Does your business suffer from the “Knowing-Doing Gap”? If you have an adequate understanding of what business improvements your organization needs, but fail to achieve them, you're a candidate and you're not alone.
Jeffrey Pfeffer and Robert I. Sutton suggest that “The Knowing-Doing Gap” is common in all organizations, regardless of size or nature, and makes the ideas and strategies essentially worthless, unless and until the actions are applied effectively.
Over the years, I've worked with companies as they connect ideas for revenue growth and operational improvement into an executable strategy. Common themes always exist as to why the gap on knowing and achieving exists.
Here are the top five (5) gap factors within organizations:
- Ideas for revenue growth and operational improvement lack the needed due diligence and discovery to be credible and actionable.
- A financial model to provide insight into existing expense and overall profitability at a product or customer level is not part of the analysis and ongoing monitoring.
- A balanced scorecard that indicates key performance goals for the company against the action plans or strategy is not used to drive results
- The organization is not aligned on key goals and accountabilities for achieving strong results.
- The leadership team either lacks the experience or time to execute strategic goals needed to achieve the plan.
Making the move from “Knowing” to “Doing” is achieved through the execution of a proven process.
A good strategic planning process needs to include the following:
- Focused on the development and implementation of the plan; must be achievable!
- Be holistic across organization; not just one function or pain point.
- Engage the organization and core leadership team:
- Leverage internal knowledge and skills
- Develop employee skills
- Create awareness and ownership of the plan
- Leverage the best practices of strategic planning and execution.
- Implement with clearly defined measurable annual goals that are cascaded down the organization; every employee should know how they impact the company’s strategy.
- Facilitate and coach the core planning team through the process.
mACCOUNTING's strategic planning process/methodology is designed to achieve measurable results for the organization. Our advisors understand the financial and operational aspects of business and business strategy. We work within the executive roles of leadership teams and can provide facilitation and coaching that enables companies to create actionable strategic plans that grow revenue and improve operating profit.