Strategy is more than just a presentation on paper | Prospire

diverse thinking Strategy is more than just a presentation on paper

Author: Armand Patrice Hofstetter

The only constant in today's business environment is change itself. As innovations come to market almost daily, companies must make bold decisions about their positioning. The strategy should take a holistic view of a company including its current environment and should not only be determined by the market trends.

Define your strategy, commit to it and execute it. 

To define a strategy means to identify the WHY. The WHY is the milestone we are working towards. The strategy is the path to get there. Often there is more than one way. But before we define the direction, we should better know where we are heading to. Every strategy must support the "greater mission".

It is not possible to please everyone. Defining a strategy means making decisions on portfolios and assessing the associated potential and threats with each associated product and service. A strategy is also about not doing some things. In the end, it's all about developing an opinion on how we want to serve our customers in the future. And achieving it in a unique way that creates value for our customers and our company. There will always be several options. So, you need to develop scenarios to better understand each option and its implications. The challenge comes when you need to make and express your choice before setting the sails for the journey.

Finally, the strategy is reflected within the budget. A paper or set of slides alone is not enough for the strategy. The actual decision is made once resources are allocated. When building the portfolio, it is essential to use resources efficiently in order to maximize the value-to-risk ratio.

Strategy is where the resources are allocated, not what is written on a piece of paper.

The communication of a strategy is essential. After all, even the best strategic thinkers cannot achieve much if they are not able to implement the strategy. They have to mobilise and make the company ready for the future. Do all employees know the strategy and where their contribution to its implementation is needed? You might call it the "Commander's Intent" or find another term for it: The development of an action-oriented roadmap, which is reflected in the allocation of resources, the Target Operating Model, and other essential levers, helps to align the efforts in the teams. This is just the beginning of the journey.

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