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Recommended Resource – Strategy Maps: Converting Intangible Assets into Tangible Outcomes

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Strategy Maps: Converting Intangible Assets into Tangible Outcomes
by Robert S. Kaplan and David P. Norton

About the Reference

Strategy Maps: Converting Intangible Assets into Tangible Outcomes by Robert S. Kaplan and David P. Norton reveals how an organization can link performance measures covering the areas of operations, customer relationships, innovation, and regulatory and social processes to its mission and then leverage these ‘strategy maps’ to drive performance improvements.

Benefits of Using this Reference

StrategyDriven contributors like this reference because it illustrates how an integrated performance measurement system can be leveraged to drive organizational performance toward desired outcomes. This book is thorough in its discussions and provides the visual aids needed to make the concepts real to the reader.

Common Construction Characteristics

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StrategyDriven Organizational Performance Measures Best PracticeThe benefits of vertically cascaded and horizontally shared performance measures are maximized when the related measures share a common set of characteristics. Common construction of vertically cascaded measures enables easy roll-up of lower tiered measures to create higher tiered benchmarks.

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Recommended Resource – Essentials of Strategic Management

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Essentials of Strategic Management (4th Edition)
by J. David Hunger and Thomas L. Wheelen

About the Reference

The Essentials of Strategic Management (4th Edition) by J. David Hunger and Thomas L. Wheelen focuses on the founding principles and methods employed in both strategic planning and execution. Topics include strategy formulation, implementation, and control.

Benefits of Using this Reference

StrategyDriven contributors like this reference because its presentation is concise and direct while at the same time providing the detail needed to give the reader a fundamental understanding of strategic planning and execution. This book provides a full array of easy to follow tools and instructions that are ready for use by organizations of any size.

Strategic Planning Best Practice 2 – Prioritize the Mission

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Ideally, an organization’s mission statement would convey a singular purpose. However, mission statements often enumerated several purposes, such as creating shareholder value, contributing to the community, and offering workforce prosperity. When this occurs, organizations struggle to serve multiple masters.

Prioritizing the mission establishes the relative importance of an organization’s multiple purposes; focusing decisions and driving actions toward achievement of the organization’s primary purpose while allowing progress to be made on objectives of lesser importance. The amount of emphasis given to each purpose should make their relative importance obvious to all members of the organization. Additionally, decision-making should demonstratively reflect and reinforce the mission priorities such that a proportionate amount of managerial attention and organizational resources are applied to the achievement of each purpose.

About the Author

Nathan Ives, StrategyDriven Principal is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.

Strategic Planning Best Practice 1 – Make the Mission Measurable

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StrategyDriven Strategic Planning Best PracticeAn organization’s mission statement defines its purpose, its reason for being. These statements, however, tend to be broad and somewhat vague; making it difficult to identify the specific products, services, initiatives, and people that will most directly enable the organization to achieve its purpose.

Making the mission measurable provides the added clarity needed to focus decisions and drive actions toward achievement of the organization’s purpose. The mission is translated into a time-bound measure of performance rather than a specific goal. The value of competing alternatives can then be evaluated against the measure; offering executives and managers a mission contribution basis for the selection and pursuit of specific business opportunities.

About the Author

Nathan Ives, StrategyDriven Principal is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.