Yes! Supercharge strategy, implementation and performance – but the deadline for starting is ... NOW! Here’s why!
For each organization, preparation for strategy development has a different lead time and resource allocation. The earlier you get started, the more likely you are to have assembled what you need to do a good job of strategy development. Compare these two examples.
First Co has a strategy meeting about every October involving the senior leadership team. Preparation typically begins in August with some information shared beforeand some during the meeting. During the strategy meeting, the senior leadership team clarifies what has changed and the consequent action plans. This flows into budgets for the year ahead although some isues need further clarification after the meeting.
Second Co has a strategy conference every 2-3 years that involves differing stakeholders including the Board, customers, suppliers and industry opinion leaders for parts of the preparation, pre-work and in some cases, the conference itself. Preparation begins 6 months before, including some external “fresh eyes” both reviewing the current strategy and suggesting ways to improve the intended strategy development process. The Board provides a view on its current 3-5 + 5 year vision and management does the same – over the process they will need to converge views. Teams own assembling industry foresight, stakeholder opinion, longer term industry, competitor and organizational analysis and so on. The early preparation identifies really big issues for further investigation and helps to shape whether a single conference of several meetings are warranted and whether they should be 1, 2 or more days. As much as possible is socialised with participants prior to the conference, resolving questions and maturing ideas, thus freeing time at the conference for dialogue, discussion, debate and ultimately decisions that will direct the organization’s future. Several smaller meetings are usually required as follow up to refine implementation plans and business cases which inevitably refines the strategy. Web-conferencing as well as face to face meeting opportunities are built into the process prior to develop thinking and after to review business cases and information refinements.
TMG takes the view that the extent of preparation required, who needs to be involved and how extensive the conference or meetings need to be is tailored to the circumstances. The existing vision and objectives, competitive dynamics, organizational performance, current visibility on industry innovation and so on, all determine what level of investment is warranted and what the best strategy development process will be. Neither of the above examples is right OR wrong - but think about what you need NOW! If you need a long lead time, talk to us early. If you have a sense it is time to make a step change, talk to us early. If you feel the need to stimulate a new level of rigour in your next strategy development process, talk to us early. In fact, talk to us now! You need the right data and the right process to find the right strategy.
If you would like to discuss options for the right strategy development process for your organization in current circumstances, call the Director of Consulting, Peter Boyce, on 613 9010 9010. There is no charge and no obligation and you are free to use all and any ideas we provide. For:
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contact us now, for an obligation free, completely confidential, dialogue.
