Business strategy is key to continued success. In today’s fast-paced environment it’s more important than ever before. We hear about strategy everywhere – in boardrooms, coffee shops, staff meetings, and classrooms. It’s a resurging buzz word. The simplest definition of strategy is a plan to reach a designated goal. From start to finish, strategy includes three important steps: creation, communication and execution.
At the start of the creation step, we need to consider two questions:
- What do or will customers buy?
- Are we producing what customers buy or providing a service they will use?
If we cannot answer these questions or can’t answer the second one correctly, we are not prepared to develop an effective strategy. We must focus on the core of the business and become more customer-centric to ensure that a strategic focus is responsive to our market. Relevancy is not an overused word. Our product or service must add value to or enhance people’s lives.
In a Boardview blog entry (October 2016), Hasse Jansen listed “94 Mind-Blowing Strategy Execution Stats” (re-referenced in this blog). Thanks, Hasse!
64% of middle managers and leaders say their company is good or excellent at formulating strategy appropriate in changing market conditions.
The second step in executing a successful strategy is communication. Consider asking employees and stakeholders, at every level, to help craft a new company strategy or revise the existing strategy. The company will be more capable of execution if everyone understands how it will change their job or affect their daily lives. A good strategy will impact the direction and personality of a company. We need to trust the people who are by our side… or find new people.
77% of successful companies have an established mechanism to translate their strategy into operative terms and evaluate it on a day-to-day basis.
Planning future endeavors is easier when you are sure of today’s realities. Implementing a strategic plan requires a willingness to change and be agile. We have to be ready to seize opportunities, be creative about unanticipated obstacles and keep systems running efficiently. Make measurement tools part of the plan and evaluate progress regularly. We can’t be afraid to exit if that’s what our measurement tools suggest. Successful strategy and innovation might be more apparent if we disinvest rather than burning out employees and continue losing money.
76% of successful companies focus on a limited number of strategic initiatives to reach their objectives.
If we can create one or two strategic initiatives and successfully get them through the communication and execution phases, we are almost to the finish line. We will be seeing results!
These are our recommendations in a whimsical acronym form:
Satisfy your stakeholders with a succinct shift that syncs with your customer needs and ensures a sustainable, successful direction for your company.
Trust your employees and strategic partners to be thoughtful trailblazers who will contribute in a strategic direction, transparently aligning you with where you are today.
Revitalize and revive relevant relationships, recognizing the remarkable employees and clients who will contribute to ROI and execute strategy to realize results.
Acknowledge your affect, with the help of associates, advocates and ambassadors, anticipating accommodations while you approach achievements with honest agility.
Think about taking chances, while being tenacious about and thankful for a team that is helping you to transform your company.
Enthusiastically experience everything. Efficiently expand your horizons while evaluating each endeavor, which will enable you to emerge and expand.
Guarantee you gain the reputation of a groundbreaking game changer through generous and genuine goal setting
You should consistently remember to say “yes” to new opportunities and innovations. Think about the YELP reviews!
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