Strategy
One of the basic goals of every single company is continuity, but to remain continuous, means you have to keep moving forward. The question is, where to?
To keep moving in the correct direction you will need to consult a map, or more likely a GPS system. In business, this is your strategy. Your strategy defines the destination but also the route towards that point.
The desired business direction may vary, from growth to innovation or whatever the case may be, but a strategy will need to be defined in order to get there.
But how do we develop a strategy? This entails a step by step approach:
- Analyze the status quo
Check your surroundings before heading on the road. These are the basic rules for starting a trip. In business it means checking where the company is now, what are the positives, what needs to be improved and what are the further opportunities.
Basic techniques like SWOT coupled with a Confrontation Matrix can be used in this phase. - Develop a Vision for the company
Stating a vision entails describing where you want the company to be at the end of the journey, the ultimate goal. It describes the endgame and the purpose of the company’s endeavors. - Develop the company’s Mission
The mission describes the road the company is about to follow the get to the vision. It describes the short term goals and primary objectives in order to reach the long term goal. - Develop the strategic objectives
In this phase you set the high level objectives for the entire business. These are measurable steps that will ensure you are on your way in reaching the company’s goals and vision. - Let’s incorporate the tactics
To reach the objective, you have to use tactics. These are short-term plans with the aim of resulting in the set target. It will contain the actions the various departments within the organization will need to take in order to get where it wants to go. Communication is an essential part of this phase. - Manage it
This is the phase where you make sure that you are still on the correct road. This involves reviewing the objectives, checking the action plans and making sure that the overall goal is still on the horizon.
Contact Pelatis and let’s define your GPS!
