You get what you inspect.
Monitoring a strategic plan is setting up regular review points.
Is it weekly, monthly, quarterly, annually?
While keeping an eye out for opportunities.
You have to determine:
How effective is the plan so far?
Are we allocating resources according to the plan?
Are you getting the results you hoped for?
It is about how you monitor.
You have to put measurements in place.
This is where Business Intelligence comes into play.
We have identified 8 Critical Success Factors
8 things significant to the success of small & medium-sized businesses.
One of them is Business Intelligence.
This is a video for strategic planning,
But monitoring you strategic plan includes Business Intelligence Systems.
The feedback loops.
Like I've said, to have a regular review.
You need feedback loops.
1. Lagging Factors.
2. Leading Factors.
Measurements on key performance indicators.
For example, let's say you determine success based on sales.
Sales are a lagging factor, because a lot of work happens.
Before you get the sale.
So in this example you'd include leading factors.
These might be:
Engagement on your ads.
Are people + or - engaging with it?
Do they love it & share it with others?
Another one is client satisfaction.
Client satisfaction creates word of mouth, referrals, and repeat sales.
BUT you have to satisfy them BEFORE they give you those.
So satisfaction would be a leading factor, whereas, the sale would come after. [lagging factor].
So, how do you monitor a strategic plan?
You have to set up business intelligence feedback loops.
You have to have tracking in place.
And regularly review progress.
Check if the plan is on track.
That is how you review a strategy.
Like the analogy of a road trip,
It would be easy if you have a map.
With your destination and your current place marked.
If it's tracked, it's easier for you to look at where you are, and measure:
Are we on the right track?
How long will it take to get there?
What is our process?
You can create all sorts of tools to check your progress.
To monitor productivity.
Overall, it's setting up feedback loops & monitoring leading & lagging factors.