Springfield Remanufacturing Corporation (SRC) is well-known for High-Involvement Planning™ structure. Using this structure, we develop our strategic plans as a collective organization—involving literally everyone in the company, from hourly employees to management, in the planning process.
While it might seem extensive, this process proves an integral component of our open-book management structure. Over the years, involving everyone at all levels of the company has also proven to repeatedly generate positive results.
SRC uses four types of key planning that translate directly into our sustainable business success. Let’s dig deeper into each of these four key types of planning:
1. Financial Planning:
It goes without saying that you must have a tangible financial plan for your business, but with the infinite number of ways you can develop yours, what do you do? When it comes to our financial planning, we’ve found the strongest results after following this handful of “musts”. The plan must:
- Have buy-in from employees at all levels of the organization.
- Be clearly communicated.
- Be rooted in reality.
- Be forward-looking.
- Be reviewed formally; progress must be tracked on an ongoing basis.
2. Strategic Planning:
In addition to having a strong financial outlook, your company also needs a clear strategic vision. (Again, you probably already know this—it isn’t rocket science!) We suggest doing a quick online search—you’ll find several great templates that will guide you in establishing your strategic vision.
Our simple SRC guidelines to strategic planning are as follows:
- You must have a believable, predictable sales line for the strategy to work.
- You must clearly analyze and address your company’s opportunities, threats, strengths and weaknesses.
- You must have a clear intelligence on your competitors.
- You must have a realistic and detailed understanding of the marketplace and the economy.
3. Contingency Planning:
4. Succession Planning:
Succession planning, however, needs to be more than just naming a successor for major company positions. A strong succession plan creates opportunities for both managers and succession candidates.
With a developed successor in place, managers are primed to move into new positions and pursue opportunities when those arise as well. Therefore, succession candidates must be groomed, developed and prepared to step into a new role when the opportunity arises so that the multi-shift can happen simultaneously as needed (not to put off until candidates are “ready”). You won’t experience that lag time trying to figure out who can take over their responsibilities and continue on your path to growth without wasting time or additional resources.
The Planning Process—Non-negotiable to Long-term Success
Whether or not you utilize an open-book management style at your company, implementing a strong and consistent process for financial, strategic, contingency and succession planning will create a strong foundation for your business as well as set your company up for sustainable business success. These four key planning processes mean to set your organization up for high levels of growth and success, a goal that just about every business has in common.
Want to learn more about the High-Involvement Planning Process? Join us at our next Workshop, where you can learn more about business planning for a sustainable and successful business.
Other articles you might like:
- How Playing the Great Game Helps You Prepare for an Unpredictable Economy
- The "Why" Behind High-Involvement Planning™