12 Apr Strategy Tools
A range of tools can be used to plan, implement, or evaluate a strategy. These tools are useful as getting small tasks wrong, such as not identifying relevant stakeholders, can have significant consequences for the overall strategy.
Identifying trends, whether they are within the industry or the organisation, is essential for planning for what is to come in the future. Entering a a high growth industry in its early stages can lead to huge returns and hence identifying these industries is key.
Neglecting stakeholders with an interest in, or power to influence, your strategy is dangerous and hence all relevant stakeholders should at least be monitored.
It is also dangerous to neglect the influence your strategy will have on other departments and teams. In some cases, a strategy in one department can be having counter-productive effects in another. An influence ripple map is often used to ensure this does not happen.
Aligning the organisation’s objectives with your teams can help employees to see the greater picture of what they are doing, as well as acting as extra motivation.
Culture and Values Alignment:
Preserving the organisation’s culture and identity can be crucial in ensuring long-term success. A strategy that introduces new values to an organisation and disregards previous ones risks reducing employee engagement and customer satisfaction.
It is important to agree how to assess your progress in a task before its inception. This allows evaluation at the end to be easily carried out. The correct timescales, units and overseers must therefore be decided upon.
Often a straightforward strategy in your head will actually be difficult to carry out and getting a second opinion on it will make this clear. It is important to discuss the reality of your strategy with those above and below you, as well as people in other departments of the business to get a in-depth assessment.