- What does not fit?
- what would an outsider do?
- Is my organization consistent with my strategy?
- I don’t understand why we do it this way.
- Is there a long-term consequences?
Bill Gates was famous for taking a week off twice a year just to think and reflect on Microsoft and its future without any interruption. Warren Buffet said, “I insist on a lot of time being spent almost every day to just sit and think.”
Henry Mintzberg has described strategy as “emergent”. It is not the result of a strategic plan being implemented, but driven by unforeseen events. In response to external events and lucky breaks, companies often engage in new activities such as customers, markets, products, and business models. escalation of commitment can be the reason for some of them. We have committed to something, and determinedly fought for it, but now that things have changed, and it no longer makes sense, we may still be inclined to persist.
When discussing strategy with Gordon Moore, AndyGrove called it the revolving door, asking ourselves what they would do and then doing it ourselves. Al West, the founder and CEO of SEI, the wealth management company that was worth $195 million at the time, was in the hospital for three months after a skiing accident.
Although they had declared innovation to be key in their strategy, the underlying organizational architecture was not suited for the job. As a result of his thinking time, West asked himself if the way his company was set up was ideal for its strategic goals. I make a habit of asking why when I am getting to know a new firm because I am writing a case study on them.
The practice of large newspapers began in London in 1712 because the English government started taxing newspapers by the number of pages they printed. What could possibly be the long-term consequences of your key strategic actions is the final question to ask yourself when reflecting on your company’s strategy and organization. Consider a practice adopted by many of the UK’s IVF clinics – of selecting relatively easy patients to treat, in order to boost short-term success rates. The practice makes a clinic look good in the industry’s “League Table.”
It backfires in the long run because it deprives an organization of valuable learning opportunities which in the long run leads to a lower relative success rate, as shown by my research with Mihaela Stan from University College London. When we asked medical professionals in these clinics what the benefits of treating difficult patients might be, they were able to articulate the learning effects very well.
What is an example of a strategic question?
When a major change happened here in the past, what actions and conditions led to it? How can we make those conditions as we approach this change? None of us can do it alone, what can we do together?
What are the 4 strategic questions?
- What is your position in the market?
- What is the strength of your brand?
- How close is your consumer to your brand?
- Do you know what the current business situation is for your brand?
The answers will be easier if you ask the best questions. Do you know what the current business situation is for your brand?
What are the five strategic questions?
The strategic five are: What business or businesses should your company be in, how should you add value to those businesses, who should be the target customers for your businesses, and what should your value be?
What are the three big strategic questions?
- What is the purpose of our business? The mission is to be accomplished.
- What will our business be like? The changing environment we are certain about.
- What should our business be? The vision is blurry.
It is the time of year when many of us make final arrangements for strategic planning meetings. We have to nail down the right venue and get confirmations from our board members, but we also have to think about where we go from here.
In order to find the best mix of content and focus, questions are asked, challenges considered, and opportunities identified. Agenda content designed to engage the group, challenge ideas, and encourage strategic plays an important role in the execution of a productive meeting, having been used to facilitate hundreds of strategic planning meetings for credit unions of all sizes and in all manner of venues. In the ever-changing environment that we operate in, it is not easy to answer these questions. To fully understand what business we are in, we need a clear idea of whom we serve.
The most successful credit unions know who they want to serve and what help is needed. If it is our intent to serve tech-centered consumers, we need to have the internal expertise, infrastructure, and innovative culture to be the best at delivering the latest and the greatest. It is impossible to have the lowest rates in town because of the operating expenses of many smaller credit unions.
You will need staff with higher skill sets to educate, serve, and develop this unique member group. There are a lot of potential lenders lined up at your local auto dealership.
What are the 3 important questions to answer when developing a strategic plan?
- The first question is what the real problem is.
- Why is our solution better than everyone else’s?
- How will you do it?
It sounds counterintuitive, but the most effective strategic plans that lead to high growth only need the answers to three basic questions.
It would appear that a strategic plan should be somewhat complex and analytical, but that may not be the case. The answer won’t come from filling out a strategic template.
Strategic plans always start and end with a solution to a customer’s problem. Tom Marin, President of MarketCues wants to hear from you.
What are the 3 types of strategy?
There are three types of strategy: general strategy, corporate strategy, and competitive strategy.