VISION WITHOUT STRATEGY REMAINS AN ILLUSION
Whether you’re focused on setting new business priorities, outlining plans for growth, creating a product or planning your investment decisions, you’ll need a strategy.
Realizing that you need one is easy. Actually creating a strategy is a little trickier.
SIX STEP SOLUTION
The Mandalay Group has defined a six step solution to deliver effective business strategies:
1. GATHER FACTS
Before starting to look ahead, we review past performance, and current situation. We examine each area of the business and determine what worked well, what could have been better, and what opportunities lie ahead.
We utilize tools and techniques to help this process, such as SWOT: Strength, Weakness, Opportunities and Threats analysis. We also employ a framework for viewing external factors, PESTLE: (Political, Economic, Social, Technological, Legal and Environmental. Using these tools facilitates the next steps to growth.
2. DEVELOP VISION STATEMENT
This statement should describe the future direction of the business and its aims in the medium-to-long term. It’s about describing the organization's purpose and values. Many have argued about what comes first – the vision, or the mission statement. In practice, we develop both simultaneously.
3. CREATE MISSION STATEMENT
Like the vision statement, the mission statement defines your organization’s purpose, and outlines its primary objectives. This focuses on what needs done in the short term to realize the long term vision.
For the mission statement, we ask the questions:
What do you do?
How do you do it?
Whom do you do it for?
What value do you bring?
4. IDENTIFY STRATEGIC OBJECTIVES
At this stage, our aim is to develop a set of high-level objectives for all areas of your business. They need to highlight the priorities and inform the plans that will ensure delivery of the company’s vision and mission.
By taking a look back at your review in step one, we utilize the SWOT and PESTLE analysis, and incorporate any identified strengths and weaknesses into your objectives. Your objectives must also include factors such as KPI’s, resource allocation and budget requirements.
5. CONFIGURE TACTICAL PLANS
Now lets put some meat on the bones of your strategy by translating the strategic objectives into more detailed short-term plans. These plans will contain actions for departments and functions in your organization.
You’re now focusing on measurable results and communicating to stakeholders what they need to do and when.
6. MANAGE PERFORMANCE
All the planning and hard work may have been done, but it’s vital to continually review all objectives and action plans to make sure you’re still on track to achieve your overall goal.
Creating, managing and reviewing a strategy requires you to capture the relevant information, break down large chunks of information, plan, prioritise, capture the relevant information and have a clear strategic vision.
Managing and monitoring a whole strategy is a complex task, which is why we have created proprietary technology platforms that provide access to these key metrics.
Our solutions provide the management and expertise you need to develop, deploy and measure your strategy.