This month, we are presenting a trilogy of blogs on the importance of communicating your business strategy to your people. In this first issue, we are looking at what to include in that strategy. After that, we will look at why it’s so important to communicate it effectively and offer our thoughts on how best to do so.
If you think your comms strategy needs a bit of TLC, why not give us a shout? A comms health check can be a worthwhile pre-emptive strike, saving you from all sorts of issues and problems further down the line. Or just drop us a line if you want to talk comms.
So, back to that business strategy. Having a strong vision and a clear strategy for the future of your business is clearly fundamental. The term ‘business strategy’ usually refers to a set of planned actions and decisions that an organisation undertakes to achieve their specific goals and objectives. It involves the formulation, implementation, and management of a plan that guides the organisation toward its desired outcomes.
“A goal without a plan is just a wish.”
- Antoine de Saint-Exupéry, French writer and pilot
Business strategies are as varied as the businesses they are created for, and no two will be the same. Bespoke and perfectly tailored is the way to go.
However, key components of a business strategy usually include:
Mission and Vision:
The mission statement outlines the fundamental purpose and reason for the existence of the business.
The vision statement describes the desired future state, or the long-term aspirations of the business.
Goals and Objectives:
These are the specific goals that the organisation aims to achieve, and usually by when.
Objectives are the specific steps or milestones taken to reach those goals.
The strategy may also include how the business differentiates itself from its competitors.
Identification of the organisation's unique value proposition and market positioning.
Allocation of resources, including financial, human, and technological, to support its strategic initiatives.
It may also include some detail on how it plans to efficiently and effectively use these resources to achieve strategic goals.
Examination of the external environment, industry trends, and market conditions.
Understanding customer needs, preferences, and behaviours.
Detailed plans outlining how the organisation will execute its strategy.
Assignment of responsibilities, timelines, and key performance indicators.
Monitoring and Evaluation:
Establishment of mechanisms to track and assess progress toward strategic goals.
Regular review and adjustment of the strategy based on performance and changes in the business environment.
Additionally, a detailed strategy could also include elements of:
SWOT or Risk Analysis:
An evaluation of the organisation's current strengths, weaknesses, opportunities, and threats.
Identification and assessment of potential risks that may impact the achievement of strategic objectives.
Development of strategies to mitigate or respond to risks.
Innovation and Adaptation:
Consideration of innovation and adaptability as integral elements of the strategy.
The ability to adjust the strategy in response to changing market conditions and emerging opportunities or challenges.
A good business strategy will provide a roadmap for a business, guiding decision-making at all levels. It should serve as a framework to align the efforts of employees and resources toward common goals, ensuring that the organisation remains competitive and responsive to its environment. Additionally, a successful business strategy will be dynamic and responsive, allowing organisations to navigate uncertainties and capitalise on any emerging opportunities.
Next time, we will look at why it is so important to effectively share your business strategy with your people - your comms strategy for your business strategy, if you like!