Strategy work and strategy process - how is success created?

Strategy work and the strategy process enable future success

Strategy work and the strategy process can sound tedious and boring. However, when done well, it is an exciting process that creates a strategy that enables future success. Strategy work and the strategy process can be – depending on the company's situation – either very light or extensive. The key question is whether to update the current strategy a little or build a completely new kind of strategy.

Nowadays, companies prefer shorter strategy periods (around 3–5 years) in their strategy work, within which the strategy is reviewed, for example, quarterly and also updated on a rolling basis, for example annually. Strategy work is most often very dynamic and the actual strategy process proceeds as a continuous dialogue and circle between planning, implementation, analysis, learning and re-planning.

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What is a good strategy process?

A good strategy process can be recognized by the fact that:

It takes into account the operating environment and future changes affecting it, i.e. alternative scenarios and risks
The people who participate in it are enthusiastic and committed
It is progressing smoothly and according to the planned schedule
It ensures that the valuable resources of the organization, such as time, money and personnel, are not overburdened, but that their use is optimized as effectively as possible
It is not detached from the everyday life of the organization and stakeholders, but collects feedback and views from both internal and external stakeholders and involves them in decision-making
It aims to find a unique competitive advantage that requires clear strategic choices
It includes flexibility that allows you to react to changing conditions
The decisions and crystallized strategy resulting from the process are based on data (quantitative and qualitative) and not on "mutu", i.e. black feels, thinking
The strategy created on the basis of it is possible to implement in everyday life, and the strategy also begins to be implemented in everyday life
In the end, its success can be seen and measured in the everyday results - whether the jointly defined inspiring and shared goal is achieved or not - this does not always mean 100 % successes, because often even 80 % realization rates produce unprecedented success.

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What does strategy work consist of and what stages does it include?

Updating the current strategy

Good strategy work always starts from reality, not from perfection. If the goal is to update the current strategy, it is pointless to start a strategy process that is too heavy. When it comes to updating, it is crucial to identify which parts remain unchanged during the strategy work, which parts change and why. After the first phase, data collection, analysis, discussion, participation and finally decision-making on the strategy update are carried out in a facilitated manner. The end result is a crystallized and updated strategy that is immediately implementable in everyday life and that the people of the organization immediately recognize as their own.

Building a completely new strategy

When in strategy work you start to build a completely new kind of strategy and/or a strategy aimed at a different goal, it is a significantly larger and more time-consuming process, which, however, if carried out professionally, progresses smoothly and inspiringly until the finished strategy and its implementation.

In such a situation, strategy work usually includes the following steps:

1. Background work: Key stakeholders participate in the creation of the strategy and already existing data is crystallized into information, which in turn helps to understand the operating environment, i.e. mega and market trends, as well as competitors and customer needs. In addition, at this stage at the latest, a position must be taken on the owner's strategy and owner's will, if they have not been clarified or clarified before. Based on the background work, it is possible to make justified strategic choices in the following steps.

2. Strategy workshops: Interactive and facilitated strategy workshops implemented with different configurations, which typically define:

Inspiring vision and mission, as well as, if necessary, values - nowadays, in some organizations, mission and vision are sometimes combined into a shared meaning, i.e. purpose
Strategic goals
Strategic choices (what we do and what we don't do)
Operational key metrics or results
The most important actions, projects and/or projects for the realization of the strategy in everyday life
An inspiring way to lead strategy and communicate it both internally and externally, because ultimately culture determines whether the strategic choices made are realized or not

3. Implementation of the strategy in everyday life: Strategy work begins at its most authentic, only when the strategy has been clarified and recorded. The success of strategy work and the strategy process is measured on two levels: 1) Does the strategy come true in everyday life and 2) Does the strategy achieve the goals and objectives set for it. If the answer to both is yes, then you have succeeded in creating a success strategy. Success can also be seen in the fact that at this stage the owner's will is realized, the board supports the operative management and the operative management and the entire organization know the strategy and are enthusiastic about its implementation.

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Summary

Strategy work and the strategy process is at its best an inspiring and inclusive whole, which results in a successful strategy. A good strategy does not arise by itself, but often requires professional support. The best strategies most often arise from the organization and its stakeholders themselves, but the role of the strategy consultant is to facilitate and lead a successful process and work so that a successful strategy can emerge. Using an external partner frees up time and resources during the strategy process within the organization. In many cases, an external partner is also able to support the cooperation of the owner-board-operational management axis to a new level, as well as support the management and the organization in the day-to-day implementation of the strategy.

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