‘Strategy’ is quite possibly the most overused word in the Management Consulting Lexicon. Needless to say its important not to dismiss it or the value Strategic Planning can bring to every enterprise.
How we define Strategy: The collection of tactics (processes and activities) a business will undertake to achieve its goals; Including external (Market) and Internal (operating/investing/Financing) activities.
The goal of our Strategic Planning Engagement is to recommend a Strategy, which represents the most likely, value creating, outcome for our client.
In order to make such a recommendation, we believe taking a sizeable step back to understand key parameters of successful strategy formulation:
1. The market environment: In a world of big data and information overload we curate the knowledge required for an informed decision. Competitors, rapidly changing environment and way too many choices necessitate our focused approach to finding the intelligence that matters. Moreover, presenting it in was that make sense to you.
2. Internal capabilities and perspectives: This includes goal setting, understanding whom the strategy will benefit and motivations. Looking inwards with sufficient depth allows us to understand what ownership wants, what management can do and aligning the two for success.
3. Contrasting the first two sets of knowledge against each other will begin to reveal sensible ways forward. Each must be formulated and assessed on a qualitative and quantitative basis. Beyond recommending a strategy, we go further to simulate all scenarios financially to help evaluate the possible outcomes including possible bumps in the road.
While there are many layers to a strategic decisions and implementation, we always consider the impact on your people and culture. As we specialize in private enterprise, we understand that, in many cases, your employees are part of the family. Successful change requires their buy in. This is where Strategic Planning dovetails into our Change Leadership offering.
Have you been doing the same thing for 5 years or longer? Is doing more of the same your Strategy? Are your margins steadily eroding? Do you have an exit plan?