4 Steps to Creating a Strategy in an Uncertain World
The past few years have produced unprecedented disruptions, and companies find it near impossible to plan for the future.
Such a volatile environment needs a new approach to strategy. It requires an approach that relies less on looking at what the company can do and more on imagining what it could do.
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Take a strict look at what your clients really want. Instead of drawing up customer profiles, companies should consider what individuals wish to achieve in that specific circumstance.
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The first step is to find your big audacious goal to stretch your business and expand its value creation.
A key source of inspiration can be customer problems and desires, which change all the time. Ask them what they want instead of guessing. Also ask other stakeholders for new ideas - investors, government bodies, local communities, and employees.
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This exercise will result in a series of sub-questions grouped by subject area.
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Take each sub-question and generate ideas and strategic options. You no longer think about the questions but look for strategic ideas.
Look at what top performers in your own industry and elsewhere do.
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Identify which strategic options from the previous step best deliver on each of the sub-questions.
When the alternative solution outperforms the incumbent one, shelve the existing process. Continuously challenge existing solutions.
For each process, ask:
Only do the things for which you can answer yes to both questions.
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