What is a strategy?
A strategy is a way of running your organization. In other words, “It is a method or plan chosen to bring about the desired future, such as achievement of a goal or solution to a problem.” A lot of people have the belief that “planning” is the hardest thing about strategy. One must know what to do in order to take an organization nearer towards its goal. But, the truth is, planning is the easiest step, what actually is hard, it to execute the strategy. A good strategy is what sets a person apart from the crowd.
So, how do we successfully execute a strategy? It isn’t a process, it’s a framework.
1. STRATEGIC PLANNING
Planning is deciding in advance what needs to be done, how it is to be done and who will do it. The planning process is the first step that one needs to go through to successfully execute a strategy. Strategic planning involves the rise of questions like:
- What is the ultimate achievement going to be?
- What steps need to be taken (big or small) to get there?
- What framework needs to be used?
- What will be the frequency of your strategy meetings?
- How frequently will you be conducting your strategy meetings?
- What type of communication is required for your strategy?
2. SETTING UP A GOAL
No organization can function without a specific goal. The goal created should be tangible and owned by individuals. Goals will become the bedrock of your management – which is an element of a successful business. Goal setting can help in easing out things like:
- How well has your team understood your objective?
- Whether you have the right people and skills for the plan to be executed?
- Whether or not your plan is realistic, keeping in mind the availability of resources
3. COMMUNICATION
Once your goal is decided, the process of engaging your organization must be started. Communication is a two-way process. You need to get feedback from your managers and subordinates to understand their views about the strategy right from the beginning till the end. Communication in an organization can be done in two ways- Formal and Informal. You must conduct regular questionnaires about the progress of the strategy.
4. REPORTING AND TRACKING
Tracking is followed by reporting, wherein everyone in the organization is regularly updating the progress of their goals. This may sound to be time-consuming, but in reality, it only needs a few minutes per month. Updates must be made in quantitative measures for easier and better understanding of the report. Goals aren’t static, so you might have to push the deadline further or even change the goal entirely!