Strategic Initiative

Why is Corporate Strategy Important?

It is common to find many senior leaders questioning the importance of having a Corporate Strategy. They question how practical it is to their current business and question the value it will create if they invest the time and resources required to develop and execute a Corporate Strategy.

This article will shed light on What a Corporate Strategy is, Why it is Important, and provide insights on How to execute a Corporate Strategy “Fit for the Purpose” of your Business.

“What is Corporate Strategy? Why it Corporate Strategy Important? How to execute a Corporate Strategy Fit for the Purpose of your business?”

What is Corporate Strategy?

In its most simple term, a Corporate Strategy is the Details and Specifics surrounding the Business’s Ultimate Goal, its “North Star”, its “Overarching Goal”; essentially, it is ultimately what the “Business wants to Accomplish”. It is more than ambitious statements citing a Vision or Mission that sounds great. It is the statements that inspire and guide the entire company’s actions.

There are many different formal and informal “versions” of a Company’s Corporate Strategy, “Fit for Purpose” acceptable Corporate Strategy could include:

  • The Business Vision & Mission, or
  • The Business Purpose Statement, or
  • The Business Value Proposition, or
  • The Founder’s Vision for creating the Business, or
  • The Leader’s Goal – what they would like to accomplish, or
  • The Business perceived Competitive Advantage and how they intend to win in the marketplace, or
  • Simply, the difference the founder wants to make through the Business;

each of which, provides management with guidance to ensure that they are optimizing their resources toward the same ultimate goals as their peers.

The Business Vision & Mission, or Purpose, are the formal versions of a Company’s Corporate Strategy, from which its Values, Value Proposition, Competitive Advantage, and Company’s Corporate & Annual Goals are defined. Goals designed to achieve the Company’s Corporate Strategy. While the last four are not officially formal Corporate Strategies, they each serve the objective of a Corporate Strategy by guiding the leadership of the Business toward common goals.

Reference: See our book, “Leadership Processes, elevating Critical & Strategic Thinking“, for our proprietary Leadership Process detailing how to unpack a Business Corporate Strategy, extracting actionable yet relevant strategies; business leaders can rally around as they aspire to achieve the Business’s Corporate Strategy. Check our product page for more detail.

Let’s look at each component of the Corporate Strategy in more detail.

The Business’s Vision Statement

The Business Vision Statement communicates the “Aspirational Goals” for the business.

The Business Vision Statement communicates the “Aspirational Goals” for the Business. Because the Vision Statement is aspirational, it is by nature non-specific. It is deliberately designed to be left open for leadership’s creative interpretations while being flexible to remain relevant despite forecasted changes in the micro and macro environment, simultaneously setting the overall direction for the Business.

Apple’s Vision Statement 2023: “To make the best products on earth and to leave the world better than we found it.“

Amazon Vision Statement: “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.” 

The leadership at both Apple and Amazon can interpret the Company’s Vision Statement to determine precisely what each phrase means. Apple left its Vision open to venture into any product area as long as it fits the “best product” criteria while executing the Business’s operations with ESG consideration. On the other hand, Amazon set clear guidelines for its leadership to create the most customer-centric company that can sell anything online. 

The Business’s Mission Statement

Mission Statement primarily communicates what the business does and for whom.

The Company’s Mission Statement cites more achievable, shorter-term tangible goals the Business can pursue that are aligned with its Vision Statement. It primarily communicates what the Business does and for whom. While there are more complex structures of a Mission Statement encapsulating more details of the Business, the two key characteristics of a Mission Statement are to define what the Business does and for whom.

Apple’s Mission Statement: “bringing the best user experience to its customers through its innovative hardware, software, and services.”

Amazon Mission Statement: “We strive to offer our customers the lowest possible prices, the best available selection, and the utmost convenience.”

Apple’s Mission statement states clearly that Apple provides innovative hardware, software and services in their products for users who appreciate a good user experience, while Amazon’s Mission statement states that Amazon’s desire to make shopping online on their platform convenient while providing a wide variety of products at the lowest possible prices. Both Apple nor Amazon state in their Mission Statements the specific products or services provided, only what their customers can look forward to.

Apple promises innovative products and excellent user experience, and Amazon promises convenient shopping with the widest variety of products at the lowest possible price.

The Business’s Purpose Statement

The Purpose Statement communicates “Why” a business exists and how its products and services benefit their customers.

It’s a general observation that a business either has a Vision-Mission driven Corporate Strategy or a Purpose driven Corporate Strategy. The differentiating factors determining whether a company is Vision-Mission-driven or Purpose-driven often are 1: The Complexity of the Business and 2: The Persona of the Business.

The Structure of the Organization combined with its Operating Model and type of services provided often dictates whether a business will have a Vision-Mission Corporate Structure or a Purpose driven Corporate Strategy.

Apple and Amazon are often perceived as unreachable by their customer base, who do not need an intimate relationship with the company to reap the full benefits of their goods and services, while Insurance type companies often rely on a more personal connection with their customers to provide excellent services; resulting in Insurance companies opting for a Purpose driven Corporate Strategy.

Allstate Purpose Statement: We help customers realize their hopes and dreams by providing the best products and services to protect them from life’s uncertainties and prepare them for the future.

When planning the Business Corporate Strategy, most Small and Medium size businesses will benefit from a more straightforward Purpose Statement Corporate Strategy; it communicates to the staff and target market what the Business is and who it serves and provides ample information for the target customer to connect with the Business.

Whereas more complex organisations will want to evaluate the pros and cons of each structure before determining which format best fits the needs of the Business.

Corporate Strategy Details

Having established that the Business Corporate Strategy is either Vision-Mission-driven or Purpose-driven, clearly stating what the Business wants to accomplish, what it does and who it serves. The next step is translating the Business’s Corporate Strategy into smaller tangible goals, objectives and actions the Business can execute.

Think of it like this. The Business Corporate Strategy is the destination the Business is hoping to arrive at, why it needs to get to that destination, and the mode of transport it will use to arrive at its destination.

The Corporate Strategy Details – the Values, Value Proposition and Competitive Advantage – are the details necessary for the Business operators to work in lockstep to achieve its Corporate Strategy. Think of it like this; the details are the plannedrequiredcessary for the Business to get to its final destination as efficiently as possible, with the best possible experience for itself and its customers, while building trust and loyalty throughout the journey.

Values: 

Values are essential because values set expectations for the quality of the experience for staff and customers with every business transaction.

Theoretically, “Values” define how employees ought to behave in the daily execution of their duties and are the building blocks of the Company’s Culture.

Practically, “Company’s Culture” is the sum total of the collective behaviours of the workforce, whether the behaviours are sanctioned or not by management.

Realistically, “Values” listed in the Company’s Corporate Strategy alone do not determine Company’s “Culture” and often, in reality, the Company’s Culture is not a reflection of the Company’s Values.

Brand:

 

The Company’s Brand is a reflection of the general public’s judgement. It’s a “sum-total” of how the staff and customers feel about their interaction with the company.

Theoretically, “Brand” is the image the Business wishes to create for the public.

In Practice, “Brand” is the Public Image the Business has because of the experience its staff and customers collectively form based on their experiences with the Business.

Realistically brand isn’t determined by a branding exercise. A branding exercise will shed light on what Brand the company should curate, with insights on how to create the desired image. However, the Company’s Brand is formed by how well the operators of the business behaviours are aligned with the image it wants to project.

The reality is most businesses’ Planned Brands, and their Actual Brand are not aligned.

Value Proposition:

Theoretically, “Value Proposition” is the value leadership want the business goods and services to create for its customers.

In Practice, “Value Proposition” is the perceived value gained by the customer from the consumption of the business goods and services.

Realistically, the “Value Proposed” and the “Value Gained” often differ for most businesses, with the Business overestimating the value created and the customers underestimating the value gained. It is advisable for the Business to frequently seek and evaluate customer feedback to determine its true value proposition, incorporating relevant insights into the creation, delivery and follow-up of its goods and services.

Competitive Advantage: 

Competitive Advantage is lessening its importance in business management primarily because it’s seen as extremely difficult to develop and execute, while the changes in technology and the economy make the information relatively obsolete relatively fast; there is little incentive for Businesses to invest the time and money to develop, and even less incentive for Small and Medium Size businesses. However, for a business to thrive and grow, it must manage a fit-for-purpose Competitive Advantage.

Theoretically, “Competitive Advantage” is how the Business differentiates itself from the competitors in a way that is more appealing to its customers than the competitors.

In Practice, “Competitive Advantage” is constructed by most using “Quality”, “Service”, “Price”, “Technology”, “Access”, and “Product” to create an offering that will win more often than the competitors.

Realistically, “Competitive Advantage” influences the target customer to believe that your products and service are more valuable than the alternatives available.

Corporate Strategy in Perspective:

The Vision – Defines Aspirational Goals the Business can eventually achieve.

The Mission or Purpose – Defines Practical Immediate Goals the Business can accomplish given its resources.

The Corporate Strategy Details – Defines the Strategies, Plans and Specific Details of how the Business will behave and operate to achieve its Mission or Purpose.

Why is Corporate Strategy Important?

In a nutshell, a business without a Corporate Strategy is synonymous with a Taxi driving without a destination.

Businesses, especially Small and Medium size businesses operate under the impression that as long as they are making money, they are doing ok; however, once the initial momentum has been exhausted, the Business begins to experience problems, and if nothing is done to solve the underlying problem correctly, it starts to decline.

The fallacy most businesses make is, believing that once a business begins to struggle, the solution is business process improvement, systems or tools, which rarely works. Why? Because any product, systems and tools layered upon inefficiencies will not resolve the underlying problem, only temporarily mask it resulting in the problems resurfacing only to frustrate management.

Dire Problem: I worked with a medium size organization citing dire problems with Professional Services, Product Development and Sales, a tangled web of weekly battles on whose fault it was that affected Sales. Product Development was forced to re-prioritize and modify its product roadmap, while Professional Services struggled to deliver on the promises made by Sales. A recurring nightmare. The Difficult Problems Leadership weren’t able to solve suddenly assigned to me. Problems that were blamed for the losses incurred monthly. Problems the traditional solutions failed to resolve.

The Solution: Clarity of the Business Corporate Strategy with relevant Corporate Strategy Details and a pivot of the Business In-Year Strategy, so the Business can resolve the root cause of the problems while redirecting its effort to focus on other revenue-generating opportunities. Only then did things truly turn around, and the Business was now able to move forward with its growth and value accretion plans.

Note: It is important to recognize that in addition to having a Corporate Strategy and the Corporate Strategy Details, EXECUTION is Key! And Execution is in the Business’s Operating Advantage, Operating Values, and Culture impact on its Brand. Reach out to us to learn more about Operating Advantages, Operating Values and Culture Impact on the Brand.

How to Start a “Fit for Purpose” Corporate Strategy?

Operating Business often falls into one of the following categories:

  • A functioning Corporate Strategy, or
  • An Ignored Corporate Strategy, or
  • A Dated Corporate Strategy, or
  • An Irrelevant Corporate Strategy, or
  • An Idea of what the Corporate Strategy is, or
  • A Wishful Idea of what the Business wants to do or achieve, or
  • No Corporate Strategy.

The challenge is for you, the leader, to determine if it is a Goal you can move forward with. Then develop the details to support the achievement of that goal. Then validate the Business’s ability to execute the activities necessary to achieve that goal.

If, however, you are either unclear as to what the Business’s Corporate Strategy is, or whether the Business Operations are strategically aligned with its written Corporate Strategy, or how to begin solving the Business’s dire problems. Start with gaining some clarity on why the Business exists and how it intends to serve its customers and ensure that you ask all the difficult questions.

Once you have clarity, communicate first to the team, then to the rest of the Business and be open to feedback on whether it’s feasible. Work through the Corporate Strategy Details and Execute!

With clarity on the Business’s Corporate Strategy and the details communicated concisely to the Business, you will begin receiving insights from your actions, decision and subordinates on where the daily activities of the business conflict with the Corporate Strategy; valuable Insights and Information you can then act on.

An idea without execution is only an idea that soon fades and dies. The same is true for a Business without a Corporate Strategy. The Business will ultimately be pulled into conflicting directions, consumed with how best to allocate its limited resources.

A simple test you can do today to help determine if the Business has an effective Corporate Strategy is to ask. Ask your leader, managers or supervisors what the business Goal is. If they are uncertain, then follow.

  1. Apply the insights provided in How to Start above, or
  2. Get our book Leadership Processes, elevating Critical & Strategic Thinking, and it will give the Leadership Process to develop a Corporate Strategy, or
  3. Contact Us, and we will help.

Final Thought: Having a Corporate Strategy (Goals) people understand is a sign that you are in control. At the same time, not having an active Corporate Strategy is a signal that the Business is reactive to the circumstances of the environment; they are being led, not leading. We understand that a business strives when the circumstances are favourable – getting lucky, and struggles when the circumstances are unfavourable. However, it is important never to take your business luck for granted; ensure that it is supported by a Corporate Strategy that serves as a lighthouse in periods of uncertainty. And DO NOT risk your Business on chances because regardless of the circumstances, with Strategic Management, you can create your own favourable circumstances.

Be Strategic! Nallanie Manick

Remote Management – Straight Talk

Remote Management – Straight Talk

The COVID-19 pandemic thrust organizations – via trial by fire – into managing the operations of the business remotely. While some managers thrived, others struggled, resulting in trust issues and resorting to micro-management in an attempt to maintain gain control over the situation.

So what exactly accounts for the difference between these two groups of managers, and what exactly should new managers hired to manage remotely be aware of so they don’t make the same mistakes as their less successful peers?

Management Duties:

There is an avalanche of information online on management: how to manage, management styles, and tools managers can use to manage more effectively, so it will not be beneficial for us to replicate that information here but to develop a baseline on which to build on, later on. To truly understand what differentiates effective remote managers from those who struggle, let’s look at the 6 core duties of a manager.

  1. Plan – plan the work needed to achieve the objectives assigned to the unit through its manager.
  2. Act – execute the plan by hiring and managing the resources needed to do the work required to achieve the unit’s objectives.
  3. Direct – direct subordinates in the execution of their duties to achieve the unit’s objectives.
  4. Control – control the progress and quality of work completed to achieve the unit’s objectives.
  5. Measure – measure how effectively the team worked to achieve the unit’s objectives.
  6. Lead – create an environment in which the unit function optimally to achieve the unit’s objectives.

It is undeniably much easier for any manager to execute their duties in the office. However, despite some managers successfully executing their responsibilities in the office, the fact that the pandemic highlighted remote management disadvantages such as an increase in lack of trust and more aggressive micro-management; remote management demands some intentional attention.

4-Pillars of Intentional Management

Intentional Remote Manager

Ultimately, outside of one’s education and technical knowledge, intentional action is what differentiates an effective manager from an equally qualified, less poor manager. They dedicate the time and effort to question what they are doing and why, deliberately considering all factors holistically before deciding how to act—developing their critical thinking skill by proactively seeking opportunities to improve.

Intentionality is one of the reasons one group of managers thrive while others struggle. A person taking on a new role as a remote manager can improve their chances of succeeding by executing their managerial duties within these 4-Pillars of Intentional Management.

Intentionality. The word intentionality is powerful because it embraces thought-provoking practices. It encourages someone to pause to consider their objective, their resources, and the task in front of them before acting. It’s satisfying when you experience a manager managing intentionally, and awkward or painful to observe a manager managing without intentionality. So how can a manager increase the chance that they will thrive by adopting a practice of intentional management? 

Pillar 1: Build Relationship & Trust:

The foundation of Effective Management is Trust, which cannot be manufactured but only develops through the relationships a manager builds with their subordinates. On the plus side, whenever we meet someone for the first time, we assign a certain amount of trust because we automatically assume that because of the trusting environment within which this connection was made, this person is to be trusted. However, trust needs to be nurtured and earned with every interaction, with their behaviours, communication, and interaction either strengthening or eroding their initial trust in someone.

In a work environment, trust exists in the form of managers trusting that their subordinates will get the job assigned to them done, managers, trusting that their subordinate will complete their tasks diligently, and subordinates trusting that their managers will support them in the execution of their duties. This trust though initially given, is reinforced by the relationships you build. Here are a few questions to get a new remote manager started:

  • Who are your subordinates, and what do they do?
  • What are they interested in, and why are they part of this team?
  • How do your subordinate want to contribute, and what are they passionate about?
  • What are their strengths and skill sets, and how is it being leveraged?
  • What are their weaknesses, and what, if anything, is being done to overcome them?
  • What are their concerns, and what, if anything, is being done to address them?
  • Which, if any, of your subordinates are disengaged and why?

When managers demonstrate an interest in the people reporting to them, it inspires them to work with their managers to achieve the unit’s objectives.

Pillar 2: Roles & Responsibilities:

Having clarity on one’s role and responsibilities, meaning what they are responsible for and how they are expected to deliver that responsibility, is fundamental for the alignment between a manager and their subordinate. It is even more critical for a remote manager not in the same building or location as their peers and critical for productivity, which is necessary for efficiency and a functional unit. Conversely, a lack of clarity on one’s role and what they are responsible for only leads to frustration, exasperating the challenges of a remote manager who can resort to micro-management to gain control of the unit.

A few questions to get clarity started on your subordinate’s role and responsibility:

  • What’s every subordinate responsible is?
  • What is necessary for each person to deliver on their responsibilities?
  • What is missing or impacting a subordinate from delivering on their responsibilities?
  • What are the Protocols for escalation when someone’s ability to do their job is impacted, and are your subordinates aware of these protocols?
  • What are the unit norms for resolving conflict, and is it effective?

It is highly recommended as you dive into the exercise above to:

  1. Seek to understand what they do and why, and ensure you gain alignment and consensus on each person’s role and responsibility.
  2. Listen first and only after developing the big picture of how everyone contribute toward your unit goals and objective, then manage.
    • It’s understood that your superiors expect you to execute your duties during the transition phase, so rely on your judgement and your team’s expertise to execute the unit’s day-to-day operations.
    • Don’t be one of those managers who join an organization; the first thing they do is tell everyone else what to do and how to do it without first understanding their point of view; this will only frustrate your subordinate, making your remote management task unnecessarily difficult.
  3. Develop your metrics and system to measure productivity, progress and performance while developing your system to motivate and support the team.

So when starting a new role as a remote manager, prioritize trust and relationship so you deliver your best and, in turn, get the best from your subordinates.

3: Communication Plan & Strategies:

Communication is the means and modes of sharing your plans and ideas with your team, seeking feedback, and instructing your team to act. The sad truth is that poor communication is often at the root of all dysfunction and managerial issues. Why? In Part 4 of the Strategic Initiative Miniseries, we highlighted that communication channels are generally open and functioning when things are going well. However, communication clogs begin forming with the development of issues, concerns, or the fear of being in trouble. It is safe for any manager to assume that when things aren’t going well, it is because of a breakdown in communication at one or many points in the transaction process.

Every manager’s communication style is unique and specific to their management style, management of sensitive information and the demands of their unit, so it will not be beneficial to recommend communication strategies in this article that are “fit for your purpose”. Three points a new remote manager should take note off:

  • Develop your functional system for relevant transparency and communication with the team, one meeting the needs and demands of individual team members as well as the demands of the combined team.
  • To minimize clogs, ensure that relevant and essential information reaches your desk promptly so you can act, and create avenues and opportunities for issues to be raised and discussed in ‘safe spaces,’ which encourages team members to reach out and share their concerns with you.
  • Keep all communication respectful, regardless of the stress, frustration or anger other parties demonstrate.

Effective communication is at the core of every successful manager’s ability to execute their duties, without which they lack the information to make informed decisions in a timely manner, impacting their ability to control and guide their subordinate to achieve the unit’s objectives. So prioritize effective communication if you ought to have a chance to thrive as a remote manager.

4: Plan & Growth:

Managers, in addition to directing and controlling the work necessary to achieve the current goals and objectives of the unit, are also responsible for developing plans to grow and improve their units to coherently grow with the business. In all my roles, I keep a diary of ideas, capturing ideas and thoughts that would make my duties easier and more efficient or with observations on how the organization can effect change in areas of concern. I developed this practice because creativity is spontaneous and likely triggered by ongoing activities and events. You see, not all creative ideas come to you during Planning or strategizing because not all aspects of the operations of the business are engaging during this activity. It is worthwhile to develop your remote management practice with the following considerations in mind:

  • Growth and Planning is a year-round effort: identifying, evaluating and curating information throughout the year.
  • Collect and Assess Productivity ideas and Feedback from your team year-round, extracting ideas and information during team meetings, one-on-ones and other communications with the team. Information that could supplement or rule out growth ideas during the annual planning activity.
  • Ideas or plan without supplementary data to support it is futile. Throughout the fiscal year, measure critical success factors and forecast to ensure that based on your current and planned activities, the unit is trending to deliver on its objectives while simultaneously using the information to plan for the upcoming year.

In Summary:

In the last twelve months, we have seen an increase in roles for remote managers, directors, VP and C-suite resources, with remote work not relating to the pandemic but a shift in business management. The benefits of this strategic shift include a reduction in the cost of office space, the organization having access to a wider range of qualified resources and even a reduction in the need for relocation costs to incentivize high-calibre candidates to join your organization. On the flip side, the increase in remote management has seen a reduction in productivity resulting from the corrosions of organizational culture, as managers and employees find ways to rebalance productivity and work remotely.

Strategic Human Insights Image

The bad news continues with an increased number of employees quitting their jobs, citing frustration, stress and disenchantment as the reasons for resigning. This reminds me of the popular saying, “Employees don’t leave organizations; they leave their bosses.” I recall telling my supervisor on our one-on-one, only a few months working under his leadership, that I was disenchanted. You see, he practically joined the organization as a remote manager and made changes without considering how the role was executed, which made executing my duties difficult.

Don’t make this mistake in haste because, despite your expertise, goals, objectives, and managerial style, you only succeed if your team succeeds.

Intentionally manage the 4-pillars as detailed in the 4 pillars of Intentional Management in the execution of the 6-Managerial Duties to deliver on your  Unit’s Goals and Objectives. 

What do you think? What other pillars of success can the savvy remote manager provide to help the up-and-coming leaders in their group?

Act:

For more information on individual topics to supplement your Intentional Management, check out our Insight Corner articles and videos here

And if you’re interested in Elevating your Critical & Strategic Thinking Skills – check out this book on Amazon. A game-changing handbook you will not want to lose.

I’ll leave you with this quote, and choose every day to be strategic!

Strategic Initiative Part 6: Operationalize Strategic Initiatives

Finally, the final instalment in this 6-Parts Strategic Initiative mini-series, with over 2 hours of information-packed content, including strategies, tips and valuable insights to help businesses Identify, Develop, Execute and Operationalize the correct Initiative for their business. Strategic Project aligned with the business Corporate Strategy –  its Vision, Mission, and Values.

Operationalize Strategic Initiatives

Operationalization of a Strategic Initiative is transitioning the output produced by the Strategic Initiative Project from the Project team to the Operations of the Business. In the Process to Operationalize a Strategic Initiative, we consider not just the product itself but the transfer of:

  • Ownership – While the Product is being developed in the SI Project, the ownership resides with the project team; not just the SI Product but the accountability for its proper functioning, its maintenance, pilot operations, the ownership for operational use and training, and the ownership of the output generated. All of these must be transferred from the project team to the operations of the business during the Operationalization step of the SI process.
  • Accountability – The person Accountable is the single person who oversees the entirety of the product created by the SI Project; including its functional and cross-functional applications, to deliver on its Purpose, as well as to ensure that it continues to deliver on its Purpose throughout the life of the product.
  • Work Instruction – Initial Used-Case, Scenario, Application, and Standard Operating Procedure developed by the project team is handed over to the Operations of the business, who then assumes ownership and accountability for its maintenance to ensure that it correctly guides the product’s users.

The Transition Insights were discussed individually for each type of Strategic Initiative introduced in Part 1 of this series – The Create Strategic Initiative, The Fix or Repair Strategic Initiative and the Discontinue Strategic Initiative – This was intentional because even though the overarching themes are similar, because the devil is in the details, the actual Transition Insights differs according to the type of Strategic Initiative.

Execute Strategic Initiative Process

There is a stark difference between executing a Project, a Strategic Project, and the Process to Identify, Develop, Execute and Operationalize the right Projects to bridge Strategic Gaps. Projects are already perfectly defined with details on what to accomplish, instructions on how to measure success, a budget and a timeline. Despite Strategic Projects being difficult, risky, expensive undertakings with an inherent amount of unknowns, they are founded in the known. Whereas the Strategic Initiative Process starts with a statement or two, logical yet vague statement(s), and you have to develop the rest. Strategic Initiative Process is founded in the unknown with the opportunity, flexibility and responsibility to determine the future direction of the business, based on the guidelines provided in the business Corporate Strategy Statement(s). The leadership team is tasked with determining from the Corporate Strategy Statement(s) what to accomplish, what success is, what the challenges or obstacles are and what to do about it based on the current state of its micro and macro environments. This is either a privilege or a burden. It all depends on how comfortable you are with this responsibility and the Strategic Planning Process. This series was carefully crafted to transform this chaotic process into a logical, organized one you and the future team can follow confidently.

In this the final episode in this series, we discussed two groups of assumptions made as well as shared our insights on what you must consider when executing a Strategic Initiative Process; ending the series with 10 benefits of the Strategic Initiative Process, the benefits gained by the business when they apply NMCS Strategic Initiative Process.

Full details here:

 

Reference and Links

Check out our NMCS YouTube channel, for all videos published by us, including the Strategic Initiative Playlist for all 6 Strategic Initiative episodes.

Links to the rest of this series:

We hope this Special Strategic Initiative mini-series help you to help grow the business.

 

Be Strategic!

Cheers!

 

Strategic Initiative Part 5: Execute Strategic Initiative

Execute Strategic Initiative is Part 5 of a 6-part miniseries, discussing a step-by-step process to Identify, Develop, Execute and Operationalize Growth & Transformation Initiatives that further the Achievement of the business Corporate Strategy.

A step-by-step process to Identify, Develop, Execute and Operationalize Growth & Transformation Initiative that Furthers the Achievement of the business Corporate Strategy.

Previous Post Recap

I have to admit this has been quite an exciting journey thus far, especially if you’re a strategy nerd like myself. If you like Strategy,  Strategic Planning and Strategy Execution. In Parts 1 to 3,  we:

  • Unpacking the business Corporate Strategy to extract Core Goals
  • Interpreted the Core Goals to define Success Principles, which are word descriptions of what success is.
  • Then, use these Success Principles to develop a Strategic Path forward and specific Corporate Goals for the business.

After, we proceeded to become highly uncomfortable in two ways:

  • First, analyze the business’s current state to define Strategic gaps, and
  • Secondly, we analyzed the business Limitations to define possible Strategic Initiatives, which are the Strategic Gaps the business is willing and able to execute

Part 4 shifted the focus from Strategic Initiative Planning to Project Management Planning. Check out this episode to find out what and why we recommended developing specific project management details before the business takes any action to find investors; and before the business takes any action to secure resources for the Project.

Execute Strategic Initiative Key Insights

We understand we cannot Project Manage a project on a post or video. Given our Strategic Initiative commitment is to provide insights to help businesses with their most dire problems. So instead of Project managing an S.I. Project on Video, we will highlight 6 key Project Execution insights leaders must be mindful of, the insights they must manage diligently with their project manager. 

Insights that that can make a significant difference between a Smoothly Run, Professionally Managed, Well-Controlled Project; and that of a Disorganized Project littered with Avoidable unwelcome Surprises.

These 6-Key Execute Strategic Initiative Insights are: 

  1. 1: Get Commitment from the Project Execution Team
  2. 2: Get Clarity on Project Deliverables
  3. 3: Manage Risk & Deal Breakers
  4. 4: Manage Project Cash Flow
  5. 5: Manage Progress
  6. 6: Manage Communication; Communication Channels are Open & functional 

For more detail on each Execute Strategic Initiative Insights:

Previous Episodes in this Miniseries:

If you missed Parts 1 -4 of this miniseries, the links are included below.

 

In conclusion

In conclusion, “Half of the problem is Not Knowing, Only Half! The other half is Execution”. I’m not sure what the original quote is. However, I love this version because it is relevant to Strategic Initiative Execution.

“Half of the problem is Not Knowing, only half! The other half is Execution.”

When issues occur, often the root cause is either “Not Knowing”- a lack of knowledge, lack of motivation to research, lack of curiosity to find out more – or “Execution”. In projects, the execution problem isn’t because of not acting but because of the lack of diligence in acting.

The video above discusses each of the 6 insights in detail, describing the insight, discussing why the insight is necessary and providing an action you can take to improve the diligence in the execution of your S.I. Project.

Be Strategic

Cheers!

 

Strategic Initiative Part 4: To Plan and Mobilize Strategic Initiatives.

The Strategic Initiative miniseries reached another pivotal point, the point in which the focus is now redirected from the Business Strategic Planning Team to the operators who will be responsible for the execution of any Strategic Initiative Project the business decides to pursue. 

We now shift the focus from the Corporate Strategy Team to the Operators of the business. The people responsible for the execution of the Business Strategic, Transformation projects.

Part 1 to Part 3 of this series dives into the activities necessary to develop the business Corporate Strategy Roadmap, plus the supporting details required to effectively execute the activities necessary to achieve the business Corporate Strategy.

Corporate Strategy Roadmap & Supporting information is relevant as long as the Corporate Strategy is unchanged. 

The S.I. Series Part 1 to Part 3 Saves Money and Time annually. The time saving spent on off-site workshops to unpack the business corporate strategy to re-envision the future of the business. We’re not saying that annual strategic planning isn’t important; it is. We’re saying that it is shortened due to having done the work properly, and comprehensively initially. Complete so it is reliable as long as the Corporate Strategy remains unchanged.

Part 4, this episode, To Plan and Mobilize Strategic Initiative, develop Strategic Initiative Project Management details required to:

  1. Seek and Secure Investment funding that is right for your business, and
  2. Source and Secure the Resources needed, as and when needed, to execute the S.I. project.

In this video, we discussed Strategic Initiatives and Project Management details that must be developed before seeking funding, and the details that must be prepared before attempting to secure the resources necessary to execute the S.I. Project. The Project Management details discussed, strictly from an S.I. perspective, are:

  1. Project Description
  2. Project Constraints
  3. Project Risk & Deal Breakers
  4. Project Milestones
  5. Project Schedule & Timeline
  6. Project Resource Schedule
  7. Project Finance & Cash Flow
  8. Project Communication Plan
  9. Project Deployment Plan

While cautioning against making Expensive Mistakes, Strategic Mistakes, the mistake all organizations want to avoid, must avoid, as well as discussing 5 data points businesses seeking funding must develop before reaching out to investors. 

See the video for complete details.

 

Previous Episodes in this Miniseries:

If you missed Part 1 and Part 2 of this miniseries, the links are included below.

Insights Corner- Strategic Initiative miniseries roadmap.

In this series, we end every episode with “Be Strategic!” – a reminder of our commitment to ensure that all our work promotes the achievement of your business Corporate Strategy.

 

Strategic Initiative Part 3: Design, Evaluate and Select Strategic Initiative.

Design, Evaluate & Select Strategic Initiative

Part 3 of the Insights Corner Strategic Initiative miniseries continues our Strategic Initiative conversation; discussing a Structured, Organized process to Identify, Develop, Execute, and Operationalize the right initiatives to effect the transformational changes necessary to grow the business, while simultaneously furthering the achievement of the Business Corporate Strategy.

Now Think of Strategic Initiatives like this:

You would like to build your dream house. You have almost everything you need – money, the perfect design, builders, everything BUT NO LAND on which to build your dream house.

Apply this scenario to our Strategic Initiative Discussions

  • The Corporate Goal is to Build your Dream house
  • The Strategic Gap – is Not having the land on which to build your Dream house. Because according to our Strategic Gap definition. It does not matter what you do; you ABSOLUTELY, POSITIVELY cannot build a house without first having the land to build it.
  • The Strategic Initiative is the task “to find and acquire the perfect land” on which to build your Dream house.

In Business:

Similarly, in Business, there are Strategic Gaps, Gaps that must bridge or resolved before the Business can begin working on the activities necessary to achieve one or more of its business goals.

The challenge:

In Business, identifying Strategic Gaps and defining Strategic Initiatives is a Complex Process, hence the reason for this Special Insights Corner miniseries.

Design, Evaluate and Select Strategic Initiatives Topics:

  1. Discussed the Challenges leaders experience as they transition from the dreamlike, exciting stage of the S.I. process to the reality stage. While discussing how this transition impacted the Design, Evaluation, and Selection of Strategic Initiatives for the Business.
  2. Performed a Business Limitation Analysis to determine which limitations the leaders would choose to resolve and which they would accept.
  3. Evaluated Strategic Gaps to identify which Strategic Gaps the Business is equipped and able to bridge, and
  4. Evaluated Strategic Initiatives and Supported the Decision Makers in their efforts to Approve Strategic Initiatives that were best for the Business.

“This is Corporate Strategy, so it is important to recognize that there is never a straight-line between Possible Strategic Initiative and the Business Corporate Strategy. It is Littered with Complex Decisions, Capabilities & Resources restrictions.” This is Why! We created this Special miniseries for You!

Click on the video for full detail.

 

If you missed Part 1 and Part 2 of this miniseries, the links are included below.

Part 1: Strategic Initiative Part 1: What is Strategic Initiative?

Part 2: Strategic Initiative Part 2: Clarify Corporate Strategy & Identify Strategic Gaps 

Insights Corner- Strategic Initiative miniseries roadmap.

Insights Corner- Strategic Initiative miniseries roadmap.

We must mention, this special miniseries was designed to help avoid expensive strategic errors plaguing organizations. The types of  errors that widens the Strategic Gap between the business and its Corporate Strategy.

We end every episode with Be Strategic!  Because the series contains immense value for businesses.

The simple truth is, it is much more expensive for a business to get back on track than it is to invest the time and resources initially in identifying, developing, executing and operationalizing the right initiative for the business.

Be Strategic!

 

 

 

 

 

 

 

 

 

Strategic Initiative Part 2: Clarify Corporate Strategy & Identify Strategic Gaps

Clarify Corporate Strategy & Identify Corporate Gaps

 

Strategic Initiative Part 2: Clarify Corporate Strategy and Identify Strategic Gaps, is Part 2 of a 6-part series to Identify, Develop, Execute and Operationalize the right initiatives to Grow & Transform businesses while furthering the achievement of the business Vision, Mission or Purpose.

This Strategic Initiatives Series is packed with Strategies, Tips, Processes, Insights, History Lessons, and Applications that can be tailored to your business. Getting through; Business Complexities, Interpretations and Unknowns that cloud & obstruct the business from achieving its Corporate Strategy; with control.

Part 1: How to Identify Strategic Initiatives
  1. – Defined Strategic Initiatives
  2. – Differentiated Strategic Initiatives from other special projects undertaken by the organization
  3. – Introduced NMCS 7-Steps Strategic Initiatives Process
Part 2: Clarify Corporate Strategy and Identify Strategic Gaps

Part 2 of our Strategic Initiatives Series details Steps 1 and Step 2 of the NMCS Strategic Initiative Process.

Step 1: Clarify Corporate Strategy

“The purpose of Step 1 is to unpack the business corporate strategy, and through a series of progressive elaboration, identify success principles and corporate goals, that best serves the achievement of the business corporate strategy.”

We achieve this Purpose in 4 steps:

  1. Context: We discussed the importance of having a Corporate Strategy the entire business can rally around, clarifying that even an informal version of a Corporate Strategy is better than not having any direction at all.
  2. Strategy: Using Objectives to stay focused on your Goal, discussing how Objectives anchor you to what you want to accomplish when you get busy. The video states, “As we get busy, deep in the weeds of any project, without an anchor, it becomes easy and justifiable for us to be pulled into multiple conflicting directions. Having an Objective helps us to stay focused on what we are working toward and re-centres us when conflicting priorities arise.”
  3. History: We then leverage our understanding of Apple’s history as a valuable teacher to discuss two Strategic Alignment Management Missteps and what Steve Jobs did to avoid these management missteps.
  4. Execution: Then we discussed NMCS Strategic Alignment Process, diving into the 6-Step that methodically analyzes the Business’s Corporate Strategy to define corporate goals the entire team can rally around.
Step 2: Identify Strategic Gaps

The Purpose of Step two is to identify obstacles – Strategic Gaps – that prevents the business from being able to execute the activities necessary to achieve its Corporate Goals.

And to achieve this, we used a 5-Step process to analyze the business’s current state, its ideal state, and through a process of elimination, home in on Strategic Gaps.

 

See full details below:

 

Part 1: Strategic Initiative Part 1: What is Strategic Initiative? – NM Corporate Strategy

 

Strategic Initiative Part 1: What is Strategic Initiative?

Strategic Initiative Series Introduction

Strategic Initiatives are the building blocks of Growth and Transformation. 

The Executive Tool used to Create something the business needs to achieve a goal; Discontinue something obstructing the business from achieving its mission; or Fix something which in its current state is a hindrance in the business, preventing it from achieving its mission.

Strategic Initiatives are the building blocks of Growth and Transformation.

 

Strategic Initiative Series Purpose:

The Purpose of this series is to provide a structured, organized methodology to minimize the risk of wasting money on the wrong projects. Projects that do not further the achievement of the Business Mission, Or projects that widen the gap between the business and its Strategic Goals.

 

Benefits of this Strategic Initiative Mini-Series:

Provides a Structured and Organized process that:

  1. Ensures that your strategic initiatives are aligned with your business Mission
  2. Improves Investment ROI by minimizing risks of investing in the wrong project
  3. Preserves and improves your business competitiveness and minimizes strategy convergence

 

Part 1: What is Strategic Initiative? This Video

Part 1 of this 6-part series, What is Strategic Initiatives?

  1. Defined and Position Strategic Initiative in an Organization
  2. Differentiate Strategic Initiative from other Special Projects undertaken in an organization
  3. Share NMCS Strategic Initiative Process.

 

 

Copyright © 2020 NM Corporate Strategy Inc. All Rights Reserved.

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Copyright © 2020 NM Corporate Strategy Inc. All Rights Reserved.

Follow us on:

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