In business it’s essential from my view that you have a direction to transition your business from Todayto a Future and positive business change. Importantly, aligned to your own specific business needs.
In business typically, you would have a Strategy, Objectives and a Plan. To enable all of this to be delivered the team in any business should think strategically.
Definition of Strategic Thinking:
“Strategic thinking is a process that defines the manner in which people think about, assess, view, and create the future for your business”.
The starting point when considering your business change/next steps (strategy, objectives and plan) is to review your business today across business touch points (Financial, Customers, Team, Service offer etc.).
Once you have done this you will see just where the changes need to be. Consider where you wish your business to be in the future (Grow organically, improve margins or people i.e. focus on teams or customers).
This is also known as Strategy your direction and I use a simple acronym
P.I.G.– People, Improve or Grow
Once you have understood your direction you need to complete objectives that will enable you to be focused. Objectives can be short, medium or long term and timelines agreed by you.
Typically, I use 3 objectives for each area of focus.
Objectives to Grow, Improve and People
- Grow the number of customers by 10%
- Improve Customer Satisfaction score by 1%
- People – Recruit new personnel for GDPR
You can do this for Medium and Long-term objectives and you don’t have to use all three strategic directions. Just use which one is important for your business if required i.e. Grow.
Once you have your strategic direction, your objectives are clear you need to create your plan to ensure you understand who does what, when and how including financial budgets.
In summary this short blog explains where to start with business strategic thinking. Looking at your business today and future, agreeing your direction (strategy and P.I.G.). Creating clear objectives that will enable you to deliver against your chosen route (P.I. or G) and building a plan.
Simultaneously, communicate so that everyone involved understands the strategic thinking and can support you at each step ongoing.