AACSB International Developing and Implementing the Business School Strategy Doyle Z. Williams Dean Sam M. Walton College of Business July 12, 2004

Session Objectives Set a context for planning Engage discussion and best practices for the Dean’s role and involvement

Strategic Decisions 1.Basic Philosophy and Values 2.Goals and objectives 3.Product/ Program/ Service mix 4.Customer mix 5.Geographic area to be served 6.Competitive emphasis From Robert C. Shirley

Strategy Determinants 1.External opportunities 2.External constraints 3.Internal capabilities 4.Personal values of key players From Robert C. Shirley

What does AACSB require? AACSB Standards for Business Accreditation Section 3: “The school articulates its mission and action items as a guide to its view of the future, planned evolution, infrastructure, and use of resources.”

AACSB Individual Standards 1.Mission statement Provides direction for making decisions Is reviewed/renewed periodically Includes stakeholder input 2.Mission statement is appropriate and includes production of intellectual contributions 3.Student populations are specified 4.Action items representing high quality improvement efforts 5.Financial strategies to support programs/initiatives

Best Practices… Strategic Planning Faculty/Staff have a clear and shared sense of the organization’s purpose and aspirations A formalized planning process is in place and understood throughout the organization The planning process and plans are fully synchronized with the mission, vision, and values of the organization Plans describe realistic short- and long-term goals Comprehensive communication plans address the needs and perspectives of all internal and external groups From Excellence in Higher Education, Brent Ruben 2003

Best Practices… Strategic Planning Plans include clear, measurable, ambitious goals and action steps with a strategy for monitoring progress and completion Resources, climate, culture and comparisons are integral to the planning process Plans anticipate unexpected events and “crises” Plans, goals, and action steps are well understood and enthusiastically supported throughout the organization Plans are effectively monitored and seen through to completion From Excellence in Higher Education, Brent Ruben 2003

Sample Strategic Planning Process Develop/Renew Core Values/Mission Develop/Renew Vision/ Goals Develop/Renew Strategies Implementation/Follow-up 1 yr 5 yr 10 yr Stakeholder Involvement Assessment and Analysis

What’s a Dean to Do? 1.Assess the readiness of the school and gauge the commitment of the key players.

What’s a Dean to do? Obstacles to planning/commitment –Audit and assess –Develop strategies for overcoming obstacles

What’s a Dean to do? 2.Determine the structure –Committees/Champion –Timeline –Role of the dean?

Conclusion Strategic Planning – Required for AACSB accreditation Good management practice Not a project but a process On-going

Conclusion In planning, you need to know where you begin and where you want to end up.

Fail to honor people, They fail to honor you; But of a good leader, who talks little, When his work is done, his aim fulfilled, They will all say, “We did this ourselves.” - Lao Tzu