Last month’s blog on the difference between a business plan and business strategy generated a lot of great comments and feedback. The most popular asked how exactly does one go about creating a distinctive strategy, especially in a competitive market. That’s a question that every organization – from private to public, profit to non-profit – should address. So here’s our perspective on how to move forward.
The first step is to acknowledge that nothing ever stays the same, and to actively lean into the changes. Over the course of a reasonable period of time, the market shifts, consumer preferences shift, competition shifts and then internally, your organization may have gone through some changes as well. So, as much as it seems everything is the same, assume it isn’t, and then start looking for the changes. To come up with new and relevant strategy, you need to shift your perspective. You can’t attack the problem the same way as before, otherwise you’re going to end up pretty much where you are now.
So, how do you do that? Here are three suggestions:
1. Introduce new input. The goal is to come up with insights that are new and different, and were not factors in the previous iteration of the strategic planning process. This means either investing in research or going beyond the usual analysis. You know you are on the right track when you have “eureka moments” — when you see something that you know you can’t ignore. For example, start with an objective analysis of your ecosystem, which includes your competitors, your partners and of course your customer and client base. Take a look at new trends and what products and services your market is adopting.
2. Bring new people into the process. These folks don’t necessarily have to be outside of the organization, they may be folks who don’t usually sit in on these types of meetings. There is a rule though: whomever you bring in needs to be imaginative and willing to express their opinions. This is about adding fresh thinking to the mix; bringing in people who will process the information differently. Now, if there isn’t anyone internally that fits that description, then find someone external to the organization. It could be someone who’s works in a different industry or market and has had experience coming up with strategies.
3. Change the question. We like to start every planning session with a question we want to have answered by the end of the planning process. The question isn’t necessarily an objective, like “How do we increase market share?” But it might be more like, “how do we make ourselves essential to our customers and clients?” Or, “how do we make sure our graduates pursue meaningful, life-fulfilling careers?” Or, “how can our services revitalize our community?” Don’t be afraid to ask a big question. As a matter of fact, the bigger the better because it will force you to reach for big answers and not be satisfied with crumbs.
Strategy and strategic thinking are terms that have lost much of their meaning because they are applied to just about any form of planning or thinking. So, don’t let yourself get fooled into thinking that because the meeting is a “strategic planning meeting” that’s what is really going to happen. Whatever it’s called, a real, successful strategy planning process is a heavy lift intended to point the whole organization toward new and different (and hopefully) more fertile shores. If you end up where you are now, you missed the opportunity.