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One of my favorite aspects of being a business coach is working with leadership teams on strategy development. Strategy defines how you will approach the market and differentiate yourself. Without a clear strategy, you will be dependent on trends and the forces of your market.
Unfortunately, many people confuse setting a goal with having a strategy. A goal is a target you want to hit.
For example, become a $100 million dollar company or make the ASX top 500 list A strategy is how you’re doing to do that. It defines the set of choices and moves that you’re going to make over a period of time to achieve that goal.
Here are the three basic steps for developing your strategic direction and plan.
I strongly recommend to firstly try to predict future demand and trends.
Think about changes in technology, regulations, market saturation, and increasing or decreasing demands and then map this out in front of you.
Begin to think about developing your key moves and going forward strategy.
Essentially, these are the ways you are going to respond to the pending changes in the market that will put you in the best growth position.
Now start to analyse your key capabilities, systems, procedures etc.
List what you may need to improve or establish and develop a simple one page strategic plan that outlines your targets and objectives.
The last step is what most companies miss. They come up with a brilliant strategy, but fail to create a realistic plan for how to implement it. By setting quarterly targets and milestones, you have a perfect tool for driving your quarterly planning process.
Of course, like all well-laid plans, things will change. But with a clear set of predictions, moves, and key capabilities defined, you can quickly update your strategic model and decide how you are going to respond and what needs to change.
"Anna' is a champion. You don't often come across people with her enthusiasm and genuine interest in helping people. This is more than a job to her... it's her passion. Peter Salveson, CEO Hansen Yuncken.
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