Execute your strategy with a clear workplan

TechConnect Ltd is a financial technology (fintech) company known for its innovative solutions. However, despite its diverse team of talented software engineers, the company cannot start and complete projects on time as well as deliver quality products.  There is a need for change.  But first, what to be changed must be defined.

Many times, when Summit Consulting is called in to provide business transformation support, we find most businesses have some sort of strategic plan already in place. Good or bad, they already have something in place, and that is a good starting point. Ideally, a good strategy provides clear choices of how to win in their chosen playing field. However, before you win, you must first define what success looks like.

Setting business targets

As the saying goes, self-awareness is the foundation upon which all growth is built. Unfortunately, many businesses rarely take the time for a thorough organizational assessment. Taking stock of the current achievements, and analysis of the top business challenges at strategic and operational levels is critical to getting everyone on board. With technology, it is recommended to involve key staff in the organization analysis phase to create ownership of the process. The organization targets consolidated in the enterprise scorecard – can then be examined and priorities set. Summarizing the business targets into the enterprise scorecard helps cover all the key areas of the organization including financial, learning and growth, internal business processes, stakeholders and customer focus and sustainability ambitions. One of the expected financial targets is to grow revenue. If your company generated revenue of say USD 1.2m in the year ended Dember 2023, that provides a baseline number. You can set a target to grow revenue to 1.8 or 2.1 USD depending on your business assumptions in terms of the growth potential you see, and new business dynamics. Even if your market share is being threatened by a new strong competitor, you need to set a higher number so that you focus on identifying alternative growth areas or diversification.

Declining business signals the need to change your business model or introduce new products and services. It is a sign to re-invent. To change the status quo. It is for this reason you must continuously scan the business environment and adjust your priorities to stay ahead of the competition.

At TechConnect, we examined the current strategy and scorecard and agreed to undertake a detailed risk assessment to future-proof the business. One of the questions we asked was, “To generate USD 2.1m in 20234, from the financial institutions in East Africa, what would have to be true?”

Through interviews, surveys, and data analysis, we discovered a lack of clarity around market trends, market structure and segments, weak relative position in terms of capabilities and costs, and inadequate assessment of the competitor reactions because of a siloed approach to strategic planning and execution. TechConnect is a 54-staff company. To get everyone involved, we introduced morning virtual meetings of the selected key champions shared the meeting link to all staff and encouraged them to attend. Only those who attended all the sessions would qualify for the year-end performance bonus. We refined the business targets for the next 5 years.

Setting clear goals and documenting work plans.

During the virtual session, we established specific, measurable objectives aligned with the company’s strategic priorities. Each team member understood their role in achieving these goals and felt a sense of ownership over their work.

We then ranked the targets according to the priority of the business. For each high-priority item, we defined a widely important goal (WIG) and assigned it to different managers against which work plans for the year were documented.

Template 1 was shared with each staff to guide them in documenting their annual work plans. `

Template 1: Workplan sample

WIG 1: To diversify income sources from 10% to 24% of total revenue from new strategic business units by December 2024.

In column 1, define the high-level interventions or initiatives to undertake to achieve the set widely important goal. Then write what will be achieved to show the activity or initiative has been successfully undertaken. For effective budgeting, define the frequency of the intervention. Some initiatives are daily or monthly. Things you do daily become your habits; which over a long time define your culture. Make an estimate of the one-off and monthly costs and the timing of the activity.

For effective monitoring, define the responsible person, even if they are in another department. What to execute your strategy? Contact us today.

Copyright Mr Strategy of Summit Consulting Ltd. All rights reserved.

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