You have decided to develop a strategy for your business, but don’t know how to implement it. This article will walk you through the steps to define, develop, and sustain your strategy. It will also show you how to implement your strategy for maximum impact. It’s a must for any business! Here are some tips to make this process go smoothly:
Defining a strategy
Defining a strategy is the process of developing an overall plan for success, which can be applied to any aspect of an organization, from business to sport. In essence, strategy is the design of a cohesive response to an important challenge. The process of defining a strategy involves identifying critical factors that are relevant to the organization’s goals and devising a plan to deal with them. There are two main types of strategies: long-term and short-term.
When defining a strategy, the company should identify top-level objectives, which usually focus on boosting sales and profits and improving shareholder value. Business strategies answer the question, ‘How can we increase revenue?’ – but do not include the company’s core values or mission. These are the most important components of a strategy. Consequently, they should be defined in detail. The following is a typical process for developing a strategy:
Developing a strategy
Developing a strategy involves setting high-level goals and objectives, and defining key action plans to meet those goals. These top-level objectives may include attracting new customers, creating new products, or securing new sources of finance. The next step is implementation, where you set key actions and their associated desired outcomes and timelines. Another step is resourcing, which details the resources required for the business, such as staffing levels, premises, and equipment. Developing a strategy includes an executive summary, which may be useful for prospective investors.
The development of a strategy requires consultation and participation of all stakeholders, including local government. This strategy should be accepted by the community and sustain its implementation. The local government should oversee the creation of a steering group and draw up a Terms of Reference. Finally, it should finalise the strategy. In many instances, this step may be a challenging one, but it is critical for the success of an initiative. If you’re working to promote a particular cause, you can involve the community in the process.
Sustaining a strategy
Sustainable strategies are important for companies that want to continue growing and prosper for years to come. They should include realistic and attainable goals. Developing a strategy for sustainability can start with a simple intention and be refined over time, with the right mix of tools and resources. Listed below are five tips for implementing a strategy that will be a sustainable success:
Sustainability practitioners should be trained in mainstream business tools and strategies. Porters 5 Forces analysis is one such tool. Those who have a working knowledge of this tool can be of help to the sustainability efforts of a company. However, very few practitioners are involved in mainstream business planning and management tools. Therefore, a sustainable strategy needs to be well-defined and supported by the Board of Directors. It should be implemented by the entire company, not just a small team.