According to strategic planning expert Mitch Goozé, companies fail to achieve their goals not because their plan is bad, but because of poor (or no) execution. Goozé helps the companies he advises stay out of this trap with a strategic execution process. This process is different from traditional strategic planning methods because it ties the goal laid out in the strategic plan to activities that will help achieve the goal. Here’s the five-step strategic execution process that he uses.
1. Articulate your pharmacy’s goal
There are two things to consider in setting the goal. First, it should be measurable. And second, it should be clear, so that anyone can objectively determine if it has been achieved.
Example of a goal: Grow the business by five percent in the next three years.
2. Identify environmental influences
Environmental influences are factors that you can monitor and predict, but that you can’t control. To complete this step, identify which of these factors present an opportunity (enablers), and which present an obstacle (barriers).
Example of an environmental influence: Physicians in the area predict an increase in diabetic patients in the next five years.
3. Develop a strategy
A successful strategy sets the business on a path that will allow it to take advantage of enablers and overcome obstacles. Keeping your strategy customer-focused will help it to succeed.
Example of part of a strategy: Focus on capturing 20 percent of the diabetic patients in our service area.
4. Determine critical success factors
Critical success factors are the things that are necessary and sufficient to achieve the goal. When they are all accomplished, the strategy will be executed and the goal will be achieved.
Example of a critical success factor: Bring in 15 new diabetic patients to the pharmacy.
5. List key activities and key performance indicators
Key activities are those things that need to be done to accomplish the critical success factors. Key performance indicators are the ways you monitor the key activities.
Example of a key activity: Reach out to area physicians by writing and mailing a personalized letter detailing pharmacy services for diabetes patients. Follow up with an office visit or lunch meeting. Target = 5 referrals.
Example of a key performance indicator: Track the number of patients the physician outreach campaign brings in.
About the expert
Mitch Goozé is the president and founder of Customer Manufacturing Group, a company that helps businesses gain a competitive advantage in their market. He’s a recognized expert in marketing, strategic business planning and customer relationships.
Related articles:
Strategic Planning: An Interview with Expert Mitch Goozé
Writing a Business Plan in 5 Easy Steps
How to Implement Your Pharmacy Business Plan
