- How to put together strategies for next year to ensure that you come out on top.
- How to focus on what generates tangible results and spending your resources wisely.
- How to accept disagreements/challenges and turn them into ideas that you were not able to see.
We all know the importance of a business strategy, as it provides a vision for the future, corroborates the organization’s values, and sets a framework for impending decisions. Focusing on what generates tangible results and spending your resources wisely is even more critical in a volatile economic environment.
A company will be hard-pressed to succeed if a solid strategy is not put in place year after year, and while the strategy is one of the first steps to take, effective execution is paramount. So, as 2022 winds down and you begin building your strategy and execution plan for 2023, we want to leave you with a few tips to keep in mind to ensure that you dot your I’s and cross your T’s.
Harvard Business Review reports that 60-90% of strategic business plans fail.
Why you ask? According to many who have been down that road, poor execution seems to be the culprit, but if the plan is faulty from the beginning, the true reason for failure may be debatable. Therefore, when creating your strategy, you must take a comprehensive look at every context that can make or break your plan. For example:
➡️ What does market research say?
➡️ What has your customer feedback entailed over the last year?
➡️ Is your strategy technologically advanced enough?
➡️ Do you have the infrastructure in place to make it work?
➡️ What are current/potential problems? How can this be rectified?
➡️ Are you paying attention to your competitors?
While this is only a tiny snippet of the questions you need to ask yourself, they help to lay the groundwork for creating a well-researched strategy.
Remember, a good plan can’t be adequately executed without the proper communication channels. If you want to avoid costly mistakes, ensure that every employee understands their role in the launch of the company’s new growth initiative and that they’re also in support of the new strategy. Employees who disagree with the growth strategies are less likely to give it their all.
Tip: Rather than dismissing an employee who disagrees, see why they disagree with their role in the new strategy. That employee may be able to provide valuable inside information that you may not see otherwise.
According to a study by Gartner, more than two-thirds of essential functions fail to align with business unit and corporate strategies. Therefore, your strategy should reflect every inch of your brand, and as stated above, every employee should understand their role in the upcoming plan. Otherwise, you risk losing a significant amount of time and money.
Note: Task the various department leaders within your organization to meet and discuss the strategy and how it pertains to each department’s members. This takes a more personal approach and allows greater room for understanding.
Your plan should:
- Define and clarify your mission and vision for the future.
- Provide a complete business analysis.
- Identify your current and future market position.
- Prioritize your objectives, ensuring they’re clear, concrete, and measurable.
Tip: Don’t forget to put performance management systems in place to hold employees accountable for the company’s new strategies and goals.
Organizations proficient in enabling organizational capacity are more likely to survive and prosper throughout the business cycle ebbs and flows.
Below is a list of organizational capacity components that should be addressed in your planning.
- Allocate Resources: This includes your required assets, the projected time required, people needed, etc.
- Governance & Leadership: The company’s leadership should be well-versed in the various changes throughout the company and community. They should also be engaged throughout the process, paying attention to finances, goals, performance, development, etc.
- Mission, Vision, & Strategy: What is your identity? Is it valuable to the community you serve?
- Program Delivery & Impact: Are you offering high-quality programs or products that are well received? What assessments are in place to assess your achievements?
- Strategic Relationships: To make your plan successful, what relationships do you need to build and/or foster?
- Resource Development: What will you need to execute your strategy? Do your resources align with your mission, vision, and goals? Do you have the necessary support?
- Internal Operations & Management: Each operation should be well managed. This includes asset, risk, technology, project, organizational, and financial management.
Don’t forget, you can spend hours planning your 2023 Business Strategy, but if you don’t have a concrete execution strategy also in place, your hours of planning will be wasted. We wish you well in your future planning efforts, and if we can assist in your LinkedIn strategy, don’t hesitate to reach out.