The rate of change in the modern-day world is exponential. Businesses who cannot transform and innovate will not be able to stay relevant, let alone get ahead of the curve. Consumers’ needs are evolving, and the competition for the consumer dollar is often ferocious. It is therefore crucial for a company to ask themselves deep, soul-searching questions and to develop a strategy to future-proof their business. Here are some strategy questions to consider:
What is the company’s purpose?
The company’s sense of purpose can be succinctly summed up in its mission statement. A company’s mission determines its goals for its clients and stakeholders. It also focuses on its future, shapes its strategy, and sets the company in the right direction.
In a report by the Harvard Business Review for EY Beacon Institute, it was concluded there is a business case for a company to have a strong sense of purpose. The Harvard Business Review surveyed 474 executives globally and found that, in businesses where their company’s purpose is fully embedded, there is proven revenue growth.
Where do you want to go? Where are you now?
A company interested in future-proofing their business needs to have a clear vision of where they want to go. This will inform the short and long-term business decisions and, more importantly, provide a concrete endpoint. To fully appreciate the work and resources this will involve companies need to reflect on where they are today. This will provide a baseline to measure how much they have to do in order to get to their desired destination.
How can you get to where you want to be?
Strategy, in its simplest term, establishes what a company needs to do to get from point A to point B. It will direct decision-making and let the business focus its resources. It will also form benchmarks and milestones for the business to measure its success.
Over recent years, many corporates and big brands have folded. When this happens, it is useful to ask the following questions:
· What went wrong?
· Were they poor strategists?
· Were their strategies not flexible enough to withstand change?
· Did they not foresee what was coming?
More often than not, what went wrong is that these companies were too ingrained in formulating strategies that they lost touch with their company’s purpose.
Would you like advice on how to reevaluate your company’s purpose and plan strategies for future success? Contact me today.