Strategy: It’s not as hard as you might think…
In my coaching, I find that my clients often approach strategy with a sense of apprehension. I think this is because it sounds more complex and perilous than it actually is. The military connection to this word, suggests that a strategy must be make-or-break, but in business I would define it more simply as thinking ahead.
The future is uncertain and nebulous quantity that people regard with a guarded attitude. It feels naturally wrong to pre-suppose upcoming events. However, I would argue that strategy is as much to do with the past and the present, which inform the likelihood of what will happen next.
Therefore, if you feel on top of your work now, it’s conceivable that you will be on top of it in the future. Don’t be phased.
A limiting mindset – Reactive vs. proactive
One of the main reasons that leaders suffer from a lack of confidence is that their company approach to challenges and opportunities is too reactive. It is well within reason that both positive and negative situations can occur without warning, but aiming to anticipate them as much as possible is the first step to a steadier, more assured organisation.
The danger is that decision making becomes too organic, where acting quickly is seen as advantageous. This is often the case in adolescent stage companies who, during their infancy phase, have had to think on their feet to navigate the early challenges of staying afloat. Maintaining this strategy is risky as the company matures, as short-term victories can cover over the cracks of more systemic issues.
A missing element – Ringfencing time to strategise
What differentiates leaders who are proactive, as oppose to reactive, is they dedicate specific schedule space to considering the future. This can be difficult to obtain amongst the hustle and bustle of daily work, but is an essential ingredient to positive forward momentum. Follow these three steps, so you can ringfence this thinking time:
Work out what part of your weekly timetable would be least disrupted by your absence, so you can spend time considering the future.
If you think your absence will be disruptive, appoint a trusted deputy to oversee your role in this time. They might need to share some information or train them to do this.
Where might you do your most productive thinking? Identify a space where you can think creatively, this might well be out of the office in a coffee shop, or in nature for example.
A different perspective – Looking back to think ahead
As I mentioned earlier, so much of planning for the future is accurately perceiving the past and present. Consequently, there are a few key considerations when strategising effectively:
Your defendable base: What part of your business brings in the most profit? You may well have to formulate your strategy with regard to this aspect. Even if this is an area of your business that you do not wish to expand in, it is worth ensuring you have a steady stream of income from this avenue to allow you to expand in other areas.
Your company competencies: What is it that your company does best? What offerings are synonymous with your brand? This is the product/service that you can build your growth around and might be the same as your ‘defendable base.’ If you don’t already know what this is, try conducting consumer research to find out.
Market gaps/Relevant trends: Can you identify an area in your current market where you could offer something new? What trends are currently emerging that you could tap into? The first of these considerations can be identified less easily than the second, but it is worth thinking about the possibility. Keeping yourself relevant is far easier, by assessing what features and benefits are most popular in your current market.
If you feel daunted by strategic work, I hope this article has demonstrated that it is not nearly as complicated or perilous as you might have thought. If you already feel confident strategising, congratulations; having an assured eye on the future is a vital step towards achieving sustainable success.
Just remember, don’t be reactive, be proactive and you will find that your opportunities increase as the challenges you face diminish.