Get This Right or Compromise Your Strategic Plan - Modern Distribution Management

Log In

Get This Right or Compromise Your Strategic Plan

One of the most important elements of executing a strategic plan is something most executives get wrong.
Angela
Author
Date

It’s hard to be inspired by a goal if you don’t understand the potential reward, and it’s impossible to work toward it if you don’t understand how to get there. Communicating company goals to employees may seem obvious, but many leaders fail to recognize just how important it is.

Brent Grover says in The Little Black Book of Strategic Planning for Distributors that a good communications plan makes the execution of a strategic plan much more likely, listing strong communication as one of three essential ingredients for execution. “A distributor’s commitment to strong, two-way communications ensures everyone understands the company’s compelling goal, that each individual understands his role in achieving the goal, and that trust will be built and maintained through ongoing effective conversation.”

A 2013 survey conducted for Ventana’s “Long Range Planning – Steps to Achieve a More Effective Process” suggests that clear and consistent communication of the organizational strategy correlates strongly with successful execution.

The study also indicates that executives rarely follow planning with strong top-down communication to subordinates, those whose buy-in can make or break the plan. Only one-fourth of executives surveyed said they communicate their goals clearly and consistently, and only half said they at least communicate the general idea.

Grover says good communication starts with a one-page strategic plan, which helps get employees  excited about where the business is going and clarifies their roles in getting there.

Consistent follow-up is also key, something managers can accomplish through monthly or biweekly staff meetings. “Plan monitoring and analysis must be on the staff meeting agenda using a Key Performance Indicators report. The meeting chair must direct the group to drill down into each KPI that is lagging for root causes and corrective action,” Grover says.

For more on using key performance indicators to keep strategic goals on track, see Chapter 7 in The Little Black Book of Strategic Planning.

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.