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Strategicquestionsto ask

Anyone who has worked with me will tell you the word I hate the most in business is strategy? Why?

Is it because I don’t think its important? – No – not at all I feel its very important.
But basically, it should not be used to hide behind.

Examples:

  • ^I am a strategic account manager
  • What does that mean?
  • ^Its strategic
  • usually when its not
  • ^Its strategically important
  • Business case weak – rationale to do weaker – losing the debate – throw this in
  • ^We are working on a new strategy
  • We are failing, and we need time
  • ^There are strategic implications
  • Losing the debate last chance to try and get attention
  • ^Our strategy is
  • Following by a set of basic action that don’t change the game
  • ^My strategic business plan
  • Usually a plan

But we should have a process that makes us step back look at why you do it and define the things we need to do to enable us to be winners. A long term planning process that helps you identify what you do, why you do it and how it will make sure you win vs your competition.

Here is some of my thinking and a basic list of things to consider. Whatever you lead the list will be different each time (Context) but again this is designed to stimulate you finding what you need at the relevant point in time.

Remember

Strategy should be about a fundamental look at positioning, direction, market dynamics & opportunities to ensure a sustained and bright future

It’s there so

Once developed in should be the guide for what you are doing

But only counts if

The only worthwhile strategy worth doing is one that can be executed and achieved

What should a strategy cover?

Some basics to help you think.

  • ZWhat are our business objectives?
  • At the end of the process what do we want to achieve?
  • ZWhat is the customer need?
  • Who needs what and why? How much do they need and how much will they pay for it? How many are there, where are they and how do you get to them?
  • ZMarket trend
  • What is changing and why? Do we understand the changes and the opportunities and threats for us?
  • ZThe competition
  • Who are our competitors now and in the future – What is their model and target market and strategy – why is our approach a winner vs theirs?
  • ZThe economics and finances of playing
  • what money do we need and can we make sustainable amounts after investing? Do we understand our models and how we leverage advantage vs competition? How do I need to shape this to compete and get a return.
  • ZPositioning and capabilities
  • How are we different now and in the future? Is this difference enough to grow our market position in the way we want to? Can we resource these positions getting the right people in the right role.
  • ZRadical options
  • Is there a new game in town that could seriously change the landscape – Should we be exploring these?
  • ZFinancial modeling
  • Based on what we know does it look feasible?
  • ZCan we execute?
  • What is needed to make this happen – Is it feasible – how do we get a road map that gives us the phases needed and allows us to see finances in and out over time and plan the resources needed to deliver
  • ZRobustness:
  • Could the strategy fail? – Why? How can we avoid pitfalls and manage the risks?

Can you draw your model and definewhat differentiates it so that it clearly will win vs others on one slide?

Be aware of game changers

  • ZWill globalization or global events have an impact?
  • ZWhat regulation is coming?
  • ZTechnology – how will this/could this change the game?
  • ZCould there be new partnerships or alliances (for us – or for competitors)?
  • ZWhat new business models can we explore?
  • ZCould there be significant changes in costs or cost structures?
  • ZCould there be changes in speed of delivery, responsiveness or flexibility?
  • ZWhat would the disrupters do?

Tips and traps to avoid

Tips

  • ZPlan the time that is needed
  • ZGet quickly to a hypothesis – then test it, challenge it and rework it
  • ZUnderstand the information that is needed – collect it early – but don’t seek perfection. 80:20 is good enough

Traps

  • Seeking to justify history - The past is the past.
  • Falling in love with your first ideas - Keep an open mind.
  • A false sense of security - Ignoring shifts in the industry so you can convince yourself the current model will be the winning model
  • Underestimation - of the competition or the impact of market changes. In particular remember that the competition can and will respond to the changes we make.
  • Overconfidence - a feeling that the power of the current business model or strength of customer loyalty will enable growth or brand stretch that is unfeasible
  • Being superficial - not thinking through the detail and the likely implications
  • Over-analysis - Getting lost in detailed models and forecasts
  • Separation - That the strategy is a regular process for others and is detached from the real business

How should the outcome feel?

  • ZInsightful (helping to shape the future)
  • ZChallenging and ambitious
  • ZClear (what we will be doing and how we will be different)
  • ZSimple and easy to understand
  • ZDoable and impactful
  • ZEngaging and exciting

Guiding questions

  • ZWhat market share do we want (Number 1 and 2 in each market)
  • ZWhat should be digitalized?
  • ZHow do we want to use data?
  • ZService as a differentiator
  • ZPeople that don’t use Medicover how we can attract them
  • ZCan you create a machine to machine self-care model
  • ZWhat does the customer want and need – by business and product line
  • EAccess
  • EEase of use
  • EQuality
  • EChoice
  • EService
  • EPrice
  • EQuality
  • ZWhat have we learnt from competition?
  • ZWhen you look into the future what do you see
  • ZWhat are the key developments that have to implemented this year
  • ZWhat scares us
  • ZWhat are the next generation service and products?
  • ZHow do we construct a long lasting growing organization?
  • ZHow do we use our talent to speed up innovation?
  • ZHow do we ensure we move with the times faster than others?
  • ZWhat is our attitude to risk and how do we manage it
  • ZHow do we get future leaders to learn our business?
  • EYears development and time in each business -90 day impact
  • ZDo we need new business lines?
  • ZDo we need new product lines?
  • ZHow can we strengthen margins?
  • ZHow can we remain small in mindset and structure and take advantage of being big.
  • ZWho is the best in the field, or process we are focusing on?
  • ZWhat is their best practice?
  • ZWhat can we learn from them?
  • ZHow can it be improved?
  • ZWhat competencies today needs to be developed
  • ZWhat is our training plan to improve these?
  • ZWhat is our communication plan and strategy?
  • EInternal/External
  • ZDo we address poor performance?
  • ZWhat are the latest market trends and future trends?
  • ZHow do we personalize things?
  • ZHow could we save 1pln per day per (process or expense?)
  • ZDo you maximize procurement?
  • ZWhat are the battlefields we want to be – or have to be in?
  • ZHow can we get dominating scale in these battlefields?
  • ZIs our price to volume ratio’s right?
  • ZWhat is our model to be in many small places?
  • ZHow do we get to the masses?
  • ZCompetition - what do they do - what do we do - why do we win - how do we keep winning.
  • ZHow do we create universal appeal?
  • ZWho is the best in the field and best at the process we are focusing on?