Refining the Emerging Strategy
Once the strategic information has been analysed and the strategy model has been created it is time to review and refine it.
Once the basic structure of the business strategy has been approved by the strategy team, the process of reviewing the strategy model should continue to refine it. At this point, we seek to create depth to the strategic plan by working on the ‘hows’ as well as the ‘whats’. In other words, where there is an outcome that is not supported by activities, we will seek to understand what steps need to be taken in order to achieve the desired outcome.
In addition, we use various tools and techniques, such as the SWOT and PEST analysis. These help to elicit more specific information that is pertinent to the development or implementation of the business strategy. Some of this information will emerge naturally from the process, including strengths and weaknesses. Every business has weaknesses. Weaknesses are just things that the organisation needs to improve. Consequently, they should be embraced and not ignored or sweep under the carpet. It is useful to always turn weaknesses into activities designed to correct them. We prioritise them first to ensure we focus on areas that will have the greatest positive impact on the business.
The other important element of building a sustainable strategy is to identify the strengths of the organisation. Next we ensure that they are aligned with and support the business’ goals and objectives.
In summary, this phase of the strategy creation focuses on clarifying, refining and expand upon the information gathered during the initial process of obtaining strategic information. In addition, it will develop options and ideas regarding how to attain the organisations goals and objectives. This will ultimately lead to a business plan with clear activities connected to outcomes and ultimately to attaining the organisations goals and vision.