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(Click on any component for more details.)
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STRATEGIC ELEMENTS
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These are the business fundamentals of your unit which include: defining what business you are in, how you differentiate yourself, what short and long term business results you want to achieve, how you are going to realize them and how you will get everyone in the unit committed to getting there.
The following seven strategic elements are sequential and yet interconnected to form a comprehensive strategic approach to your business. Not one can stand on its own or by itself achieve the potential of your unit.
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The Elements |
The seven key Strategic Elements are:
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Mission
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This is the business (services and/or products) that you provide to your customers (who may be internal) and how it is that you provide it to them that creates your unique mix of value.
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Key Business Assumptions
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These are the assumptions you have made about your market, customers, competitors, capital, economic cycle, people, capabilities, regulatory issues and suppliers.
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Strategic Position
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This is how you position and differentiate your unit, i.e., your unique mix of value, with customers in the market in order to achieve your vision.
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Shared Vision Components
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The three components of shared vision are: vision building blocks, vision statement and day-in-the-life. They work together to create a vivid, meaningful and inspiring picture for the organization of where you want your business results to be in 3-5 years.
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Strategies
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These are the methods that are linked to your strategic position, the current state of how you will achieve your vision and usually hard decisions about what activities you will and will not do.
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Strategic Initiatives
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These are the specific macro projects, outside of the usual scope of your day-to-day activities, you will undertake to align your organization to achieve your strategies.
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Integrated Business Plan
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This is the first year plan that integrates all functions on how the day-to-day functional activities will align to Strategies as well as the strategic initiatives. A strategic scorecard with measurable annual targets is developed to track progress.
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Challenges |
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Questions |
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Possibilities |
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