How To Develop Strategy
I recently met up with Theresa who has moved up several layers in her organization over the last few years. “So what’s the next position for you?”
“I’m not sure. The next level is VP and my manager develops strategy with ease. I can’t do that.”
The only difference between Theresa and her boss is confidence. Developing strategy is not complicated:
1. Decide what matters to you in the future.
- Market position
- Talent and skills
2. Identify the information required to make decisions about priorities.
Go get it! Don’t overdo this step. Get a sufficient amount to make a decision, and no more.
3. Select your priorities. No more than 3!
Don’t get stuck on your existing capacity. You can build the capacity needed to drive critical priorities. Make your targets explicit.
5. Evaluate and learn.
6. Adjust and repeat.
Yes, at more senior levels the impact of your strategy decisions have bigger implications. Therefore, do your due diligence. Check it with your trusted advisers. Then get on with it.
Theresa’s boss has high confidence. That’s not a skill – it’s a state of mind. Leaders make mistakes, but the good ones are unafraid to take calculated risks. I’ve had the pleasure of working with boards and executives that want to make solid strategic decisions rapidly. Need a clearer direction? Ask for a Rapid Strategy Development Workshop.