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Strategy Checklist*

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TMG  February 2011

For the full article see the Web Page Here. 

With a cup of tea (or a Scotch if at that hour) in hand, consider your current strategy as you read down this ten point checklist.

 

1. Outcompete 

  • Does your strategy enable you to out-compete? Are your returns rising faster than the industry and your market power increasing? 
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2. Competitive Advantage 
  • Does your competitive advantage stand up to external scrutiny? Is there clear evidence of its voracity and a well articulated argument for how and why there is superior value being captured as a result? 

3. Target Market 

  • Is your target market clearly defined? Including clarity on the ways your target market differs from that of your competitors and the expected evolution of that target market (s) ? 
4. Foresight 
  • Have you developed a coherent narrative of trends and industry foresight? How does this change the nature of value your market will require and how is your firm taking action to leverage that foresight for superior value creation – for the customer and yourselves? 
5. Insight 
  • Are you confident you have developed superior industry insight to that of your competitors? Have you understood your industry dynamics and industry evolution in ways that give you the ability to see what your competitors have not yet grasped? In this way you are advantaged in your decision making 
6. De-risked 
  • Are you satisfied your modelling of the strategy outcome has adequately examined how alternative assumptions play out (potentially a Monte Carlo analysis) and you are comfortable the range of potential outcomes delivers returns superior to the industry? 
7. Investing 
  • Are you satisfied you are investing sufficiently in assets (tangible and intangible) that give you unique (scarce) resources and competencies that will be tough for competitors to emulate? (Patents, licenses, rights, alliances, brands etc…) 
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8. Objectivity 
  • Has your strategy withstood testing by minds that have no vested interest and are free to critique? (don’t fall in love with it because you came up with it) 
9. Engagement 
  • Does the collective will exist to execute this, with all the change and risk identified? How emotionally and intellectually deep does the understanding of and commitment to this strategy run? Is it enough to get it through execution?  What do you need to do to get the engagement to the level required?
10. Accountable 
  • Is the action plan for it to be implemented detailed and accountable enough to be sure it will happen? Are there sufficient lead indicators to be able to see execution is occurring as well as the results to evaluate? 
This simple checklist* can be very revealing. It not only informs the design of your strategy development process, but provides a benchmark against which to evaluate your progress throughout. 

* Adapted from multiple sources including BCG, McKinsey, TMG and others


 
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