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.

5 Things To Hone Your Strategy And Growth Skills (For Intrapreneurs)

On Friday morning, a 5-member team comprising of our CEO, CIO was at a premium hotel all geared up for a single-day workshop that focused on developing my productivity and ensure the overall growth of our organization. We wanted to understand how we could leap at our growth rates. I will horn multiple articles from this eight-hour session.

I did happen to go through a pre-reading material which was provided to us, in case you also want to go through here it is- Pre Reading Material and understand the profile of our trainer-Christo Popov. I had a passion for understanding how to be more productive for long and this was a workshop I honestly was excited about. But what are my top 5 learnings from it?

Here it is

#1. What is most important for an entrepreneur or intrapreneur?

Self-confidence- never lose self-confidence even after failure was a piece of simple and bold advice. But we all wondered even after a failure? How should we tackle failure then? The answer was simple- Focus on simplicity and till you understand the aspect which has 80% importance in your failure, don’t move. Yes, the Pareto principle is the solution that ensures focus and targeted outcomes.

#2. What is the skill which each organization should cherish?

Brutal honesty, no filter in communication. Each and every boss or seniors should be ready to accept criticism. All of us wondered if it is even possible but then we were told an exercise that is followed across multiple organizations. It is mandatory for everyone in the CEO’s Office to come back to their boss and tell what they did wrong last week. Interesting and honest, isn’t it?

#3. Believe You Are In the Best Times

The era we are living in is the best time to do business, this belief should be rampant across everyone in the organization. We must believe that life is today or never. To be honest, yes it is. Today, we have the maximum life expectancy, the PESTEL forces for every business is minimal in maximum parts of the world. We are moving toward a smarter world, so we need to be accurate, bold, and innovative.

#4. Anticipate Better But Don’t Plan for 5-Years

Every team and leader has to anticipate well but never plan for more than a year, was a single sentence law which was explained to us. However, we all wondered but how and why? The answer came was simple and practical, today ORGANIZATIONS WHICH ARE FAST WILL EAT BIG! An example was Kodak, Nokia killed by the likes of Xiaomi. Having product myopia in a team is the biggest disaster that an organization can have. What matters today is speed and people who think fast and act fast can get the bigger pie in no time. It is important for every enterprise to be like an elephant (heavy with mass) but still run like a cheetah.

#5. Don’t compete on price unless you offer the lowest price

A number of my friends often talk about how they lose business due to a lower price being offered by their competitors. I always wondered what the outcome should be they also lower it down more and till it becomes sustainable. Price is one of the biggest parameters for several consumers but as a marketer, we need to believe in our product/service. We need to establish our USP from day one which should be primarily be focused on customers.

Do let me know your thoughts and your experience if any!