Focus: Becoming a Strategy-Driven Company
Strategic thinking in your business has never been more critical. Taking the time to focus your management team on the future, developing your business strategy and executing that strategy, is critical to successful performance. Strategic thinking should be established as a part of your company culture. Strategic thinking should be a core competency of your business and will give you a competitive edge. Strategic thinking leads to a strategic direction for your company and as a result, your employees can focus their attention and concentrate on achieving their goals and objectives.
1. Create a strategic thinking culture within your business, it starts at the top. Value and reward strategic thinking. Make time for the strategic thinking and planning processes. Communicate the company’s strategic ideas and direction with the employees.
2. Develop a strategic plan for your business for a three to five year period and review your progress against this plan quarterly. It is easy to get off track. Develop a process to update the plan. Establish closed-loop systems for feedback on the achievement of strategic plan milestones. Hold employees accountable for achieving their part of the plan.
3. Ensure that the strategic plan drives the business goals and all departmental objectives. Once the strategic direction is established, the process of establishing departmental plans is much easier. Plans support the direction with a clear process established to get there.
4. Train your employees on how to think strategically. Bring in experts to help your company, dedicate time and resources to being strategic, train your organization to brainstorm effectively and hold strategic thinking workshops.
5. Strategic thinkers need input and exposure to new ideas! Study your competition, study other businesses, research growth opportunities, look outside of your business for ideas. Read, learn, talk to smart people, and become aware of the changing business environment.