Developing a winning strategy

‘Strategy is one of those words that gets widely uses at work without really being truly ‘strategic’!

Why? That may be because a robust, winning strategy can often be very hard to create.

But if there’s one man who’s bound to know about strategy and strategic planning, it has to be Sir Philip Green. Whilst it’s easy to feel wistful about BHS now that it is up for sale, look at how Sir Philip tuned that brand around! He bought it in 2000 with a £200m bid from the Storehouse Corporation.

He quickly turned around the flagging business, which was subsequently worth £1.2bn a year later. His flair was that after making such a significant transaction, he was was very quickly able to re-engineer the business and so extract significant value out of it. He is phenomenal at getting the most of the assets he has by reducing the cost base and making it much leaner. Now THAT is strategic planning extraordinaire.

We may not be Philip Green’s, but here are 5 helpful thoughts on how to get into a winning strategy mind-set to point you in the right direction:

1. DOING is harder than thinking

Many senior managers work really hard to develop excellent strategies – and then wonder why they fail. Successful execution usually requires acceptance and belief from all those who have to implement the strategy not just its creators!

Consider sharing your strategic deliberations with everyone involved in its implementation: invite their participation as appropriate or at least their comments.

2. Make it YOURS

External facilitators and advisers can add considerable value to developing strategies through their objectivity, impartiality and willingness to challenge with integrity. But in the end, they can only facilitate.

If the strategy is going to work, it must be YOUR strategy NOT your facilitator’s.

If ANYONE doesn’t like it, they must be encouraged to say so!

3. Take time

Creating a winning strategy takes time, requires careful research and development and almost always, refinement.

Winning strategies are hardly ever ‘created in a day’.

Encourage your team to be patient, explore many options and withhold early judgement.

4. Factor in people

Bright, senior managers with a keen operational focus and a firm eye on the financial and market outcomes, often need reminding that they need to factor in the ‘softer’ elements of strategy development if their strategic thinking is to be successful. Not just the impact on employees but on other stakeholders, customers and suppliers of course (as ‘people’ as well as organisations), and the local community.

Never forget: ‘People’ can be really good at sabotaging any strategy is you don’t consider and engage them!

5. Corporate needs come first

It’s only natural for individuals to consider the impact of colleagues’ suggestions on themselves first, rather than the organisations’ best interests – and still wonder whether others’ suggestions may be based on THEIR own personal interests, desires and aspirations too!

In leading your organisation’s strategy development, demand that everyone participating puts their own personal interests to one side, at least for the moment.

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