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Crafting a Successful Business Strategy vs. Committing to One

By Lisa Woods (1223 words)
Posted in Leadership & Teambuilding on October 6, 2015

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Whether you are leading a corporation or building your small business, crafting a successful business strategy is bound to be one of your key objectives. But when executives are asked if their strategies will be successful, the results are impressive...in an unimpressive way. According to a 2011 Booz & Company Executive Survey, 53% of executives do not believe their company’s strategy will lead to success, 63% say they have too many conflicting priorities and 54% say their company’s way of creating value is not well understood by employees or customers.

 

What does this research tell you about crafting a successful business strategy? Here’s what it tells me:

  • Your likelihood to achieve desired results is just as high as your likelihood to fail.

  • Most of us are so busy dealing with daily business concerns that we don’t have the time to spend focused on implementing change…aka a new strategy.

  • Getting the rest of the organization to buy into doing things differently is down right difficult to do.

 

Most business leaders are faced with this reality and as a result, they fail to grow as much as they could. They fail to maximize profits. They fail to retain great talent in their organizations. They fail to lead the business or transition it to the next level. And overtime, they lose interest in the process.

 

Now, think about why this reality exists. Why do so many executives and small business owners spend their time crafting business strategies that fail to succeed?

 

We talk a lot about Employee Engagement, alignment of objectives, taking the time to craft action plans and accountability coinciding with business strategy. That is crucial to success, yes. But there is something else that comes even before the strategy is crafted, and that is Leader Engagement, making the commitment to lead change. Are you committed to achieve something different compared to what is being achieved today?

 

It sounds obvious; sometimes so obvious the question is followed by a shrug, laughter and an obligatory “of course!”  Guess what, that is not enough commitment to take your business to the next level.

 

Once you are committed to something, there is no going back. Sure, you still get interrupted, but you see interruptions as repetitive areas that need to be addressed. People will still resist change, but you will have the words and reasoning to convert them to supporters.

 

Commitment is personal, and as the leader you must be personally committed to something before you even begin to craft your business strategy. Here are four steps you can take to define your personal commitment so you can successfully lead your organization to the next level.

 

Leader Engagement – 4 Steps to Ensure Your Commitment to Lead Change

 

1)   Be honest about your personal goal. 

 

  • To spend more time with family & doing the things I love.

  • To be able to sell the business in “X” years.

  • To establish a legacy for my children to take over.

  • To make enough money to support my lifestyle.

  • To open doors for future career opportunities.

  • To create a reputation as a visionary in my industry.

 

These are just a few examples to start reflecting on what is important to you. You don’t need to call a management meeting to establish an answer to this question (I highly recommend you don’t!), but you do need to be honest with yourself about your goal and then start envisioning your life once you achieve it.

 

2)   Define what is preventing you from achieving your personal goal. 

 

  • I don’t have anyone who can do the work like me; mistakes will be made, opportunities lost.

  • There is nothing to “sell” because the business lacks consistency.

  • Our customer base is old and we don’t have time or resources to bring in new business.

  • Financial objectives are too aggressive and my bonus suffers when they aren’t met.

  • Company culture is to stay the course, resistant to investments & new ideas.

 

Write down anything and everything that stands in your way. Once you’ve completed this list, re-order each point from biggest to smallest roadblock.

 

3)   Focus on your #1 roadblock and shift your thinking to the Overall Business.

 

  • How does this roadblock negatively impact business results?

  • Why does it exist?

  • What causes it to continue?

  • What are some alternatives actions that can be taken to overcome it?

  • Who will these changes impact?

  • How will these changes positively impact business results?

 

Next go through the same questioning process for each of the roadblocks on your list.  Once complete, note the changes that will achieve the greatest positive financial impact to the organization.

 

 

4)   Commit to making these changes in your organization.

 

Another term for these changes - “Strategic Objectives”.  You are now ready to craft your business strategy around them.  

 

Whether you present these Strategic Objectives to your team to develop a strategy together, or craft a strategy to roll out on your own, this 4-step process will provide a direction you believe in, the words needed to ensure everyone is compelled to change, and the commitment required from their leader to succeed.

 

Why focus on yourself before you focus on the business?  Because just like employee engagement, as the leader, if you are not committed, chances are you will fail. Now, you may not be the best leader for your business.  That’s a different question all together-Will your personal interests be in the best interest of the business? Time will tell, but it’s your job to lead. This approach will help you commit to leading effectively…by crafting a business strategy that you can implement successfully.

 

 

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Written by Lisa WoodsPresident ManagingAmericans.com   Lisa, a thought leader in management and leadership, founded ManagingAmericans.com in 2011 after 20 years successfully leading and driving growth in the corporate world. Her objective is to help mentor and develop professionals to be better leaders, managers, team players and individual contributors in a “do-it-yourself” learning environment using unique & practical tools to support the process. With a B.A. in Corporate Communication and an M.B.A., Lisa’s career spans from Global Marketing to General Management and has worked all over the world. Her publications include “4 Essential Skills for Leaders, Managers & High Potentials” © 2013, and “The Cross Functional Business: Beyond Teams” © 2015.

 

Do you have a question for Lisa?  Post it in our Executive Leadership Community, she will be happy to help: Ask an Expert

 

 

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Here are some additional training articles you may be interested in: 

 

Emotional Intelligence in the Workplace: How to Develop Yourself & Your Team 

Lessons Learned Templates & Guide: A Managers Toolkit for Continuous Improvement

Work Efficiency Equation For Managers And High Performers

Overcoming Disconnect Between Middle & Upper Management

Strategic Leadership-How Strategic Are You?

 

 

About ManagingAmericans.com

We are America’s Management & Leadership Center for Professional Development. Our well-rounded business content is designed for Leaders & Managers to implement change with ease & improve accountability amongst their teams. Here you’ll find Articles from 30+ Expert Consultants, Coaches & Thought Leaders, access practical Business Templates, learn new skills & connect to our Expert Panel to answer your organizational challenges.

 

 

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