Brief introduction about Strategic Planning 5.0™ playbook by Group50 Strategic planning strategic execution is considered as two important elements that assist the stakeholders to understand the key responsibility of moving company to achieve its goals. Group50’s inclusive Strategic Planning 5.0™ and strategic execution techniques work well in developing the alignment in the whole business. It is built on “Where to Play” and “How to win “approach and cloud based tools. The "Business Hierarchy of Needs®" concept developed by Group50 serves as the foundation for their strategic planning 5.0™ playbook. What is Business Hierarchy of Needs®? The Business Hierarchy of Needs®, developed by Group50, is a change management paradigm for fostering a strategic execution culture. It contains a set of three tasks that create an effective change management process include strategy development, organization optimization, and implementing change. To some extent, every firm follows the Business Hierarchy of Needs®. The activities included in it are discussed below:Level-1: Strategic planning preparation Strategic review In the first level, strategic planning framework is about focusing the current performance state of the company’s strategy and its performance in the marketplace and operations. Some of the tasks include in it •
Current strategy and supporting papers data request
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Key stakeholder interviews Current state SWOT analysis Analyze the performance of KPIs in relation to the present strategy Determine the current operating gaps
Define MIG (Most Important Goal)
The MIG is referred as the company's single most essential aim or objective. The MIG is the core of the strategy and it is revolve around it to meet such as growth, enterprise value, cash flow, transformation, and so on. Task of MIG include •
Collaborate with stakeholders to establish the "future state" and MIG.
Mission, Vision, Values Task •
Examine the current Mission Statement, Vision, and Values to ensure that they are still relevant in the future.
PEST analysis Task Analyze the PEST (Physical, Economic, Social, and Technological) Effects (PEST Analysis is a basic and commonly used strategy for analyzing political, economic, sociocultural, and technological developments in your business environment. Governance Task •
According to the PEST analysis, define the governance model for the company that will be required for its future condition.
Value Proposition Task: •
Explain the company's market value proposition and use it as a litmus test for the Five Forces Analysis
Five Forces Analysis Task: •
Use market data such as NPD and other industry statistics to do a Five Forces study on the marketplace, products, services, and rivals (Porter's Five Forces Framework is a way for analyzing a business's competition).
Where to Play "Where to Play" gives strategy team’s direction on how the company will go to market over the course of its strategic horizon in support of the defined MIG. Task: •
Perform a "white space" analysis to find untapped markets and innovative products and
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services. Develop "Where to Play" strategies based on the Five Forces analyses' opportunities for markets, distribution channels, and rivals.
How to Win Some of the Tasks included in it :•
Create market, product, and service plans to back up the "Where To Play" strategy.
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To enable "Where to Play," create product and service roadmaps.
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Determine which Industry 5.0 applications are appropriate for the company's future state.
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Carry out a Lean business analysis.
Strategic and Operating Gaps Task: Completed assessments can be used to identify strategic and operational gaps (SWOT, Five Forces, PEST, Lean Business). Develop a solution roadmap for gaps that must be filled in order to achieve strategic goals. Level-2: Change Management The Level 2 is focused on preparing the organization for implementation if strategic planning based on the Group50’s Business Hierarchy of Needs® change management framework. Around 90% of companies are failing to put their strategic plans in the action. The key step in the process is to generating strategic value for the future optimization of the organization and monitors the defined strategies, tactics and KPIs. Level-3:- Implementation Oversight Task:
• Create a future state oversight committee that is in charge of "ALL" strategic initiatives, such as change management, continuous improvement, transformation, and strategy implementation. Process Reengineering Some of the Tasks include • •
Develop criteria for best practices for all strategic initiatives. Create a roadmap for implementation that includes project charters and timelines.
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