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Living the strategy dream

Fi Slaven | Dec. 17, 2014
Investing and building a new corporate strategy can't just be about planning or theorising, it also requires a healthy dose of change management and review.

Strategy is a term often used and everyone agrees, is incredibly important. In fact, it's so important many of us have paid "big bucks" to develop a strategy.

I've been in roles where we had several weeks of "strategy" meetings, with people flown in from around the country. There were heated discussions and after several months the strategy was completed.Theoretically, things should have moved on from there, but they didn't.

On reflection, there were several reasons why this process was not successful but all came down to the fact that we hadn't followed the steps necessary for implementing a strategy. Here are my six main steps to succeeding with a strategy.

Firstly, it is essential to identify the Now State of the firm and associated issues. This is no simple task and often takes significant analysis, insight and involvement from various groups within the organisation.

Unfortunately, many miss this step as senior leaders believe they know what the problems are and go from there. Alternatively, they seek or are provided with limited information and the results are skewed. Again, this affects the entire strategy.

The second step is identifying where the firm wants to be, or the Future State. Simple enough, but it does require careful consideration. You are basically trying to future proof the organisation and set some serious stretch goals.

This requires extensive research, collaboration and courage from the leadership team, because it may mean significant changes in direction, behaviours, culture, resourcing and more.

The third step is the Planning Stage. Initially, you perform a good old-fashioned gap analysis and determine what the distance is from your current to future state. Generally,this is more enthusiastically embraced by those involved, because it is trying to solve the issues previously identified.

They will often feel more comfortable or in control once they are tasked with determining what actions are required to achieve the future state. Communication and collaboration are essential at all stages, but identifying who is doing what and by when, is crucial.

Often when this is completed, there is much celebrating, because the strategy is formed. However, there are two more important steps to be accomplished before popping the champagne.

One of these is the Implementation Stage. This is where you hold people accountable and responsible for the action plans developed previously. This obviously makes people nervous and they'll often query their plans and try to reinvent steps two and three. It's vital for the leadership team to manage to the plans and resource accordingly.

The other step is the Review Stage. The name says it all: This involves reviewing the progress being made. It's imperative you reflect on the strategy and associated plans and determine if changes are required.

 

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