Part 2/3: Our Four Primary Objectives
Having understood our individual and organisation WHY, our next step in the Annual Planning Process was to review our strategic plan.
While there is no rule for the length of time a strategic plan spans over, it needs to reflect the speed and predictability of the market one operates in. In the early 2000 when we were primarily a PCB manufacturer, our strategic plan spanned over a five-year period. This soon became a 1-year plan and then a 3-month plan and eventually became a ‘Let’s-make-it-through-the-next-month’ strategic plan. This was mainly because PCB manufacturing shifted rapidly to China from around 2005 onwards.
The 2020 Strategic Plan
Earlier this year, the Board of Directors and the Leadership Group locked ourselves away for two days to go through all aspects of the planning process; we jointly decided that looking 3 years ahead was sufficient at this stage.
Our 2020 Strategic Plan contains of four primary objectives:
Sales Growth, and
Our plan can be best described as a medium-term plan with high-level big picture objectives. We also decided to create targets for each of the objectives as this helps to provide distant milestones that help set direction for everyone in the company.
Innovation - Develop a culture of innovation in the company and continuously improve on-going processes and services
Product(s) - Successfully commercialise two new products
Sales Growth - Double our revenue by investing in product development, market development and market penetration
Efficient Manufacturing - Improve quality and delivery performance ensuring we meet and exceed customer expectations