This episode is based on an article I published on LinkedIn.
1. It is important to have a reason for developing a busieness strategy:
For many companies today, the “reason” for developing a strategy is to:
Develop new markets
Develop new products
Create Brand Awareness
How will your company emerge from the Covid crisis?
How about – Social Awareness?
2. It is important to organize before developing and implementing a strategy:
Who is responsible for strategy development? (Point Person)
Is that person the right one to keep things going in the right direction?
How involved is the CEO or Owner of the Business?
Do you have the resources to hire an outside consultant?
3. It is important to document the strategy as it is developed:
It’s okay to be informal at first – could be brainstorming.
Make sure the documentation is reviewed regularly.
Determine what the final deliverable needs to look like.
4. It is important to develop ways to measure implementation of the strategy:
Identify the date the strategic outline needs to be completed.
Include the appropriate people.
As a part of the strategy, define measurable results and how they will be measured.
These are simple points but can be easily overlooked in personal and business when developing a strategy. It is okay to implement multiple strategies at once, or to focus on one strategy or sets of strategies at a time. It is also okay to change strategies when necessary. Just make sure that you go through a regimented process in order to effectively develop and implement the strategy.