CREATE A GOOD STRATEGY
WHAT IS A STRATEGY?
A strategy is a plan of action or policy designed to achieve a major or overall aim.
A strategy is key in business as it sets the vision and direction for the business. It also helps to focus the whole organisation to work towards the same goals.
STEPS TO BUILD A STRATEGY
1.UNDERSTAND THE SYSTEM
Before you can create a new plan of action you should understand your current strategy.
Make a note of what has been working well- you will want to make sure that you do not lose these in your updated strategy
Make a note of what needs to be improved - it is crucial that these points are addressed to make sure that your strategy is really driving progress in your business
If this is the first strategy you are creating, it might be helpful to take a look at what similar brands in your field are doing & build on this in your new strategy.
2. SET THE VISION & MISSION
The base for any brand is setting a Vision & Mission which will set the North Star for your brand & the reason for your existence, as well as your values & aims for your business.
Keep your vision simple: the clearer it is to understand- the easier that you can enrol your people & engage with your customers
Break your mission statement down: what you do, how you will do it & why you do it - this will ultimately allow you to identify the goal of your operation
Once you have identified the main goal of your operation, break these down into smaller S.M.A.R.T.E.R² goals, this will make it easier to track progress, keep accountable & achieve goals more effectively.
3. BUILD A ROADMAP
Once all your goals have been organised, a roadmap can be created to keep you accountable & put some time parameters around your strategy; which is useful, especially if you have key milestones that you are working towards.
When creating a Roadmap
Ensure that you break it down by function or area, if there are a number of contributors to the strategy this will make it easier for them to focus
Include key deliverables with deadlines to hold everyone accountable
Start at the end (final delivery date) & work back: to ensure that you account for the right amount of time
Schedule in checkpoints with your team during strategy creation, to ensure that everyone stays on track
4. EMBED & IMPLEMENT
In order to have a successful roll out, everyone in the organisation should understand their part in the delivery of the strategy.
Organise roll out sessions to engage your teams
Set expectations for the implementation, create a way of monitoring progress
Have a forum to answer any questions that your team might have
Plan a date when all roll outs should be complete
5. REASSESS REGULARLY
Naturally as your brand develops there will be a need to evolve your strategy, so that you can make sure it stays relevant as you grow.
Strategies should be assessed annually, however depending on the rate of growth it may be necessary to do this twice a year or quarterly.
The key is to plan these sessions & dedicate the time in advance; your strategy should always be prioritised.
6. PIVOT WHEN NECESSARY
As your strategy develops, changes will be inevitable- it is beneficial to build your initial strategy for change so that it is easier to pivot when you need to.
Have a session to go through the changes being made; invite key stakeholders from each area of the business
Assign each stakeholder a responsibility & hold them accountable
Make it clear how the change benefits the strategy
If there are any changes to ways of working, ensure the new process is drafted & rolled out in a follow up session
Set an allotted time for the changes to be implemented & share with the organisation