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Team-based Forecasting

Steps

The team leader and a couple of key players identify the study areas and any outside assistance needed. They add members to ensure the right mix of innovative and efficiency folk.

First, the team leader and key team members confirm the corporate vision and guidance.

Marketing develops external growth options, or the team leader estimates internal requirements.

The other folk examine demand side, the external world, for competitive forces and complementary opportunities.

The entire team assesses the firm's processes supply it products and services (its value chain) and employee morale.

The financial person does a historical trend assessment of cash flow and margins. Where are you in the product life cycle. At the department level, you compare your performance to industry benchmarks.

The team meets off-site to synthesize the assessments using a SWOT, agree the strategic focus, and prioritize the best options - often called that the prioritization meeting.

Some team members prepare or revise the key documents you'll use to communicate your plan. Most will draft Action Plans, where you estimate the cash flow and the benefits for each option.

You reconvene; put your leadership hat firmly on; and decide the strategy, timing, resources needed and confirm responsibilities and coordination issues.

You may have to present your strategy to the decision maker for validation or approval.

If you are from government, the steps are the same, the language differs a bit.