Strategy involves 5 BIG questions

Strategy involves 5 BIG questions

By Karthik Siva

Photo by Jamie Street on Unsplash

Where does the business seek to be in the future?

This is the first question to ask when it comes to Strategy Formulation. It also called Vision or Goal or Destination. All businesses need to have a clear goal.

The Goal must be compelling or even inspiring. Great businesses and brands have extremely powerful goals. This makes them very attractive to employees, investors, customers, suppliers, etc.

Why purpose is so important to our business?

This is the big question for any business. Great companies and brands differentiate themselves because they have a big, compelling and inspiring Why. This big Why is also called Purpose or Mission.

This big Why is what gives these businesses the fuel and energy to achieve amazing things and achieve miraculous breakthroughs. It is important to realise that one factor that separates the great brands from the rest is their Purpose or Mission.

Investors, employees and customers prefer brands and businesses that have an inspiring mission and purpose. This big Why not only humanises the business, but it also differentiates it.

Where is the business now?

This is the second question to ask whilst formulating a strategy for a business. This part is also called Business Audit or Situation Analysis. This is a very important part of strategy development because it helps a business to define reality.

This stage helps a business to define the base line and its starting point so that it can assess where it stacks up now in terms of its performance and perception. No strategy is complete without doing this Business Audit.

How does the business plan to get to the future?

How do we want to get there is another very important practical question that must be addressed. It can also be referred to as the Road Map or Path to achieve our goals. This question makes us look at making our goals, mission, brand positioning, vision, etc achievable and tangible through plans, tactics, resources, talent, funding, alignment, etc. In other words, Road Map makes strategy practical, real and accountable.

How well is the business progressing to the future?

This is yet another very important question every business must ask if it wants to succeed or achieve its goals. All businesses and brands need to measure their progress to find out whether they are moving the needle forward or declining or flatlining. This is extremely vital as it makes a business accountable and responsible for the achievement of its goals, commitments or Key Performance Indicators (KPIs).

In sports, the analogy would be a Scoreboard. There is no progress without a robust Scoreboard or tracking mechanism. Without a Scoreboard, it would be impossible to know if we are winning or losing or just playing the game without results.

As business is about winning, it is imperative that it diligently uses a Scorecard to measure its performance.

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Strategy involves 5 BIG questions

Strategy involves
5 BIG questions

By Karthik Siva

Photo by Jamie Street on Unsplash

Where does the business
seek to be in the future?

This is the first question to ask when it comes to Strategy Formulation. It also called Vision or Goal or Destination. All businesses need to have a clear goal.

The Goal must be compelling or even inspiring. Great businesses and brands have extremely powerful goals. This makes them very attractive to employees, investors, customers, suppliers, etc.

Why purpose is so important
to our business?

This is the big question for any business. Great companies and brands differentiate themselves because they have a big, compelling and inspiring Why. This big Why is also called Purpose or Mission.

This big Why is what gives these businesses the fuel and energy to achieve amazing things and achieve miraculous breakthroughs. It is important to realise that one factor that separates the great brands from the rest is their Purpose or Mission.

Investors, employees and customers prefer brands and businesses that have an inspiring mission and purpose. This big Why not only humanises the business, but it also differentiates it.

Where is the business now?

This is the second question to ask whilst formulating a strategy for a business. This part is also called Business Audit or Situation Analysis. This is a very important part of strategy development because it helps a business to define reality.

This stage helps a business to define the base line and its starting point so that it can assess where it stacks up now in terms of its performance and perception. No strategy is complete without doing this Business Audit.

How does the business
plan to get to the future?

How do we want to get there is another very important practical question that must be addressed. It can also be referred to as the Road Map or Path to achieve our goals. This question makes us look at making our goals, mission, brand positioning, vision, etc achievable and tangible through plans, tactics, resources, talent, funding, alignment, etc. In other words, Road Map makes strategy practical, real and accountable.

How well is the business
progressing to the future?

This is yet another very important question every business must ask if it wants to succeed or achieve its goals. All businesses and brands need to measure their progress to find out whether they are moving the needle forward or declining or flatlining. This is extremely vital as it makes a business accountable and responsible for the achievement of its goals, commitments or Key Performance Indicators (KPIs).

In sports, the analogy would be a Scoreboard. There is no progress without a robust Scoreboard or tracking mechanism. Without a Scoreboard, it would be impossible to know if we are winning or losing or just playing the game without results.

As business is about winning, it is imperative that it diligently uses a Scorecard to measure its performance.