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Strategic Planning

Strategic Planning. Making sense of it all (I hope). What is Strategic Planning?. Myths- We are successful, why do we need to do it? We don’t need big changes, so why do it? It will mean huge changes in our organization. We don’t have the time to do it.

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Strategic Planning

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  1. Strategic Planning Making sense of it all (I hope)

  2. What is Strategic Planning? Myths- We are successful, why do we need to do it? We don’t need big changes, so why do it? It will mean huge changes in our organization. We don’t have the time to do it. We did it once and it never whet anywhere!

  3. Strategic Planning • Planning is an unnatural process. • It is much more fun to do something else. • The nice thing about not planning is that failure comes as a complete surprise, rather than being preceded by a period of worry and depression. • Failure to plan is planning to fail • Benjamin Franklin

  4. Sun Tzu “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat” “If you know the enemy and know yourself you need not fear the results of a hundred battles” “A Journey of a thousand miles begins with a single step”

  5. So What is it Really? Definition of Strategic Planning: The process for objectively analyzing your companies current market position, resources and capabilities. Then determining what efforts must be pursued to reach some desired future state. Analyze-Plan-Act-Measure

  6. What Strategic Planning is NOT It is not another task for management It is not a one time, short meeting endeavor It is not a check mark in the “to be completed” column It is not eliminating all risk

  7. Participants • Facilitator • Board of Directors • Management • Team Members • Optional: Agent &/or Consumer representatives • Keep to manageable number of participants

  8. Where Do We Start? Where is your mutual at today? Where do you want to be? How do we get there?

  9. Today How would you describe your company to someone today? What Metrics would you use? Class Participation:

  10. Key Performance Indicatorsfor Mutual Industry Growth (TIV/Premium/Surplus) Surplus per 1000 Net Written Premium / Surplus Loss Ratio Expense Ratio Combined Ratio Underwriting Gain

  11. Tomorrow? Where do you want your company to be in: 1 Year 3 Years 5 years

  12. Common KPI’s Service Best People Price Quality Products Response Time Personal Service Easy To Do Business With

  13. How? Where are your gaps between today and where you want to be? What do you want to do first? Where are your easy wins? Be specific Start small, plan for the next 90 days What is the most important part of your how in 2018?

  14. SWOT Analysis • Strengths • Weakness • Opportunities • Threats

  15. Strategic Planning • How well do you know your company? • Why are you in business? • In what areas are you most profitable? • Who are your customers? • Who do we want our customer to be? • What are consumer expectations • How do we meet those expectations • What products/services set us apart from our competition? • What were your goals for 2018? • How viable are we for the future? • What is the future of our industry? • Can we survive doing “What we’ve always done”? • How do you make competent decisions that keep your mutual financially strong and viable?

  16. Official documents which can come out of the process Strategic Plan Business Plan Succession Plan Business Resumption Plan

  17. Recap Understand where you are before you worry about how you are going to change Be Specific Focus on KPIs Results must be easily measurable Make your goals short term Don’t lose touch with the process Recalibrate often

  18. REMEMBER

  19. Contact your Grinnell RE Regional Marketing Manager

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