Often, the main challenge when it comes to strategy is knowing where to start.
And in an attempt to identify the starting point, we draw up plans and frameworks that can distract us from looking at the bigger picture.
The current uncertain state of the economy and markets makes it tougher.
This read by Joerg Esser helps to capture the how-tos and practicalities of strategy in these uncertain times.
He lists out: 4 Steps to Creating a Strategy in an Uncertain World
Here’s our quick summary that hopefully gives you some value!
“When devising strategy, taking a strict customer view is critical. What is it that your clients really want?
Rather than drawing up endless customer profiles, companies should consider what individuals want to achieve in a specific circumstance: the ‘job to be done’…
- Find the big question.
The first step is to formulate the right question — the question that your strategy then seeks to answer. - Break it down.
Break down the big strategic question into subsidiary questions relating to different parts of your operations or business process… It also opens the door to inspiration from outside your own industry. - Generate ideas.
The third step is to take each of the sub-questions and start the process of generating ideas and strategic options. - Identify the best options.
Finally, identify which strategic options from the previous step best deliver on each of the sub-questions….First define what success looks like for the process in question.
At Foundstone, we know that navigating through times of uncertainty and change requires a deep understanding of staff, customers and partners.
That’s why the Open Strategy approach we use helps our clients keep an external perspective, involve all the key people, and not get clouded by internal assumptions.
Read our article to know more about Open Strategy: What is Open Strategy?