August 19, 2016 | By: John Delany
When teams come together to develop a strategic plan for any type of organization, each member typically has different ideas of what strategy actually means.
It is common to confuse such terms as vision, mission and strategy. They are not the same thing.
Use the glossary below to understand the terminology, and see how some of the pieces fit together.
Vision
Your aspirationsMission
Why you exist…your life’s purposeValues
Your beliefs, how you treat others, your code of ethicsStrategy
The activities that fulfill your mission, in pursuit of your visionStrategic Plan
A short document that describes a strategy and the payoffs from implementing what the document describes
Develop Strategy
The process of researching and finalizing a strategic plan that will make you indispensable to customersImplement Strategy
Determine the business model that will execute the strategic planExecute Strategy
Direct, manage and run the business modelStrategic Leaders
A group of people responsible for developing, implementing and executing strategic plansStrategy Review
The process of monthly, quarterly and annual analysis of executionStrategy Update
The annual process of analyzing results, considering the dynamics of change and crafting a refreshed plan for the next 3 years
Target Audience – An identifiable, reachable group whose behavior you want to influence, aka, customer, client, stakeholder, patient, etc.
Objective – A measurable, intended accomplishment to be completed with one or more customers within a specified time
Imperative / Requirement – A measurable accomplishment to be completed inside the organization that is a prerequisite for delivering the strategy to customers, i.e., something critical that needs fixing
Goal – An intended accomplishment without a metric or time limit
Initiative – A set of related projects developed to achieve objectives
Project – A set of tactics that together create a specified deliverable
Tactic – The basic work unit in a strategic plan
Nearly everything that leaders say and write should be filtered through context of the business strategy.
Leaders should constantly refine, fine-tune, manage and guide the plan and the team members.
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