A strategy Filter consists of a customized list of criteria that an opportunity, threat, issue, or challenge must meet in order to receive resources. While a Strategy Filter is a tailored tool, there are four areas to consider in developing one:
- Purpose-the mission, vision, and values of the group
- Business design-the business model on which the group operates, including the context, customer focus, offerings, differentiation, and strategy shield.
- Strategy-the overall direction and focus of the group.
- Impact-the qualitative and quantitative effects of channeling the resources to the necessary activities.
Managers make 5 common errors in executing strategy:
- Faulty strategy
- Unclear resource requirements
- Poor communication
- Weak accountability
- Lack of calibration
The Resource Allocation Calculator is a tool for evaluating whether or not a strategy has sufficient resources for successful implementation. The StrategyPrint is a two-page business blueprint that serves as a real-time strategic action plan for a business. The Strategy Tune-up is a periodic (weekly, monthly, quarterly) meeting with key personnel for strategy development and execution to review the context of the business.
Remember to use G.O.S.T terms correctly, and not interchangeably.
- Goal: A general target-What, generally, you are trying to achieve.
- Objective: Specific outcome desired-What, specifically, you are trying to achieve.
- Strategy: The resource allocation plan-How, generally to achieve the goals.
- Tactic: The tangible activities/items that carry out the strategies-How, specifically, to achieve the goals.
Strategy Formula = WHAT + HOW + WHO + IMPACT
- WHAT: The activity representing the purpose of the strategy.
- HOW: The general means or method of accomplishing the strategy.
- WHO: The audience the strategy is designed to reach.
- IMPACT: The desired result of developing and executing the strategy.
The Activity System Map is a visual representation of an organization’s strategy and the tactics that support it. It provides a thirty-thousand-foot view of the business by capturing the strategy and tactics, and relationships between the two, on a single page.
Purpose comes in 3 forms: current purpose (mission), future prupose (vision), and guiding purpose (values).
A mission is a clear, concise, and enduring statement of the reasons for an organization’s existence today.
A vision represents future purpose, providing a mental picture of the aspirational existence that an organization is working toward. Values are the ideals and principles that guide the thoughts and actions of an organization and define its character. The strategy development process has 5 phases:
- Discovery-“Research the Dive”
- Strategic Thinking-“Envision the Dive”
- Strategic Planning-“Plan the Dive”
- Strategy Rollout-“Perform the Dive”
- Strategy Tune-up-“Review the Dive”
The 4 main benefits of a well-designed strategy workshop are:
- It creates a shared understanding of the business.
- It generates innovation.
- It creates prepared minds.
- It is a vehicle to evaluate a manager’s business acumen.
The 5 steps to preparing a successful strategy workshop include:
- Determine the intent of the workshop.
- Identify the participants.
- Provide a pre-workshop Strategy Survey.
- Prepare and focus the group with pre-reading.
- Desing the meeting framework.