Situation: A company wants to develop a better planning and execution process. Historically they have been poor at meeting goals and objectives. What are the most important factors that improve planning and execution in your company?
Advice from the CEOs:
- Take the advice of Jack Stack in his book The Great Game of Business. When building a plan, do it as a company-wide exercise.
- Make sure that all of your departments are involved, each has direct input into the development of its own goals, and each understands that they are fully accountable for the achievement of their own goals.
- Also do this in open session, and assure that each department has the input of other departments whose activities are critical to the completion of each goal.
- This assures that different departments are working in alignment and not against each other.
- Finally, make the process interactive and add some fun so that everyone is engaged.
- Milestones and meetings are critical. Each department develops quarterly goals to support the plan, and department heads meet bi-weekly to monitor progress and prevent conflicts. Revisit the plan on a quarterly or semi-annual basis to adapt as necessary.
- Focus the plan on one-year performance – with quarterly objectives – but forecast financials and broad metrics out 3 years to assure that the 1-year plan supports long-term objectives.