still lose steam in the implementation part of the planning cycle. A lack of follow-through is one of the most common causes of this ''petering out''. The best indication of poor follow-through is action plans that haven't been updated since the plan was completed, or perhaps a month or two afterwards. The team set up their implementation plans with good intentions, but then dropped the ball as more urgent activities drove strategy implementation out of their minds. This is common because the very best strategies are never urgent - they are undertaken well ahead of time, because time and money can usually be traded off in strategy implementation. Companies that choose to spend time when they have it - even when the strategic initiative is not urgent - are almost always more efficient. To remedy the lack of follow-through requires commitment from the highest level of the management team. If the owner, president, or CEO insists upon a serious, routine periodic review of progress on strategy implementation, it is highly unlikely that your company will drop the ball. Practically speaking, this means you must keep to the monthly monitoring process that we outline in the Simplified Strategic Planning seminar and manual. 3. The implementation is given insufficient resources Another way of stating this is ''implementation is given insufficient priority''. It's not uncommon to see, in a company that is relatively strapped for management resources, that action plan step postponement is a heavily used tool in the management team's time management. It is always easier to postpone a strategic action than, say, to hire a new executive. A common symptom of this issue is action plans where many steps are postponed two or three times before completion. Implementation is still progressing, but at a much slower pace than originally intended. Fixing this issue isn't always easy. Naturally, if you have the money, adding horsepower to your management team can help. Giving executives clear priorities, especially about the relationship between their routine operational responsibilities and strategic responsibilities, can also help. Finally, be aware that this issue may actually be issue number 5 (the plan attempts too much too quickly) in disguise. It's difficult, if not impossible, to distinguish between trying to do too much and having too little to do it with, because they are essentially two ends of the same stick. 4. Managers change their objectives too quickly In some companies, the main strategy implementation amounts to a kind of corporate ''short attention span''. Many of these companies don't make much headway in their strategy implementation because they are never heading in one direction long enough for the strategy to pick up steam. A common symptom of this implementation issue is a company that seems to be perpetually in the middle of dramatic changes. In a company with a sound, consistent strategy, change is occurring, but change tends to flow around the strategy, because the strategy represents a stable, unchanging reality, such as ''Starbucks customers like good coffee in a good environment''. Another symptom is the classic ''flavor of the month'' syndrome, where the company shifts direction every month or two based upon the viewpoint of the management guru that is currently in favor with the top executives. This is a dangerous problem, as many of today's management gurus espouse strategic outlooks that are diametrically opposed. For example, ''The Experience Economy'' espouses a strong, service-centered specialty strategy, while ''Nuts!'' centers on a focused commodity strategy. You might succeed in shoehorning both of these outlooks into one company, but you are just as likely to end up with a train wreck. The annual planning process, and strict discipline around that process, is the best antidote we know to ''short attention span''. The key here is to make sure you have sound strategic reasons for every change you make in your objectives (and no, ''there's a lot of money to be made'' is NOT a sound strategic reason). Likewise, test every change against the wisdom that is inherent in your own strategy. If it fits, great - but when it doesn't, be very wary of making changes because of small, temporary changes in your marketplace or (worse) your reading list. 5. The plan attempts too much too quickly This is probably the second most common issue, and, as we said, sometimes difficult to distinguish from issue 3 (The implementation is given insufficient resources). As managers, and as teams, we all seem to have eyes that are much bigger than our stomachs. If five objectives are good, ten must be better, right? Well, wrong... ten objectives are almost always worse, from an implementation perspective, than five. There are two key reasons for this. First, we psychologically tend to focus more on items when they are limited in The Five Biggest Mistakes an HR Professional Can Make... From the Client's Perspective rises from sheer ignorance of the pitfalls of strategic planning. Many people who attempt strategic planning for the first time assume that once the strategies are written down, the organization has a plan. In a sense, this is true - written strategies are, technically, a plan. Writing your vision down, however, doesn't guarantee that it will come to pass. If it did, we'd all be living in the utopia of the mission statements most of us labored over in the 1980s and 1990s.A number of years back I was in a meeting with two HR representatives at my company. They were explaining to me how the HR organization wanted to be more "strategic" with its clients and how they wanted to help us with annual resource planning. At the time, our biggest problem was filling open positions with qualified candidates; a number of key positions had been open for months with no qualified candidates in the hiring pipeline. When I asked the HR reps about how they were going to help with this problem, they both told me that they didn't have time to address the hiring issues because they were tasked with being more "strategic". Needless to say, the meeting went downhill in a hurry because the HR reps were more interested in fulfilling the HR organization's "be strategic" mandate than they were in helping me with my real-life problem.As a longtime client of numerous HR organizations, I've learned to appreciate the value that HR professionals provide and the times my HR partner protected me from potentially difficult situations. When working well, the client, employees, and company as a whole benefit. When things don't w The clearest symptom that a plan isn't linked to implementation is an absence of clear, measurable objectives and related action plans that define, at a fairly low level, who is going to do what, when, how much it will cost and when it will happen. Sometimes this happens when the process stops after identifying strategies and goals, and sometimes the objectives are set, but no action plans are created (often because there are just too many objectives). The simplest remedy for this problem, of course, is to follow a process that drives implementation by progressing beyond strategies and goals to measurable objectives and appropriate strategic-level action plans. Yes, this takes more time than the cheap and cheerful one- or two-day retreat that a lot of companies seem to like, but it has such a profound impact on the results generated by the plan that it is time well spent. 2. The implementation lacks follow-through Sometimes, we see companies that do a decent job of linking their strategies to objectives and action plans, but still lose steam in the implementation part of the planning cycle. A lack of follow-through is one of the most common causes of this ''petering out''. The best indication of poor follow-through is action plans that haven't been updated since the plan was completed, or perhaps a month or two afterwards. The team set up their implementation plans with good intentions, but then dropped the ball as more urgent activities drove strategy implementation out of their minds. This is common because the very best strategies are never urgent - they are undertaken well ahead of time, because time and money can usually be traded off in strategy implementation. Companies that choose to spend time when they have it - even when the strategic initiative is not urgent - are almost always more efficient. To remedy the lack of follow-through requires commitment from the highest level of the management team. If the owner, president, or CEO insists upon a serious, routine periodic review of progress on strategy implementation, it is highly unlikely that your company will drop the ball. Practically speaking, this means you must keep to the monthly monitoring process that we outline in the Simplified Strategic Planning seminar and manual. 3. The implementation is given insufficient resources Another way of stating this is ''implementation is given insufficient priority''. It's not uncommon to see, in a company that is relatively strapped for management resources, that action plan step postponement is a heavily used tool in the management team's time management. It is always easier to postpone a strategic action than, say, to hire a new executive. A common symptom of this issue is action plans where many steps are postponed two or three times before completion. Implementation is still progressing, but at a much slower pace than originally intended. Fixing this issue isn't always easy. Naturally, if you have the money, adding horsepower to your management team can help. Giving executives clear priorities, especially about the relationship between their routine operational responsibilities and strategic responsibilities, can also help. Finally, be aware that this issue may actually be issue number 5 (the plan attempts too much too quickly) in disguise. It's difficult, if not impossible, to distinguish between trying to do too much and having too little to do it with, because they are essentially two ends of the same stick. 4. Managers change their objectives too quickly In some companies, the main strategy implementation amounts to a kind of corporate ''short attention span''. Many of these companies don't make much headway in their strategy implementation because they are never heading in one direction long enough for the strategy to pick up steam. A common symptom of this implementation issue is a company that seems to be perpetually in the middle of dramatic changes. In a company with a sound, consistent strategy, change is occurring, but change tends to flow around the strategy, because the strategy represents a stable, unchanging reality, such as ''Starbucks customers like good coffee in a good environment''. Another symptom is the classic ''flavor of the month'' syndrome, where the company shifts direction every month or two based upon the viewpoint of the management guru that is currently in favor with the top executives. This is a dangerous problem, as many of today's management gurus espouse strategic outlooks that are diametrically opposed. For example, ''The Experience Economy'' espouses a strong, service-centered specialty strategy, while ''Nuts!'' centers on a focused commodity strategy. You might succeed in shoehorning both of these outlooks into one company, but you are just as likely to end up with a train wreck. The annual planning process, and strict discipline around that process, is the best antidote we know to ''short attention span''. The key here is to make sure you have sound strategic reasons for every change you make in your objectives (and no, ''there's a lot of money to be made'' is NOT a sound strategic reason). Likewise, test every change against the wisdom that is inherent in your own strategy. If it fits, great - but when it doesn't, be very wary of making changes because of small, temporary changes in your marketplace or (worse) your reading list. 5. The plan attempts too much too quickly This is probably the second most common issue, and, as we said, sometimes difficult to distinguish from issue 3 (The implementation is given insufficient resources). As managers, and as teams, we all seem to have eyes that are much bigger than our stomachs. If five objectives are good, ten must be better, right? Well, wrong... ten objectives are almost always worse, from an implementation perspective, than five. There are two key reasons for this. First, we psychologically tend to focus more on items when they are limited in Create A Graph - A Picture Is Worth A Thousand Numbers is one of the most common causes of this ''petering out''.You have data! The problem is to pull meaning out of it. The data has no value if you can't understand it.The solution is to visualize that data. One of the simplest ways to do just that is with graphs. Graphs have a way of letting you see the big picture that is hidden within the mass of numbers.Types Of GraphsThere are several types of graphs. Each has its strengths and weaknesses. The following list shows the more common graphs with their pros and cons:Pros ConsLine Graphs Great for seeing trends and seasonality in data. Not good with small amounts of data.Pie Graphs Good for showing the percentage of the whole. One trick pony! No other uses.Bar Graphs Better with small amounts of data. Not good with large amounts of data.Uses For GraphsGraphs have an amazingly wide number of uses. Some of these are listed below: Show trend over time. Illustrates data seasonality. A visual indicator of volatility. A predictor of future results. What The best indication of poor follow-through is action plans that haven't been updated since the plan was completed, or perhaps a month or two afterwards. The team set up their implementation plans with good intentions, but then dropped the ball as more urgent activities drove strategy implementation out of their minds. This is common because the very best strategies are never urgent - they are undertaken well ahead of time, because time and money can usually be traded off in strategy implementation. Companies that choose to spend time when they have it - even when the strategic initiative is not urgent - are almost always more efficient. To remedy the lack of follow-through requires commitment from the highest level of the management team. If the owner, president, or CEO insists upon a serious, routine periodic review of progress on strategy implementation, it is highly unlikely that your company will drop the ball. Practically speaking, this means you must keep to the monthly monitoring process that we outline in the Simplified Strategic Planning seminar and manual. 3. The implementation is given insufficient resources Another way of stating this is ''implementation is given insufficient priority''. It's not uncommon to see, in a company that is relatively strapped for management resources, that action plan step postponement is a heavily used tool in the management team's time management. It is always easier to postpone a strategic action than, say, to hire a new executive. A common symptom of this issue is action plans where many steps are postponed two or three times before completion. Implementation is still progressing, but at a much slower pace than originally intended. Fixing this issue isn't always easy. Naturally, if you have the money, adding horsepower to your management team can help. Giving executives clear priorities, especially about the relationship between their routine operational responsibilities and strategic responsibilities, can also help. Finally, be aware that this issue may actually be issue number 5 (the plan attempts too much too quickly) in disguise. It's difficult, if not impossible, to distinguish between trying to do too much and having too little to do it with, because they are essentially two ends of the same stick. 4. Managers change their objectives too quickly In some companies, the main strategy implementation amounts to a kind of corporate ''short attention span''. Many of these companies don't make much headway in their strategy implementation because they are never heading in one direction long enough for the strategy to pick up steam. A common symptom of this implementation issue is a company that seems to be perpetually in the middle of dramatic changes. In a company with a sound, consistent strategy, change is occurring, but change tends to flow around the strategy, because the strategy represents a stable, unchanging reality, such as ''Starbucks customers like good coffee in a good environment''. Another symptom is the classic ''flavor of the month'' syndrome, where the company shifts direction every month or two based upon the viewpoint of the management guru that is currently in favor with the top executives. This is a dangerous problem, as many of today's management gurus espouse strategic outlooks that are diametrically opposed. For example, ''The Experience Economy'' espouses a strong, service-centered specialty strategy, while ''Nuts!'' centers on a focused commodity strategy. You might succeed in shoehorning both of these outlooks into one company, but you are just as likely to end up with a train wreck. The annual planning process, and strict discipline around that process, is the best antidote we know to ''short attention span''. The key here is to make sure you have sound strategic reasons for every change you make in your objectives (and no, ''there's a lot of money to be made'' is NOT a sound strategic reason). Likewise, test every change against the wisdom that is inherent in your own strategy. If it fits, great - but when it doesn't, be very wary of making changes because of small, temporary changes in your marketplace or (worse) your reading list. 5. The plan attempts too much too quickly This is probably the second most common issue, and, as we said, sometimes difficult to distinguish from issue 3 (The implementation is given insufficient resources). As managers, and as teams, we all seem to have eyes that are much bigger than our stomachs. If five objectives are good, ten must be better, right? Well, wrong... ten objectives are almost always worse, from an implementation perspective, than five. There are two key reasons for this. First, we psychologically tend to focus more on items when they are limited in How to Start a Wholesale Distribution Business from Scratch ns where many steps are postponed two or three times before completion. Implementation is still progressing, but at a much slower pace than originally intended.Have you ever thought of starting a wholesale distribution business? Maybe you're ready for a new challenge or have realized the profits that you can make when you deal with larger quantities of product. In any case, you need to know what to do in order to be successful.The first thing that you want to do is choose the products that you will be selling to retailers. You may want to choose products that you already know something about in order to use that expertise to choose quality products that you can then sell and make profit from. Make sure that you are testing the products prior to purchasing larger quantities. You want to be sure that you are always selling a superior product.These products will need to be stored somewhere, so choosing a warehouse is the next step in your wholesale business. You need to choose an area that is both secure and easy to manage. You might want to consider renting a space or using your own facilities if they are large enough. Determine how much the cost of the warehouse will be in terms of square footage and make sure that you are comparing multiple warehouses to ensure that you're Fixing this issue isn't always easy. Naturally, if you have the money, adding horsepower to your management team can help. Giving executives clear priorities, especially about the relationship between their routine operational responsibilities and strategic responsibilities, can also help. Finally, be aware that this issue may actually be issue number 5 (the plan attempts too much too quickly) in disguise. It's difficult, if not impossible, to distinguish between trying to do too much and having too little to do it with, because they are essentially two ends of the same stick. 4. Managers change their objectives too quickly In some companies, the main strategy implementation amounts to a kind of corporate ''short attention span''. Many of these companies don't make much headway in their strategy implementation because they are never heading in one direction long enough for the strategy to pick up steam. A common symptom of this implementation issue is a company that seems to be perpetually in the middle of dramatic changes. In a company with a sound, consistent strategy, change is occurring, but change tends to flow around the strategy, because the strategy represents a stable, unchanging reality, such as ''Starbucks customers like good coffee in a good environment''. Another symptom is the classic ''flavor of the month'' syndrome, where the company shifts direction every month or two based upon the viewpoint of the management guru that is currently in favor with the top executives. This is a dangerous problem, as many of today's management gurus espouse strategic outlooks that are diametrically opposed. For example, ''The Experience Economy'' espouses a strong, service-centered specialty strategy, while ''Nuts!'' centers on a focused commodity strategy. You might succeed in shoehorning both of these outlooks into one company, but you are just as likely to end up with a train wreck. The annual planning process, and strict discipline around that process, is the best antidote we know to ''short attention span''. The key here is to make sure you have sound strategic reasons for every change you make in your objectives (and no, ''there's a lot of money to be made'' is NOT a sound strategic reason). Likewise, test every change against the wisdom that is inherent in your own strategy. If it fits, great - but when it doesn't, be very wary of making changes because of small, temporary changes in your marketplace or (worse) your reading list. 5. The plan attempts too much too quickly This is probably the second most common issue, and, as we said, sometimes difficult to distinguish from issue 3 (The implementation is given insufficient resources). As managers, and as teams, we all seem to have eyes that are much bigger than our stomachs. If five objectives are good, ten must be better, right? Well, wrong... ten objectives are almost always worse, from an implementation perspective, than five. There are two key reasons for this. First, we psychologically tend to focus more on items when they are limited in Being Available to Your Clients is Truly Appreciated nagement guru that is currently in favor with the top executives. This is a dangerous problem, as many of today's management gurus espouse strategic outlooks that are diametrically opposed. For example, ''The Experience Economy'' espouses a strong, service-centered specialty strategy, while ''Nuts!'' centers on a focused commodity strategy. You might succeed in shoehorning both of these outlooks into one company, but you are just as likely to end up with a train wreck.My clients have grown to love the fact that I’m available quickly. If they e-mail me, chances are great that I’ll be sitting at my PC ready for their e-mail and in most cases; I have an e-mail back to them within five-ten minutes. My clients have always commented on this ability of mine and how much they appreciate my responsiveness and timeliness. So, how can you achieve this for your own business? It’s easy!Be Available.Okay, I know you are probably thinking “Duh, you just said that” but I wanted to be sure you really got it. If you want your clients to appreciate your responsiveness, be available at your computer at various intervals during the day and have your e-mail open – ready to accept new inbound mail. Set yourself up a schedule if you have other priorities and try to check in with your e-mail once an hour. If time does not allow that, set your own goal – maybe you want to respond within 24 hours or 48 hours. State this turn around time on your website and stick to it!Use the Technology Your PC Gave You!We all have some e-mail client installed on our computers. If you don’t, get The annual planning process, and strict discipline around that process, is the best antidote we know to ''short attention span''. The key here is to make sure you have sound strategic reasons for every change you make in your objectives (and no, ''there's a lot of money to be made'' is NOT a sound strategic reason). Likewise, test every change against the wisdom that is inherent in your own strategy. If it fits, great - but when it doesn't, be very wary of making changes because of small, temporary changes in your marketplace or (worse) your reading list. 5. The plan attempts too much too quickly This is probably the second most common issue, and, as we said, sometimes difficult to distinguish from issue 3 (The implementation is given insufficient resources). As managers, and as teams, we all seem to have eyes that are much bigger than our stomachs. If five objectives are good, ten must be better, right? Well, wrong... ten objectives are almost always worse, from an implementation perspective, than five. There are two key reasons for this. First, we psychologically tend to focus more on items when they are limited in quantity. Everyone in your company is likely to know your company's objectives if you only have four or five. If you have forty-two (we call this a ''laundry list''), chances are no one will know most of them, and few will even care. This is not because your employees are bad - rather, it's because it's not humanly possible for a group of people to remember and properly prioritize forty-two objectives. The solution for this issue is simple, but often difficult. Don't let yourself tackle more objectives than you can handle. If you had trouble with nine last year, try seven this year. In our experience, implementation is optimized somewhere between five and ten objectives, depending on the organization, its culture and resources. These are just a few of the most common implementation issues we run into in our work as strategy consultants, assisting companies like your own in strategic planning. It's not exhaustive, but hopefully, as you get out your plans for this year, you will think about taking some of the steps outlined here to improve your implementation.
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