It’s been said, “If you don’t know where you are going, any route will get you there.” This is why organizations need to put such great effort into strategic planning. Without a map to sustainable growth, a business is not likely to survive and thrive in a rapidly changing world.
Saying that strategic planning is an important process is an understatement. Not only does it help to define short- and long-term goals and set the direction of the organization, it also provides a means of allocating the necessary resources and capital to achieve the desired outcomes.
The Exchange District is shaping up as Madison Avenue North, with many creative firms setting up shop in the historic neighbourhood. Among the local “Mad Men” located downtown is Peter George, CEO of McKim Cringan George, the largest full-service advertising agency in Winnipeg.
“I’d classify what we do as anything involved in the business of persuasion,” he says, citing the creative work done for a broad range of international, national and regional clients by MCG’s 35 employees at its Winnipeg headquarters as well as its Regina branch office.
The baseball term bench strength has become a metaphor for smart succession planning.
To a ball team, bench strength means the skill level and number of quality players available to substitute during any given inning. In business, it’s about the depth, the versatility and the competence of high-potential leaders who are ready to be called up to fill senior-level vacancies in the organization.
For a company to build its bench strength, it needs to incorporate a succession planning process into its talent management efforts. But according to one new report, two-fifths of employers have never used succession planning. Less than one in four organizations (23 per cent) have a formal process for succession planning in place; fewer than one in three (31 per cent) opt for a more informal system.