I love business strategy. I know, I know, that sounds so dorky, but I am going to challenge you, is it? A company’s strategy…when you step away from the scary sound of it and look at it for what it really is…is not scary – in fact it’s the opposite. It’s the playbook that tells each and every employee – this is what we need to do to be successful. So in essence, building a business strategy is as simple as helping everyone on the team know what to do to deliver success.
Often when you say company strategy, people will roll their eyes, get anxious and automatically overcomplicate it. A company strategy is not complicated – it is simply a direction of where to go.
To help uncomplicate corporate strategy and build a business strategy, I follow a simplified methodology or framework. I call it the S>I>T methodology. Yes, there is some fun for me when people overcomplicate it and I can say, “hey…S>I>T”. But beyond that fun, let’s break this down. What is it and how does it help you understand, craft and execute a phenomenal company strategy.
S = Strategy
Strategy is the few things, 2-4 ideally, that you define are the things you need to do to be successful in the future, i.e., financial strength, perform, etc. These are the key areas a company needs to advance in order to help the company continue on the path of success.
I = Initiatives
From each strategy, several initiatives should emerge. The initiatives will guide the tactics. These are projects, workstreams or steps you put in place and work in order to deliver on the strategy.
T = Tactics
Once you know the strategy and initiatives the next step is defining the very specific tactics that need to happen in order for the strategy to come to fruition.
When you put them all together, a few strategies lead to a handful of initiatives. A handful of initiatives define tactics. And execution of dozens of tactics delivery on strategy. Boom, it’s that simple to define your strategy.
Examples always help
It’s true, examples do always help, here is a breakdown of a strategy, with initiatives and tactics also outlined.
How do you strategy?
Strategy, like so many things in business, can happen in so many different ways. What framework do you use to build your business strategy? Please share here so folks can see options and choose the way that works best for them.
