You’ve likely heard Antoine de Saint Exupery’s famous quote, “A goal without a plan is a wish.” Aside from being over-used, it quite honestly doesn’t tell the whole story. One could argue that even with a plan, without buy-in, vision, or a commitment to execute, it’s nothing more than words on a page. Creating a culture that embraces a strategic roadmap for success is incredibly important. How else could you execute a strategic plan that creates and maintains continued value?
Far too often, firms want to make operational upgrades. New processes are introduced; new technology is purchased; meetings and training are held. But after a few weeks of shiny objects, old habits prevail and nothing really changes. Here’s some breaking news: change is hard and most people resist it. However, there are ways to reduce the stress associated with making changes in your organization. Change can be embraced and can lead to monumental success.
Top-performing agency and brokerage firms are embracing change on a regular basis. Firms accomplish this by parsing initiatives into “bite-size chunks” and implementing strategic changes that will have a lasting impact on their ability to:
- Implement new technology;
- Streamline the renewal process;
- Cross-sell accounts;
- Accelerate organic growth.
Examples of this commitment to embrace change and apply a disciplined approach to creating a shared vision with actionable plans are seen every day with MarshBerry Connect Platform members. These firms substantially increase their revenue and operate more effectively by committing to implement change. However, it doesn’t happen overnight. It takes creating a culture of commitment where accountability is prevalent throughout the entire process.
Firms are finding success by:
- Creating a blueprint by planning for a target number (revenue or growth goal), followed by identifying corporate objectives, unit goals, unit impediments, unit strategies and unit action plans that will get their company to the goal.
- Setting scope and tone for the organization on why planning is key to success.
- Communicating key milestones with regular check-ins on progress. Don’t cancel those meetings!
- Creating incentives for achieving and penalties for missing (or ignoring) top objectives.
- Celebrating success. Strategic planning provides opportunities to reflect on how far you’ve come when you review objectives and performance to understand how your team has come together to grow the firm.
In simple terms, a commitment culture is doing what you say you’re gonna do, when you say you’re gonna do it. It’s not an earth-shattering concept, but it is one that is lost on a lot of organizations.
Executing on a strategic plan is hard work. But your team and advisors can help transform your business and unlock its true potential. Are you up for the challenge?
If you have questions about Today’s ViewPoint or would like to learn more about transforming your business, please email or call Eric Kuhen, Strategy Consultant, at 440.637.8118. Subscribe to MarshBerry’s Today’s ViewPoint blog for the latest news and updates and follow us on social media.
MarshBerry continues to be the #1 sell side advisor in the industry (as ranked by S&P Global). If you’re considering selling your firm, we are the best choice to help you through the complicated process. If you don’t hire MarshBerry, hire a reputable advisor that can help you navigate one of the most important business decisions you will ever make. You will be much better off having an advisor in your corner that knows the industry than trying to do this on your own.
