5 Factors for a Great Strategy
Strategies which are NOT based on an understanding of how trends in market, customers and technology are developing are condemned to repeat the existing approach at best. Building an approach which looks at trends allows strategy to be developed which opens the organisation to growth through new possibilities.
Insight is an accurate and deep understanding and requires strategy development teams to open themselves to creative processes which are vital to changing behaviours to get different results.
Without accurate data it’s really hard to make sound decisions. Access to data needs to be built into the process to inform decisions in real-time as much as is possible. Often this means engaging others in the process, those that have access to the data or can help access & interpret it. Where data is lacking, assumptions need to be made explicit.
Challenge this may occur naturally within the team but even if it does it is rarely systemic. Challenge is a form of ‘stress test’ and every major assumption needs to be challenged to ensure it is valid, and under what circumstances.
Like everyone else strategy development teams are subject to bias. We have identified 5 major domains of bias which can influence strategy formulation. These biases cannot be eliminated, however strong external facilitation can help the team to consciously compensate for them.
Check out our guide below to help you decide which biases may be impacting your strategy formulation.