In working with businesses across a wide range of sectors, one challenge that we end up coming back to over and over again is whether or not the company has the right strategy in place to be successful in regards to some of the long term goals that they have set.
Which got me to thinking about the different ways that strategy play out in an organization and how you can look at them in a way that may be helpful to you.
1. Value proposition:
The basis of your strategy has to revolve around the value you create for your customers. Period!
2. Choosing the right market:
If you aren’t careful, your strategy devolves into a situation where you think you are marketing and attempting to reach everyone. Which really means you are not likely to reach anyone.
3. Simplifying:
A big challenge for many organizations is that they have to keep their strategies simple. If you make it too complex, you increase the likelihood of paralysis and failure.
4. Expansion:
Sometimes expansion is the only choice. Sometimes it is the right choice. And, sometimes it is the wrong choice.
And, more likely than not, it is somewhere in the middle.
5. Partnerships:
What happens if you can’t go it alone? Do you need or want a partner? Is a partner the right thing for you?
6. Vision:
I heard Martin Lindstrom say recently that too many organizations don’t have a good vision statement. Your value statement needs to be about how you are going to change the world. Just like your value proposition, it will define your strategy.
7. Execution:
So many strategies fail due to lack of execution. You have to move the strategy from the big picture down to the actions that will make it real at some point, or its just another pie in the sky exercise.
8. Alignment:
A challenge for many strategic efforts is that there isn’t the proper alignment between all areas of the business. Is marketing on board? Can the sales team reach the right people? Can your operations department deliver on your promises?
9. Highlight strengths:
Are you taking advantage of the opportunity that your strategy provides you to show and highlight your strengths? Are you showing yourself in your best light?
10. Right business model:
Is your business model the correct one to deliver on your value proposition? Are there other ways to deliver your value that you haven’t considered before?
These are just 10 ways that strategy impacts your business.
Have I missed one that you feel is essential?