Whats is the strategy in your company’s strategic plan
Please accept my small challenge: get a copy of your current strategic plan and open a page which states your strategy? What exactly is your company’s strategy?
In pandemic times like these, you must urgently shape your future instead of reacting to it. Crafting an organic strategy is key. You must also define a set of capabilities for strategy execution and implementation across the board! Many times leaders define the areas of focus, but rarely specify the capabilities that they need to win and how to configure such capabilities for competitive advantage.
Competitive pressures in every business sector are being rewritten. The Covid-19 pandemic alone has left businesses with little choice but to rapidly adopt transformation enterprise-wide, including winning with a digital agenda to fulfil customer and stakeholder needs. How is your digital strategy giving you a competitive edge?
How do you seamlessly integrate digital solutions adoption with your strategy implementation? How are you identifying, training and empowering digital champions to deepen the adoption and win with data? In today’s dynamic business context, you must increase the speed and impact of its strategy implementation in response to disruptive events or emerging opportunities. Now is the time to review your strategic planning approaches and tools to:
- Create awareness about strategy what your strategy is and why strategy implementation fails, to improve executive effectiveness.
- Get the Board and executive committee (EXCO) equipped with relevant techniques and skills, and frameworks to allocate resources, measure performance, manage risk and execute strategy effectively,
- Create awareness and understanding of the behaviours which when applied constantly become a culture that drives strategy implementation.
- Win at effective execution to deliver growth in key areas like portfolio mix, increase in deposits, reduced cost to income and digital channel optimization to tap into financial institution efficiencies and win
When did you last conduct communication of your strategy to your team? How much is poor strategy communication costing your business?
Ownership of your strategy and initiatives is the best strategy to win. Involve your team in your vision by having ongoing discussions about the future of your business and the key developments. That way you can anticipate bottlenecks and devise appropriate interventions to win.
Do you need a strategy expert to facilitate such discussions? Contact Mr Strategy today using any contact point on this website.
Copyright Mustapha B Mugisa, Mr. Strateg 2021. All rights reserved.
