Developing Your Strategy
“Strategy is an integrated set of choices that uniquely positions the firm in its industry so as to create sustainable advantage and superior value relative to the competition. ” Mike Porter.
Excellence in strategy development means the strategic plan provides clear direction on what the organization is going to do and not going to do. It makes clear concrete decisions but has in place a process by which it can change if market forces dictate. The plan is built on the best intelligence available and gets informed and is adjusted on a regular basis. Strategy development is a pillar in strategic excellence because it creates the roadmap to success.
“Strategy is the art of the possible“, Helmuth von Moltke.
Strategy by definition is understanding what resources your organization has access to and what limitations the organization must deal with. A successful strategy employs all of the resources for maximum effect to reach its goals.
Areas your organization may struggle with if you have an underdeveloped strategic plan or poor planning process.
- Strategy review is an annual activity. Your strategic review happens only once per year and is usually conducted behind closed doors with a select group of people. This often results in a static strategy with poor buy-in across the organization. This activity is seen by many members of the team as something they have to endure once per year. Decisions and conclusions are made that turn out to be incorrect because of changes in the market. Generally, operational alignment is poor across the organization.
- Your plan is not communicated or understood across the organization. This often results in many of the strategic initiatives under-performing or failing completely. You may also find at the year end review a number of initiatives have been started that have nothing to do with the goals or objectives of the plan.
- Failure to integrate feedback loops to enable adjustment on the fly. Results in the organization being caught flat footed and not reacting to opportunities or threats, or reacting but doing it in a way that is not aligned with the strategic plan.
- Poor decision-making process –Your plan may be created with too many goals or conflicting imperatives . This results in too many priorities causing none to be a priority and usually ends in confusion and failure.
- Strategic plans may be too inflexible — annual strategic planning cycles Slow to devise, implement, adapt. Results of this are the strategic plan is not a useful document to the organization. It does not provide direction and alignment of activity. Often there is inefficiency and redundancy of effort with the loss of opportunity.
Statistically 50 to 90% of strategic initiatives fail.
A strategy is a difficult concept to create, understand and implement. Some of this come from the fact it is both a noun and a verb. It is a noun when an organization understands that it is owned, and the best organizations understand it is owned by everyone in the organization. It is a verb because to have an effective strategy it describes actions that must be implemented and committed to.
Why work with Davanti for Strategy Development?
- Davanti brings consultants that have the experience to work through your strategic plan with you to make sure it is aligned with your vision and mission but their experience can help you identify where there are gaps in your plan and potential bottlenecks for execution.
- Davanti can help you create the process that allows your strategic plan to become a dynamic living plan that can react to market changes quickly while staying aligned with vision and mission.
- Our experience can help you to make the right decisions to move your company forward towards your goals.
- We can provide a framework to source the right intelligence to make sure your decisions are informed and are leading you in the right directions.
Our initial engagement will focus on four areas for assessment.
- Validate mission
Does the mission address the mission and provide a path to realize the mission
- Identify no more than five big picture goals.
- Goals should be broad, but still measurable and aligned with vision and mission
- The objectives for each goal should be time bounded and measurable
- Objectives are cascaded down to lowest level
- Alignment and assignment of objectives to goals. Are the objectives aligned to the goals, and are the right people in place and assigned to be able to successfully accomplish the objective.
Software that supports Strategy development
- What is the health of your strategic plan?
- Who is in charge of what goal, objective, initiative?
- What is the progress?
Would you like to be able to answer these questions with a single click?