❓ What strategy mistakes do you make? Or do you even have one? ❓
Over the years of helping companies grow their business, I have seen clear patterns when it comes to strategy mistakes. As I keep saying their multiple steps in creating & implementing a successful strategy, that must be in sync
Not having 1 or regurgitating 1
Companies think they can continue doing what they’ve always done and get results. And yes that can work in flowing economies, however when it gets tough, what do they have to fall back on? I call this the Ostrich Syndrome, head in the sand hoping for the best. Things change, and they can change often, so you must predict success and not leave things to chance. A side element to this is regurgitating last years strategy
Going straight on to where you want to go without knowing where you are. While it’s crucial to build that Moonshot vision. As we discussed, if you launch straight into achieving it, you lose visibility on the effort required to get there. That leaves you exposed as you could be taking on too much running the risk of overloading your team. Before you start planning to get where you want to, you need to know where you are. This will determine the body of work to get there.
Leaders building the strategy on their own
Simply put, business strategy is a team thing. If you go off on a journey yourself, how are you going to get your team(s) bought into it. And if you don’t have the teams bought in, you end up dictating activities. This may work in the short term, but long term you will run the risk of alienating yourself from your team(s). Things are always better together, strategy should be a cultural thing. Create visions together, build motivation and give everyone a reason to turn up and put their best feet forward.
Leaving out Core Elements
Many people get into tunnel vision mode when it comes to strategy. More often than not, this is an outward vision. And that’s great, you need it. But what about the internal elements?
Profits are always part of the vision. But profits aren’t just about new sales. It’s about reducing costs and improving team engagement. In fact, it’s the most effective way to increase profits. And not just profits, cash flow.
Keeping strong Motivation & Momentum
Teams get really excited about going away for a strategy day/night. And they should, it’s a great activity and a great way to bond. But it’s not enough just to do it once a year. Teams are going to be stretched. Eventually, motivation will dwindle. The core team should meet regularly and then at least once a quarter, repeat that away day.
Building business strategies isn’t easy… they will test you, so it’s important to stay the course and keep the motivation and momentum strong.
If you have any questions on these issues or can relate, please get in touch. I’d love to help