Build your ambitious strategy: Move boldly forward [Articles + Video]
Written by: Julie Williamson, PhD
Setting and executing on a clear business strategy that drives transformation is crucial in today’s competitive marketplace.
7 questions about your strategy that you need to ask today [Article]
Setting and executing on a clear business strategy that drives transformation is crucial in today’s competitive marketplace. At Karrikins Group we spend a lot of time with executives who are working out what they need to do next in their companies to transform their businesses and maintain an edge over the competition while staying a step ahead of what the market wants.
Setting an ambitious business strategy is hard work, and companies invest a lot of time and energy into it.
Unfortunately, the results can be lackluster, often because of the combination of unaligned execution and a strategy that lacks ambition. When you are setting a business strategy, there are seven key questions you should ask to understand if it is ambitious enough to drive transformation. These are based on the reality that if nothing changes, nothing changes. Your strategy must be bold enough to shake apart deeply held beliefs, relationships, and organizational habits, otherwise, it will fail to transform your company.
The 7 key questions to ask yourself about your business strategy:
- What are the new / different sources of revenue?
- What are the new / different cost drivers?
- What changes are required in your supply and distribution models?
- What are the new capabilities your workforce will need?
- What leadership habits and behaviors need to change?
- What are the process outcomes that need to change?
- Who might leave the organization?
Perhaps the best way to know that a strategy is ambitious enough is that it seems like it will be hard to accomplish.
If it seems easy, you may not have tackled a big enough ambition. There are certainly years when a steady strategy is appropriate, but for the times when you want to unleash ambition, it should feel a little daunting as you lay it out. We know delivering on strategy is both hard and worthy work. We have seen first-hand the positive impact of the KARRIKINS Diamond Triangle™ to help you succeed with your most ambitious strategies through the power of aligned leadership.
Are you struggling with strategy development and execution? [Article]
Too often, leaders consider participating in strategy work or strategic planning as an odd combination of an earned privilege and necessary evil – a moonlighting job compared to their “real work” of delivering on revenue goals and operational metrics.
There are groans and eye rolls that go along with the commencement of the annual process. These come along with prognostications about how it is just a waste of time, that the same conversations will happen in the same way with the same outcomes. And yet, as much as people might complain about the amount of time and effort required to develop strategy, they complain even more if they are excluded from the process! Getting a seat at the strategy table is typically a sought-after form of recognition that belongs to an exclusive few and most will protect that seat at all costs.
This dichotomy creates a significant challenge for organizations trying to create strategic clarity, direction, and focus.
Strategy work requires leadership energy, capability, and personal investment from across the organization. Strategy is not a side hustle for leaders. It is a vital and integral part of senior leadership.
The article Strategy Is Not a Side Hustle looks at three challenges in detail.