Pointers for a successful company strategy

Strategy is the art of doing the right things at the right moment. Do you have a written company strategy? No? This is disastrous:

Only if you know which direction you are headed can you decide what actions to take.

Your company strategy defines the long-term direction of your company. The strategy is the guiding principle, and provides the needed orientation for important company decisions.

The following pointers will show you what mandatory components must be included in your strategy, and what you should look out for during their implementation.

1. Vision

Your strategy must be rooted in an attractive and motivating image of the future. The most important need for people is the desire to have a purpose. If they have a vision they can assign a purpose to their own work, and to that of others.

2. Focus and concentration

Your strategy not only determines the direction, but also what activities to pursue. You must clearly define what you are not going to offer. You must also be clear about who your customers are, and who is not. Define which market segments you will operate in, and which are best avoided.

3. Simplicity

Your strategy must be straightforward, and easily understood. Otherwise, it will be difficult to get your employee’s buy-in.

4. Differentiation

Your strategy must clearly define how you will be different from your competition. How are you positioned in the marketplace? What do you do differently, and what are you better at – to the benefit of your customers?

5. Customer value

Regardless of what you produce, or what service you provide, it is essential that your product or service provides a value to your customers. No value – no business. Define precisely which customers you benefit, and how you benefit them.

6. Continuity

Stick with your strategy. Only continuity will ensure that your employees internalize your strategy, and act accordingly. You cannot be successful if you discard your strategy every six months.

7. Objectives

Your strategy must implementable. You need clearly defined objectives by which you and your employees can implement the strategy. These objectives must be defined precisely, and they must be measurable, attainable, relevant and have a completion date. For every defined objective ask: Who does what by when?