How to Develop Your Strategy to Accelerate Business Results
Adapted from the forthcoming book: The Talent Advantage by coauthors Dr. Alan Weiss and Dr. Nancy MacKay, published by Wiley.
- A. Definition of Strategy: What will you do to achieve your agreed-upon 3-year ideal outcomes?
(See Appendix l – SWOT Template and Appendix ll – Strategy Template)
- B. Definition of Strategy Execution: How will you achieve your agreed-upon 3-year ideal outcomes?
(See Appendix lll – Execution Plan Template)
- C. Strategy Drives Structure and Role Clarity
(See Appendix lV – CEO Accountability Plan)
A. How to Develop Your Strategy
- Identify decision makers and clarify the decision-making process.
- Involve the right people. Board, CEO, Leadership Team, High Potentials, Employees
- Complete a 3-year industry analysis. Buyers, Suppliers, Competition, Threat of Substitutes, Threat of New Entrants (Porter Analysis)
- Complete a strengths, weaknesses, opportunities and threats analysis (SWOT) relative to your top 3 competitors. (See SWOT Analysis)
- Develop your long-term vision.
- Develop your company mission. What business are you in?
- Develop your customer value proposition. Are you the Walmart, BMW or Apple of your industry?
- Identify your 3-year ideal outcomes in all four areas of the balanced scorecard: financial, customers, operations, people. (see strategy template)
- Develop strategies to achieve your 3-year ideal outcomes. Focus on what you will need to do to deliver results.
- Identify the company values that will be required to execute your strategy.
B. How to Develop Your Strategy Execution Plan
- Develop 1-year objectives.
- For each objective, identify who is the lead person responsible and accountable for achieving the objective.
- For each objective, identify who will be involved in achieving the objective.
- Develop an execution plan for each strategy and set deadlines for each key milestone on the execution plan.
- Review and update the execution plan on a monthly, quarterly and annual basis.
- Repeat steps 1-5 for 2-year and 3-year objectives.
C. How to Ensure Strategy Drives Structure and Role Clarity
- Based on the execution plan, each person on the senior leadership team must develop an accountability plan. See Sample CEO Accountability Plan below.
- Hold a team meeting to review all accountability plans and to ensure everyone is set up for success with their stated accountabilities and interdependencies.
- Develop an organization structure to accelerate strategy execution.
- Meet weekly with each of your direct reports to coach, mentor and hold people accountable for results.