After comparing several different options, the Gerber FCU Board of Directors chose ADVISA to lead their most recent strategic planning session. This was their third session during the past 10 years. While they knew that the time commitment and brainwork they devoted to defining dreams, analyzing threats and setting goals were important investments, they were surprised by the ongoing guidance for day-to-day activities the plan provides.
“I have been involved in probably 10-12 strategic planning sessions throughout my 35 years in business,” said Greg Zerlaut, Chairman of the Gerber Federal Credit Union Board of Directors. “This is the first time a strategic planning document has become a focal point that drives operations.”
“The marvelous tool is the Scorecard,” Greg said. “We have five major goals that are broken down into interim progress milestones. This has become the guts and core of our board discussions each month. It has evolved as a living document, as we have edited it several times for emerging issues.”
How well does is your strategic plan drive implementation and achievement of goals? You can learn more about our specialized approach to organizational planning on this webpage, or reach out to us here.
This Friday at 9:00 am Eastern, I’ll be hosting the 5th PI Friday’s with Bob session – this one on Succession Planning. If you’re interested, you can register by clicking here.
I’ll be discussing the importance of creating a succession planning process for yourself and why that can be important to your own promotion. Additionally, you’ll hear about the link between succession planning and leadership development, the dangers of jumping to PI conclusions when replacing a colleague, and finally a broad brushed approach to creating a succession plan within your own organization arising from your strategic planning efforts.
This ideal approach to succession planning will be wide ranging – talking about matching your succession plan to your strategic planning implementation – looking to assure that desired cultural shifts take place while matching people to the work they will be doing; while creating overall organizational alignment. The discussion will also involve multiple looks into the current requirements of the job – including aspects as Key Performance Requirements, intelligence measures, competencies and others. Finally, I’ll address how one can fill the gaps between where someone is currently operating and where you want them to be.
I look forward to your joining me Friday morning for this discussion. And if you’re not available for an hour this Friday morning, join me on April 29th at 9:00 for the next PI Friday’s discussion which will be about the A drive.
When business people talk about the baby boomer generation, the talk usually is about the high number of employees who are quickly approaching retirement. As they ride off into the sunset, they will take a generation of knowledge and experience.
This baby boom generation is likened to a “Pig in a Python” because it’s seen as an unusually large demographic lump moving through time. The baby boomer phenomenon isn’t a concern limited to employers. It also portends that the huge number of baby boomers who own business, large and small, will be faced with selling, passing down or liquidating their businesses.
Aside from the issues a recession might present in terms of fewer buyers, reticent lenders and depressed valuations, many of these aging proprietors might also suffer from self-inflicted wounds to their income statements and balance sheets.
Many sole proprietors eschew accepted strategic planning methods or family business planning consultants – preferring instead to keep their plans in their heads or on the back of a napkin. The succession planning and organizational alignment imperatives become last-minute activities embarked upon when the owner decides it’s time to exit or transition the business to new hands.
Bob Wilson wrote about the need in his article, Selling the Business as a Succession Plan. Time is short. For a mid-size company, a successful succession planning process can seldom be developed and executed in less than five years and the baby boomer clock is ticking.
If you’re the owner of a going concern, how would you answer these questions:
Can your business survive your departure?
Would you be comfortable taking a six-month sabbatical this year?
Are you building a team that can perpetuate the value you’ve created?
Have you hired people to do what you do better than you can do it; or, have you hired people to do what you tell them to do?
If you can’t answer these questions to your satisfaction, we can help. Call me.