Wabash Marketplace, Inc.
2015 Strategic Plan
Enacted by the Wabash Marketplace, Inc.
Board of Directors on Tuesday, May 5, 2015
Wabash Marketplace, Inc., a 501(c)3 non-profit economic development and Main Street organization located in Wabash, IN serves the mission to foster community and economic development of the historic district in downtown Wabash. The organization, founded in 1981, is supported by a strong network of community leaders and committed volunteers. To solidify the organization’s vital position in the development of the City of Wabash, its historic downtown district and the community that surrounds it, the organization’s Board of Directors have agreed to a collection of strategic initiatives and objectives outlined herein and dubbed the 2015 Strategic Plan.
The Board of Directors of Wabash Marketplace agree that the organization is at a critical inflection point in its evolution. Recent changes in organizational leadership and a growing commitment by leaders and volunteers has empowered Wabash Marketplace and enabled the Board to commit to a collection of significant strategic investments intended to cement the organization as a going concern in Wabash.
Within its strategic plan, Wabash Marketplace has committed to execute three broad organization-wide strategic initiatives and a collection of supporting objectives during the period May 1, 2015 to June 30, 2018. The group has agreed to evaluate its strategic direction and prepare a subsequent plan beginning in January 2018 for enactment July 1, 2018.
Broadly, the organization’s strategic initiatives support the Board of Directors’ desires to cement Wabash Marketplace’s position as a critical community resource and to develop a model for long-term financial sustainability. In fulfillment of those objectives, Wabash Marketplace intends to improve and enhance its relationship with the City of Wabash, increase the efficacy of its Main Street activities and build new operating capacity to specialize in community development.
The Wabash Marketplace Board of Directors will be responsible for monitoring the organization’s progress against this strategic plan and authorizing any necessary adjustments as time and circumstances require.
Wabash Marketplace believes that, during the coming three years, the City of Wabash will continue its effort to position the City as a destination for living and regional tourism. In doing so, the City will leverage the following to differentiate itself:
Wabash Marketplace views its strategic role in support of the future of Wabash as defined by its activity in three key areas:
It is with this vision for the future of Wabash and the role of Wabash Marketplace, that the following Strategic Initiatives and Objectives have been developed.
In fulfillment of its stated vision, the Wabash Marketplace Board of Directors will champion organization-wide commitment to these three guiding strategic initiatives for the period May 1, 2015 – June 30, 2018.
In support of the Board’s guiding strategic initiatives, the following Strategic Objectives have been established and. Strategic Objectives have been organized into five categories to align with the operating structure of the organization.
which WMI is responsible
comprehensive Roadmap for
and provide strategic support to
Wabash EDG in the recruitment of
PROGRESS / MEASUREMENT
The success of this aggressive Strategic Plan will be largely determined by the organization’s commitment to its upkeep and execution.
To ensure its successful implementation, the Wabash Marketplace Board of Directors will allocate time, during regularly scheduled Board Meetings, on a semi-annual basis (May / November) to review progress against the initiatives and objectives listed herein.
Should the group feel amendments to the Plan’s content or timelines are necessary, such should be made and attached hereto. A copy of the latest version of the plan – including Amendments – should be made available to all staff and Board Members in print and electronic versions[i] at all times.
 Note: While the vision for the City of Wabash is stated as a certainty, it’s understood that the direction of the City may differ from this assertion. This is a forward-looking, “best guess,” statement established by the Strategic Planning Committee to support decision-making surrounding WMI’s role and strategic objectives.
[i] The Wabash Marketplace, Inc. Board of Directors developed the contents of this plan through the strategic consultation of Three Sixty Group, a business and marketing consultancy located in Indianapolis, IN (317-633-1456).
The complete contents of this document are the property of Wabash Marketplace, Inc. and may be used and disseminated as deemed appropriate by the organization’s leadership and Board of Directors.
The language of strategy can be complex and common words and phrases used in various forms with different meaning. For the purpose of this document, the following definitions were used for key terms.
Strategic Plan – the document used to articulate an organization’s strategic initiatives, objectives, goals and the actions required to achieve each, as well as any of the other critical elements developed during the planning exercise.
Strategic Vision – a collection of statements to articulate the planning committee’s expectation for the market in which their business operates (will operate) and the manner in which the committee elects for the business to participate in this market during the period under consideration.
Strategic Initiative – a statement (or collection of statements) defining the broad organizational direction desired by the planning committee and further supported by the stated strategic objectives. Strategic Initiatives are global / organization-wide in nature and can be less specific and measurable than Strategic Objectives. They represent a strategic direction or theme rather than tactics.
Strategic Objectives – the measureable strategic maneuvers and desires the planning committee deems vital to successful completion of the Strategic Plan and Strategic Initiatives. Commonly, objectives are organized by function area or department and stated as tactics or measurable goals.
Champion – Each Strategic Initiative and Objective is assigned a Champion. This person (or group of people) is responsible for the successful completion of the Initiative or Objective and therefore, responsible for meeting stated goals and timelines. Champions can be amended as skills and needs dictate.