With the first quarter of already marked off your calendar, it’s time to prep and execute your Q1 Strategy Review. Especially if your plan wasn’t completed until mid-way through the first quarter, it may be tempting to forgo the first strategy review and instead opt for one mid-year. But, heed this warning; don’t skip it.
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While all strategy reviews are the backbone in any successful strategic management process, your Q1 strategy review presents several unique opportunities to set the tone for execution throughout the year. You might roll your eyes at the thought of revisiting your plan this early in the year, but here are four reasons Q1 reviews play an important role in your year-long execution:
- It keeps the information fresh: You might feel like a broken record repeating information you just covered, but there is serious value in keeping your strategy and its information at the top of your organization’s conversation.
- It sets a cadence for the remainder of the year: Although the information is fresh and you may feel like you’ve just started execution, making quarterly reviews a priority every quarter sets the expectation that this is a focus for the entire year.
- It’s a first look at your strategy in the face of reality: It’s a peek into how your hard work may be starting to move the needle in your organization. Results may feel premature or unbaked, but it will give you an idea of how the different levers you pull affect your strategic performance. Plus, you may be able to make a few course corrections or refinements in your plan early on instead of trying to bandage something seriously broken later.
- You’ll keep your team flying at the right elevation: Revisiting your plan and preliminary performance reports keeps your organization thinking at the right level. It reminds everyone of how their day-to-day work impacts the strategic performance of your organization.
We’ve said it time and time again, but success in strategy falls directly on your organization’s ability to follow through on plan execution. That follow through isn’t what’s convenient for your team. It’s about remaining consistent and diligent, even if it feels like it’s too early in the year for a strategy review.
If you’ve had your first strategy review, great. If you haven’t, it’s not too late to get one on the books! If you need some tips and tricks on running a great review, watch the video below:
I am writing to you seeking your advice and support, MAGRABi Retail has developed 2017-2022 corporate strategy, and we are now in the middle of the implementation plan for 2017 initiatives, having said that we are about to start the annual strategic review for 2018 initiatives which include performance measurements, review of internal and external analysis and making corrective actions to react to any substantial change in the business environment and determine if the strategy is moving the company towards the set goals.
Thus I will need your support to advise if OnStrategy or any consultant that you can recommend to train myself in my capacity of PMO Head on the annual strategic review process ahead of August’17 to be finalized by early September to start the 2018 Budget Process.
Also if you can recommend an institute who are specialized in these type of courses or trainings on strategic implementation and review in corporate organization, this would be highly appreciated.