What is Strategy? How should it look like!

A number of us during our strategy management class have been asked to draft, vision and mission statement for ourselves or a dummy organization. All of us have written is BLAH BLAH BLAH and nothing more. Yes, none of our vision and mission statements has a meaning which can be translated into reality. We plan to keep the VUCA aspects in mind but isn’t it too complexed. In a workshop we had participated last week, I was given a new meaning to this exercise and here it is!

EVERY ORGANIZATION MUST HAVE A DREAM! TO MEET THAT DREAM THERE SHOULD BE A STRATEGY!

Yes, each entrepreneur or intrapreneur should have a clear dream which should be embedded in each of his team members with crystal clarity. It should be the reason for them to stay together, work together and get every morning from their bed with enthusiasm, eager to perform. It should be as simple that even a 10-year kid can understand. It is difficult but not impossible and the day an organization can achieve this simplicity its customers, employees will always stick to each other.

As soon as we define our dream, we need to assess how can we reach it, and there comes the concept of strategy. The step to define it is

  • Write down 5 forces that are imperative for you to attain this goal
  • Arrange them in order of priority
  • Work hard to achieve 3 which can 80% impact on your dream
  • Once, achieved these 3 focus on the rest
  • A strategy should be a 3 sentence based which can be explained in 30 seconds
  • Every parameter should be monitored daily or weekly to know if we are on the right path

This strategy should be accepted by all and it should be embedded in all. Never focus on HOW will you achieve it, instead of believing in and run hard and evaluate it again and again. Every member of the team should follow the statement by Steve Jobs “I have looked in the mirror every morning and asked myself if today was the last day in my life, would I want to do what I am about to do today? and whenever, the answer has been NO for too many days in a row, I need to change something”.

Now that you have formulated your strategy and you should periodically evaluate it with an idea, how can we beat ourselves from what we were yesterday? One of the biggest mistakes, we often do as a team is we become a history-centric company and set our goals accordingly. We need to become a customer-centric company and focus on understanding the trend and not the data. It is important for us to define our customers regularly to continue meeting our dream.

So, if we define strategy it is the ability to make the correct tradeoffs not in to do’s but while the allocation of resources and if we-can represent it graphically it will be explained as

 

Also, while drafting your strategy take the company hat Off and focus on your customers. Never ask what they want instead to focus on understanding what they need. Also, let your best brains identify what your organization can do better for your industry and not just competitors. Think BIG, DREAM, ESTABLISH, MONITOR, and SUCCEED is what strategy should look like.

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