Strategic Planning in early childhood education centres
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1 Strategic Planning in early childhood education centres Peter Reynolds CEO Early Childhood Council ECC Workshop 2014
2 Contents Why planning is important How it all fits together Typical Plan contents The four key questions of strategic planning and then in detail
3 Planning and Monitoring are part of the learning cycle Monitor Measure performance against targets Plan Learn Determine what is to be done, how, when and by whom Review progress and learn from mistakes and successes Reflect Consider performance and reflect on outcomes
4 Planning and Monitoring must occur at all levels within the organisation Board Strategic Planning: addresses the long-term direction of the organisation; what it is going to do and how CEO or Centre Manager Head Teacher or other middle management Staff Business Planning: addresses the activities and resources required to implement the Strategic Plan; eg: forecasts; financial, marketing and personnel plans Operational Planning: addresses the activities and resources required to implement the Business Plan; eg: production plans
5 Plans have different time horizons Planning Horizon Reviewed Board Strategic Planning 3-5yrs annually CEO or Centre Manager Business Planning 12-18mths quarterly Head Teacher or other middle management Staff Operational day/week daily/ Planning weekly
6 Illustrative plan contents Strategic Plan Vision, values, mission Internal capabilities review Market overview Strategic goals Key performance indicators Risk factors and mitigation Competitive advantage Business Plan Strategic goals Tactics Budget/forecast profit & loss Budget/forecast balance sheet Other key targets, eg: market share, brand recognition
7 A Strategic Plan should answer four questions Formulation Approval Monitoring Where are we now? Where do we want to be? How do we get there? How will we know we re on track?
8 Where are we now? Where are we now? Where do we want to be? How do we get there? How will we know we re on track? SWOT Analysis Internal Environment External Environment Strengths Weaknesses Opportunities Threats An organisation s resources and capabilities that can be used to develop a competitive advantage The lack of strengths may be considered weaknesses Some strengths may also pose threats External factors in the market place that are able to be exploited External factors that pose risks to the business
9 The Environment Where are we now? Where do we want to be? How do we get there? SWOT SW internal Structure, location, financial, HR, processes, customer relations OT external PEST How will we know we re on track?
10 Places to look for Strengths and Weakness Area of Business Strengths Weakness Processes Management Marketing & Sales Processes mapped, high productivity/efficiency Clear management approach, team, high staff satisfaction Good enrolment::enquiry ratio; clear understanding of market segments; clearly expressed benefits Processes largely undocumented, inefficiencies Poor staff management, high turnover, sick leave, etc Poor market research; inefficient enquiry management; benefits unclear Other skills Excellent R&D Poor maintenance Experiences Previous success Fingers burnt somewhere Intellectual Property Premises Plant, machinery Branding, clear and unique competencies Excellent Location; presentation; welcoming; well-maintained Specialist equipment; wellmaintained; popular with children Information technology Good management information No real brand; obscure or unknown competencies Poor location; poorly maintained; poor design Worn out equipment; to little; bored/out-of-control children Poor automation Finance Good cash Flow Burden of debt
11 External Environment PEST Where are we now? Where do we want to be? How do we get there? How will we know we re on track? Political Economic Changes in policy Changes in financial market Social Changes in research or demographics Technological Technology changes
12 Places to look for Opportunities and Threats Area of Business Opportunities Threats Political Policies open up new markets Policies threaten income or increase (compliance) costs Economic Social Technological Economic expansion will boost demand Resilience to natural disasters, mobility, flexibility Low-cost funds available Locally-available skilled workforce Competition is fragmented Market is growing rapidly Latest research reflects current service delivery Technology slow, easy to access, decreases costs Growing unemployment will reduce demand Service closures, loss of data Higher borrowing costs will reduce customer spending power Skilled workforce herd to get; militant workforce Competitors are strong Market is mature, crowded Research points to shortfall in quality of service delivery; leading customer expectation; pressure on costs Technology growth rate rapid, expensive, difficult to access; but led by customer expectation
13 Strengths SWOT Weaknesses Things you do well; unique Things you don t do well, in development Where are we now? Where do we want to be? How do we get there? How will we know we re on track? Opportunities Usually as a result of something that has changed in your environment, that if you took advantage of it, would benefit your customer and create a strength Threats External things outside your control that can impact badly on your centre
14 Where do we want to be? Where are we now? Where do we want to be? How do we get there? How will we know we re on track? Vision A compelling description of the centre once it has implemented the strategic plan. It should PULL customers to the organisation and PUSH employees/members to greatness Values The core priorities in the centre s culture, including what drives employees /members priorities and how they truly act in the centre Mission Defines the centre s purpose and its core business in the context of its Values; describes how the Vision will be achieved
15 Vision Establishing a vision 3 step method: Say what you want you centre to be be really specific/use here and now terms/be definitive Think it/feel it on behalf of your customers engage the passion you would feel, once you had achieved it; make it relevant to your parents Write it down daily research shows there is a much greater chance of success if you do
16 Values and Culture What are values? An organisational value is a belief that a specific mode of conduct is preferable to an opposite or contrary mode of conduct according to Rokeach (1973, The Nature Of Human Values) What is organisational culture? the psychology, attitudes, experiences, beliefs and values of an organisation The way we do things around here
17 Mission Creating a mission Describes how you intend to achieve your vision, in the context of your values XYZ centre provides quality early childhood education and care for children aged 0 to 5. We involve parents in our centre and in their child s learning and life journey.
18 Where do we want to be? Where are we now? Where do we want to be? How do we get there? Determine how the centre will create a sustainable value for its shareholders What are its target markets? What service option(s) will it provide? How will it deliver that service(s)? How will we know we re on track?
19 How are we going to get there? Where are we now? Where do we want to be? How do we get there? How will we know we re on track? Two broad categories of Strategy: Increase revenue Growth Improve scale spread fixed costs over higher volume Diversify revenue base reduce risk/ reliance on single market/product Diversify into home-based? Offer after-school programme? Saturday parents day? Creche? Offer a child minder network? Offer an infant induction programme (including home visit) Cost Reduction For a given level of quality, being the lowest cost producer Can either sell services: At average market price, thus earning higher-than-average margins At lower-than-market price, thus gaining market share In a price war, able to maintain profitability while the competition suffers Leading to better return on assets
20 Strategy - Growth Ansoff Matrix 1 Where are we now? Where do we want to be? How do we get there? How will we know we re on track? Existing markets New markets Existing products Market penetration Market development New products Product development diversification Organic growth vs. Acquisition 1 H I Ansoff, Harvard Business Review (1957)
21 Strategy Cost Reduction Where are we now? Where do we want to be? How do we get there? Achieve by: Increasing productivity Sourcing inputs at lower costs Vertical integration Process improvement Requirements: Access to capital in order to invest in production assets Skill in designing services for efficient delivery Efficient distribution channels How will we know we re on track?
22 Strategy Cost Reduction (cont.) Risks: Competitors also able to reduce costs by following the same strategies Competitors able to make greater stepchange cost reduction Competitors with narrower focus able to produce at lower cost Customers may cease to need/want the service or may jump ship Where are we now? Where do we want to be? How do we get there? How will we know we re on track?
23 Monitoring Monitor what matters!
24 Monitoring Did we do what we said we would do? Was it effective?
25 How will we know we re on track? The Board should establish a few vital measures of performance that should Where are we now? Where do we want to be? How do we get there? How will we know we re on track? directly relate to the areas of the business that greatly influence its success These KPIs should alert the Board to pending trouble and can also be used to identify areas where the business is performing exceptionally well so that the cause of success can be recognised Monitoring is most effective when attention is given to those factors that truly impact performance
26 A simple reporting model Where are we now? Where do we want to be? How do we get there? How will we know we re on track?
27 Monitoring requires knowing when and how to intervene To protect stakeholder interests, directors must monitor performance Performance should be measured against agreed KPIs KPIs should reflect current and future performance Tolerance limits should be set around each indicator If measurement is outside the tolerance limit, action is required The degree of intervention required by the Directors will depend on how far from forecast the measurement is Intervention approach should be set at the time the plan is approved
28 Strategic Risks Idea Concept development Planning & Design Execution 10% Key reasons for failure 15% Incorrect strategy selection Competing value creation agendas Lack of market relevance 10% Inappropriate business case Inadequate buy-in from executive team Poor decisionmaking 65% Inadequate handoff to execution team Cultural resistance Insufficient detail in design Takes too long to deliver results Successful capture of value Ready. Fire. AIM!
29 How to manage risk Ask two questions: How likely is it to happen? What would be the impact if it did? Highly likely; low impact Highly likely; high impact Less likely; low impact Less likely; high impact
30 Mitigating Failure Idea/concept development Planning/design Execution Key reasons for failures Incorrect strategy selection Competing value creation agendas Lack of market relevance Inappropriate business case Inadequate buy-in from executive team Poor decision-making Inadequate hand-off to execution team Cultural resistance Insufficient detail in design Takes too long to deliver results Mitigation measures Follow rigorous strategy evaluation and selection processes Develop rigorous business case approval process Involve executive team in strategic planning process Have controls in place around decisionmaking process Ensure decision-makers have access to required information Involve executive team in exe4cution Understanding current centre culture, recognise desired/required culture, develop plan to close the gap Develop detailed implementation plans Set realistic expectations for result timing
31 Strategic Planning Checklist Formulation Approval Monitoring How does the strategy create value for stakeholders? Is this level of value acceptable? Is the strategy consistent with the Vision, Values and Mission? Does the SP exploit the centre s strengths and opportunities in the market? Does the SP minimise the centre s weaknesses and susceptibility to threats? Does the SP address the likely responses by competitors? Are the key areas of risk in adopting this strategy identified and mitigated against? Does this fit with the risk profile of the centre s shareholders? Does the SP include exit strategies that are viable Is the strategy sustainable? Are the strategic targets enough of a stretch but still attainable? Are there measures in place to know if the centre is on track to achieve these targets?
32 Strategic Planning Checklist Formulation Approval Monitoring Do we have the necessary environment and resources to execute? Is accountability for the SP s realisation clearly allocated? Do indicators of current performance show that the centre is performing better or worse than forecast? Do indicators of future performance show that the centre will perform better of worse than forecast? If worse, what alternate strategies are available to improve performance? Are shareholder funds at high risk? Is intervention required? If so, of what nature? What exit strategies are available? Have we put in place a learning loop: what went wrong?
33 Drafting your own Strategic Plan 1. What is your vision for your centre for the future? 2. What is important to you, your philosophy or values? 3. How will you achieve your Vision (Mission)? 4. What is your current situation (SWOT)? 5. What are your strategic options? 6. How will you monitor your success?
34 How the ECC Can Help Login Support Governance and Strategic Planning 21 tools and templates to make your governance and strategic planning activities easier
35 Your Strategic Plan Your questions? Does this information give you cause to rethink? What will you do next? Go to: member s support and explore the governance section Use the tools and templates Call the ECC for help/advice
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