So many people think that strategy is difficult and reserved for the “Ivy League” graduates and top strategic thinkers at McKinsey and Company or Boston Consulting Group.
The truth Is, strategy isn’t difficult. It’s not a purely scientific exercise and nor is it complicated.
Strategy is simply the basic methodology you will apply to achieve your company’s mission.
It’s not a mystery and it’s not a difficult concept to apply.
Business, like life, cannot be planned entirely. There are many uncertainties and opportunities that present themselves unannounced. So, there is little point creating a thick, ridged plan that outlines every step and takes a team of experts and stakeholders six months to create.
In traditional strategy development there are six steps.
They are;
- Assess
- Analyse
- Evaluate
- Define
- Formulate
- Execute
These steps will serve you well, however there is a smarter, simpler, more powerful way to create good strategy.
The key to good strategy is to have a simple, thoughtful and uncomplicated approach for attaining your mission. It’s imperative to leave room for individual initiative, market conditions, experimentation, change in landscape, opportunities and innovation.
When setting strategy with clients, I follow Jim Collins four basic principles;
- The strategy must descend directly from your vision. Vision first then strategy.
- The strategy must leverage off the strengths and unique capabilities of your organisation. Do what you’re good at.
- The strategy must be realistic. It must consider internal constraints and external factors.
- Strategy should be set with the participation of those who are going to be on the line to make it happen. Buy in and action takers.
What’s important to note is that without the CORE you will be rudderless in creating your strategy. The CORE is made of up purpose, aka vision, values and competencies. These are the guiding principles your organisation is formed upon, it’s the foundation that affects your journey.
Once you have your CORE, you need to think first WHO then WHAT? Making sure you have the right team onboard is critical to how your strategy unfolds.
The essence of strategy comes done to having insightful and analytically validated answers to three essential questions;
- Where to place the big bets?
- How to protect the flanks?
- How to extend Victories?
We find that breaking the strategic decisions down into key business areas helps and the five areas we consider are;
- People
- Infrastructure
- Customers
- Products
- Cash
Before you embark on the learning from today’s blog, REMEMBER:
“Think vision first, then strategy and then tactics.”
In 2022 we have limited availability to help transform new clients. Our CORE workshop helps you uncover your purpose/vision, mission, values and competencies. If your company is unclear or uncertain about your CORE, then get in touch with my team and see if we are the right fit. I love running these workshops with clients, they inspire me and helps me to know what matters the most so they can build a wonderful team that achieves a common goal.
If you already have a clear vision and well-established CORE, then get in touch with my team to see if we can support you in developing a great strategy that aligns with your CORE and answers all the tough questions, supporting you to achieve your BHAG.
As always, live with purpose.
