Let’s Talk Strategy
Once I had been called to an executive team strategy meeting and thought, Fantastic! We are going to set out an achievable (remember that word) plan for the future development of this company. These sessions progressed in the board room of a swanky hotel and being the good enterprise architect that I am, I stepped up to the whiteboard to help facilitate. However, by the end of the day we had something not only less than achievable but fanciful. I thereby dubbed it the
EVERYTHING, EVERYWHERE, ALL AT ONCE (E2A2O) STRATEGY.
Creating a strategy is like setting the GPS for your journey towards a specific goal. Here’s a step-by-step guide to help you craft an effective strategy:
Define Your Vision and Goals
Start by clearly stating what you want to achieve. Your vision should be a broad, inspiring goal that gives direction. Break this vision into specific, measurable, achievable, relevant, and time-bound (SMART) goals.
"If you don't know where you're going, any road will get you there." ~ Alice in Wonderland
However, as I reflect upon that quote…you may not like where you end up. So let’s figure out where we want to end up.
Analyse Your Current Situation
Conduct a thorough analysis of your current position. You may have heard this called Current State Assessment or Gap Analysis. This might include a SWOT analysis (identifying strengths, weaknesses, opportunities, and threats), market research, and understanding your resources. This step helps you recognise where you stand and what challenges or advantages you might have.
"To know thyself is the beginning of wisdom." ~ Socrates
Identify Your Target Audience
Understanding who you are aiming to serve or impact is crucial. Create detailed profiles or personas of your target audience, including their needs, preferences, and behaviours. This insight will guide your strategic decisions. Serving all markets is virtually impossible and doesn’t end well for most startups.
"If you want to understand how a lion hunts, don’t go to the zoo. Go to the jungle." ~ Jim Stengel
Develop a Plan
Outline the specific actions you will take to achieve your goals. This plan should include short-term and long-term actions, timelines, resource allocation, and responsibilities. Make sure your plan is flexible enough to adapt to unexpected changes.
"By failing to prepare, you are preparing to fail." ~ Benjamin Franklin
I do have a different saying that we used to use in the Army. I affectionately called it the Papa 6 (P6) principle. Extra points if you know the one I mean.
Implement the Plan
Put your plan into action. This involves coordinating efforts, managing resources, and ensuring everyone involved understands their roles and responsibilities. Effective communication is key during this phase to keep everyone aligned.
"The strength of the team is each individual member. The strength of each member is the team." ~ Phil Jackson
Monitor and Evaluate Progress
Regularly track your progress against the set goals. Use key performance indicators (KPIs) to measure success and identify areas for improvement. Adjust your plan as needed based on the insights gained from monitoring.
"If you can't measure it, you can't manage it." ~ Peter Drucker
Review and Adjust
Finally, periodically review your strategy to ensure it remains relevant and effective. The business environment is dynamic, and strategy should evolve to stay aligned with changing circumstances and new opportunities.
"In preparing for battle I have always found that plans are useless, but planning is indispensable." ~ Dwight D. Eisenhower
So what “Ike” is getting at is similar to the Mike Tyson quote; “Everyone has a plan until they get punched in the face!” You absolutely must have a plan but it will only take you so far and then you have to adjust.
Creating a strategy is an ongoing process that requires thoughtful planning, execution, and adaptation. With a clear vision, thorough analysis, and diligent implementation, you can navigate your way to success.