As president and CEO of Vivier Group, Luigi Wewege has firsthand knowledge of the almost incalculable value of an effective and highly refined approach to strategic business planning and accountability. Vivier Group, a multinational financial group of companies, has enjoyed continued international expansion while relying on Wewege’s expert leadership in his role as the group’s president and CEO.
Wewege recently took some time out of his busy schedule to discuss his core views on strategic business planning and accountability, as well as several other subjects relevant to his specific professional expertise.
Data Analytics and Accurate Assessments: Identifying Strengths and Weaknesses
According to Wewege, every business must first take a long look in the mirror – figuratively speaking, of course – before beginning the process of developing a strategic business plan. This is best accomplished using objective tools, especially data analytics. Following a thorough review of the available data and an honest, comprehensive assessment of the business it will then be possible to identify specific strengths and weaknesses. This information is critical to the strategic business planning process, and will play a role in determining the company’s vision and mission.
Critical Definitions: Vision and Mission
Based on the existing strengths and weaknesses identified through the assessment and evaluation process, an organizational concept can be clearly defined. The organizational concept is intended to clarify the company’s vision for the future, which will in turn be instrumental in determining the specific markets and client base the company will target as part of its mission.
Objectives, Goals, and Priorities
With the vision and mission clearly defined, a business can then create the goals and objectives it will need to pursue to achieve the company’s mission while working toward making its vision a reality. Clear definitions also make it possible to quickly identify which goals or objectives ought to be prioritized in accordance with the vision and mission of the company, thereby adding valuable clarity to the decision-making process.
Communication and Accountability
It is not just the vision and mission that require clear definitions; roles and responsibilities throughout the organization should be clearly defined to ensure smooth communication between team members while also establishing organizational accountability. When each role within an organization is clearly defined, and understood, all team members are held accountable for their responsibilities and the entire organization can operate at an optimal rate of efficiency and productivity.
Consistently Review and Refine Critical Processes
The strategic business plan should be viewed as a fluid and constantly evolving document. Every aspect of the plan should be subject to review on a regular basis, as this will ensure the process outlined within the strategic plan is constructed in a way that produces consistently optimal results for the organization. Although the plan should be reviewed and refined whenever necessary, it is worth noting that the goal of reviewing the plan is to identify whether each aspect of the process is as sound as it should be.