7 Steps to Formulating a Successful Strategy for your Business

BLog post 21.Understanding why you need a Strategy:

To become a leader in your industry and to achieve sustained strategic supremacy, the top management team must fully understand the importance of effectively formulating and executing a winning strategy.

2.Don’t Formulate your Strategy in Isolation:

In a lot of organisations, the strategy is created by the CEO in isolation. As management attempt to implement the strategy, the organisation zigzags from event to event, lacking clear direction. Momentum is lost. Resources are wasted. Opportunity is missed!

3.Don’t Confuse Vision with Strategy:

The first obstacle in developing a game changing strategy is confusing strategy with vision. Vision is the construction of a mental picture, or a ‘painting’ of what an organisation should look like at some point in the future. Strategy comprises of a verbal description of the business concept that the organisation will deploy to realize that mental picture or vision of itself in the future.

4.Build a picture of your current Sandbox:

You need to understand where you currently ‘are’ so that you can clearly plan what you need to do to get to where you want to be!

5.Identify new and emerging trends and analyse their implications on your business:

To keep on the path to success you need to know where your vulnerabilities are. Only then can you prepare for those curve balls and protect yourself from a Stealth Threat. You cannot predict the future, but you can prepare for and control the future.

6.Agree on your Driving Force:

What sets you apart from your competition? What is your significant and sustainable point of differentiation? What is it that enables you to add unique value that competitors will have difficulty duplicating?

7.Formulate your Strategic Profile and Identify any Critical Issues:

You know where you are, you know where you want to be, you know what needs to be done to get there. Now, prioritise your strategic objectives into a time-bound action plan.

CEOs and Senior Business Leaders have always had the same issues when faced with the challenge of formulating a game-changing strategy for their business. For over 35 years, DPI has been observing the thought processes of skilled strategic thinkers – CEOs of successful major worldwide companies – we have codified and created a rigorous, proven and assured Strategic Thinking Process. Hand on heart – it works, and it works very well.

If you have any questions about Strategy formulation in your business I would be delighted to hear from you. John Acton, Managing Partner, DPI Europe (johnacton@DPI-europe.com, or, 0203 7441161).