Whenever I’m working with an EMyth client, I try to s-l-o-w down his or her typical approach to formulating strategies, which is usually whatever is the latest, hottest trend or whatever he or she has come up with. Usually those ideas are not well thought through.
Instead we take a much more strategic approach to formulating the strategy. At EMyth we have our own approach to this, systematically working through the strategies for all 7 critical areas of one’s business (Leadership, Marketing, Finance, Management, Customer Fulfillment, Lead Conversion, Lead Generation).
But here’s an 8-step approach to strategy that gets your people involved and looking at the right things. It was developed in 1994 by Mathieu de Vaan, Steven ten Have and Wouter ten Have. It’s called “The Strategy Dialogue”.
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THE 8-Step Strategy PROCESS
Stage One: What Are My Choices?
Before you can select a strategy, you have to know what the choices or options are for you.
To do that well, you should do these four things:
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- Inside Out Analysis: What are your core competencies? What do the data in your company tell you (sales metrics, profit margins on product lines, productivity of employees, etc.)? Knowing what to look for depends on what you are trying to strategize, but starting with where you are is always a good first step.
- Spotlight: You can’t change everything at once. So let’s pick a key area your analysis turned up that seems ripe for change (or is necessary to change). Dig into that area. Do a deep dive. And remember–this is not just you, the CEO, but involving your key people as well sharing their insights about that area (especially the front-line staff).
- Outside-Out Analysis: Now it’s time to look outside your company, and really understanding what is going on in the market and the world that is affecting–and will affect–this area of your business.
- Choices: Ok so now you’re ready to identify (brainstorm) all the strategy choices you have in front of you. And you know in brainstorming you don’t pre-judge any but the most ridiculous options.
Stage Two: What Are My PREFERRED Choices?
Now that you know what choices you have, it’s time to pick one, and implement it.
- Select a Strategy: From your options, using your best judgment, pick a strategy.
- Initiate: Launch your strategy.
- Implement: Now you really, seriously implement the strategy. This obviously is a big step (a lot of steps, really). But you don’t truly understand a strategy until you implement it in your business.
- Observe: Observe how this is working in the real world.
So those are 8 steps to a strategy process that will help ensure you select good strategies for your company.
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