When trying to grasp the concept of business strategy we can say it is:
” A plan of action designed to achieve a long-term or overall aim ”
This is in its strictest sense and if we continue to understand strategy, we can say that:
“ The essence of strategy is choosing to perform activities differently than rivals do ”
A competitive strategy is about being different. One can also look at strategy as a sort of game plan:
“ To be able to achieve a competitive advantage, higher profits, and lead the market, not following the market ”
Something a Strategy is not, is some fine words laid down by the company directors in the form of a Vision Statement, a Mission Statement and a series of Goals to pacify investors, banks and to fill that blank space on the reception wall.
A Strategic Plan needs to be believable, achievable and bought into by all stakeholders, e.g.
Developing a sound strategic plan takes significant thought, research, time and resource and you should not be afraid to use external expert help to avoid inward thinking.
And, it does not stop there. The Strategic Plan needs to be further developed to be an integral aspect of your Target Operating Model (TOM), with relevant KPIs and review processes to ensure you are on track to succeed. If it’s not in the Strategic Plan why do it?
At Explic8 Limited, we have years of combined experience of developing and implementing Strategic Plans and complimentary Target Operating Models, working in complete collaboration with all the necessary stakeholders.