The importance of having a strategy

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Let’s first think of the definition…A business strategy outlines the plan of action that a company needs to take in order to achieve the vision and already set objectives…it guides the decision-making processes to improve the company’s financial stability in the marketplace. In essence it’s the high-level plan that helps the business to achieve its goals.

The existence of a strategy is a critical success factor for any business. It reflects the strengths and weaknesses of the company…before coming up with any plan, there is a need to consider both of these to ensure that decisions are made with the correct rationale….it also needs to reflect how the company plans to respond to the threats and opportunities in the market in which it operates.
There are four key elements in setting a strategy…

  1. Define what your vision is…this defines where you want to get to and brings together your future thinking and combines the culture and values of the organization.
  2. Top-level objectives need to be set. This is very much about how you will grow the business through sales, or even through greater margin if savings can be made.
  3. Analyse where your business sits in the marketplace. Vision is set, and objectives defined. It’s now time to think about your strengths and weaknesses, and then link these to the opportunities and challenges in the market…one common way to do this is using a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). Careful consideration allows you to exploit your strengths while considering your weaknesses and threats.
  4. Finally, its time to agree how your objectives will be met having considered all of the above

When you consider sports teams as opposed to the business world, the thinking is really no different, although it will be measured often over a shorter time frame. What is the vision, how are we going to play? What are our strengths and weaknesses?

At Solution Focused, we apply the same principles…to deliver our programmes, and make a difference to people’s performances, we need a strategy…all of the above and more! In fact, as this week’s “Focus” is delivered to your inbox, we will have spent all of Monday planning against our strategy, using the above steps.

Why? To make sure that we keep delivering outstanding programmes that stand out from the competition, ensuring value for money and that allow Solution Focused to be regarded as a standout learning & development consultancy.

When are you starting?

“However beautiful the strategy, you should occasionally look at the results.”
Winston Churchill