Strategy Identification

  WHAT

Strategic planning is a comprehensive process for determining the vision of a business, i.e., what it should become and how it can best achieve that goal. It explicitly links the business’s goals and objectives to the actions and resources required to achieve them (Bain & Company, 2017). Strategy Identification is a systematic process to describe an organization’s vision and mission, evaluate strengths and opportunities, and develop strategies to achieve its goals. This process can also be conducted at a business unit level or a department level.

Our Strategy Identification model follows these steps:

  1. Describe your vision - What would your organization look like if you achieved your goal?

  2. Identify obstacles to achieving your goal.

  3. Identify strengths and opportunities that could help you achieve your goal.

  4. Based on your key strengths and opportunities, identify strategies to achieve your goal.

  WHO

This model can be used by directors of strategy, department heads, and business unit heads.

  WHY

“Knowing why you’re doing what you’re doing (your mission), where you’re trying to go (your vision), and how you’re going to go about it (your values) are the glue that holds an organization together” (OnStrategy, 2018). Every day, businesses are bombarded with bestselling ideas and practices for creating value. For them to be true to their goals, they need a well-articulated vision that guides their decisions and an awareness of their strengths and weaknesses. 

“A company’s success depends on having a solid vision for the future and employing an engaged team that is dedicated to making that vision a reality. A clear vision helps companies run more efficiently by keeping everyone on the same page” (Lavoie, 2017).

Strategies should look not only inward into the organization for strengths and obstacles but also outward at the competition and business environment for opportunities to meet your goals (Reh, 2017). Before you choose a strategy for your goal, it is necessary to identify and evaluate the consequences of all possible courses of action.

  HOW

1) VISION

1) NOODLE & TAG: What would you look like if you achieved this goal? Categorize your insights.

2) COMBINE to eliminate duplicates and move forward with only unique insights.

2) Obstacles

1) NOODLE & TAG: Identify & categorize obstacles that could hinder your ability to achieve your goal.

2) COMBINE to eliminate duplicates and move forward with only unique obstacles.

3)VOTE for the obstacles that will have the greatest impact on achieving your goal.

3) Strengths and opportunities

1) NOODLE & TAG: Identify & categorize strengths and opportunities that could help you achieve your goal.

2) COMBINE to eliminate duplicates and move forward with only unique ideas.

3) VOTE for the strengths or opportunities you feel are most important to focus on.

4) Strategies

1) NOODLE & TAG: Identify & categorize strategies to achieve your goal.

2) COMBINE to eliminate duplicates and move forward with only unique obstacles.

3) VOTE for the strategies that would most contribute to achieving your goal

4) RATE each strategy based on impact and ease of implementation.

5) ACTIONS: Develop an action plan to implement your strategies.

  RESULTS

  • Shared understanding of what achieving your goals means for your team

  • Comprehensive list of obstacles that could hinder you from achieving your goals 

  • Prioritized list of strengths and opportunities that are key to achieving your goals

  • List of strategies to achieve your goals

  BENEFITS & IMPACT

This exercise will enable:

Quality –  Identify effective strategies based on your core strengths and opportunities and develop a clear vision for your success.

Efficiency – Maintain a list of strengths, opportunities, and possible strategies for a quick reference during the next strategy development exercise.

Engagement – Engage a diverse group of stakeholders for a wider perspective of strengths and obstacles.

Agility – Repurpose the decision process to develop strategies for your goals at all levels within your organization.

  REFERENCES

Bain & Company. (2017). Strategic Planning. Bain & Company. http://www.bain.com/publications/articles/management-tools-strategic-planning.aspx

Lavoie, A. (2017). How to engage employees through your company vision statement. Entrepreneurhttps://www.entrepreneur.com/article/290803

OnStrategy. (2018). Developing Your Strategy. OnStrategyhttps://onstrategyhq.com/resources/developing-your-strategy/

Reh, F. J. (2017). Vision, Strategy, and Tactics. The Balance. https://www.thebalance.com/vision-strategy-and-tactics-2275051