A Strategy For Your Strategies. No, really.
Last week I spoke to a project manager for a large organization and he told me how his company goes about determining business strategies. It was interesting to hear how many kinds of people have an input in the business strategies of his company and I personally found it to be a great way to approach setting strategies. It’s a 3-point approach and I would like to talk about it today.
Form a Multi Disciplinary Team
By forming a team consisting of people from different professional backgrounds, you got the great benefit of getting a comprehensive overview of your company is capable of, through your people. You can also have a much better view of what company’s capacity is, what you’re good in and resources you can access and in so doing, create a strategy that is tailored and in sync with the potentials of your company.
Do a Market Research Analysis
By doing a market research analysis you can actually get a view of what is actually happening in the real world with respect to business domain and market you, as a company, operate it. It gives you numbers, trends and other concrete data on which you can base your strategies on so that you can create and introduce the most relevant and most trendy products, services or solutions on the market.
Involve your seniors within Higher Management
This is almost mandatory, and probably also happens naturally. However, I felt like this had to be a point on its own as it also carries a lot of importance on how you can build your business strategies effectively.
Often times, the seniors within your company have a better bigger picture as they have access to information that can only be ‘viewed from the top of the mountain’ and this can definitely assist you, as a business strategist, to come up with strategies that follow the vision and mission of the company.
The seniors also usually know what has worked and failed in the past so, you don’t have to go and build a strategy based on something that already failed in the past.
Obviously, going through all these points might be a big hassle but I personally believe that going through these 3 points when creating a strategy would really help you come with a business strategy that is comprehensive and thorough as possible. This mix gives you 1)expertise, 2) real world data 3) experience, which for me are the founding pillars of a good strategy.
So again, create a multi disciplinary team so you can get a comprehensive overview of things from experts, perform a market research analysis to get some real world data to work with and consult your higher management seniors so that your strategies can also be in line with the vision and mission of your company.