Winners Plan…and Planners Win!
What does it really take to be successful in today’s fast-paced, competitive business environment? Two important factors are, 1) meticulously managing your day-to-day operations, and 2) planning strategically for the future, both short- and long-term. However, strategy management often gets short changed because of the rigors of managing the day-to-day business.
In this post, we will argue in support of proactively managing strategy, why it should not be put off, and why it should be given sufficient time and resources. Managing profitable growth requires a different kind of leadership and skill…one that focuses the organization on doing the right things, as well as doing things right. A properly led strategy management process can, in fact, transform an organization by establishing clear direction to the organization that will drive sales and profits to new heights. A sound long-term strategy can redirect, recharge and/or reinvent organizations.
Here are four fundamental reasons to invest quality time and resources on a regularly scheduled strategy management process.
1. Visibility – If you think you know your business, think again…because in today’s business environment things move fast. Markets, customers, competitors, suppliers are constantly changing, and to be successful you need to adapt or die. A strategy management process provides visibility of the external business landscape and internal competencies, thereby continuously enhancing understanding of your capabilities and the market you play in.
2. Focus – Every company is presented with a continuous stream of new ideas. However, the excitement of the moment could cause you to chase the wrong opportunities, and waste precious resources. Every organization needs to have clearly stated governing guidelines aligned to its strategy that help choose what products, services, and markets it should be pursuing, as well as those that should not be pursued.
3. Communication –Employees often complain of a lack of communication from the top. Employees need to know what is important, and how they can contribute to the organization’s success. Good strategy management involves everyone, transforming the organization from working in silos to cross-functional teams.
4. Engagement – As your organization becomes more focused and better-informed, employee engagement improves. Strategy management inspires employees and promotes change. An engaged workforce is a powerful competitive advantage.
A strategy management process should be the driving force of every organization. Without it, your organization becomes stale and competition will eventually overtake you. How you stay at the top of your game depends on constantly challenging the status quo, and pursuing profitable growth. Are you placing strategy management at the top of your list of priorities for your business this year?