STRAMA (PF) - H22

Usman Ghani

He is a business analyst and Chairman of Conflucore, successful strategies have several attributes that win the customer’s preference and create a sustainable competitive advantage.

Good strategic planning process

It requires attention to the actual execution of the strategy, not a compilation of forecasted numbers.

Good strategic planning process

It must come from the minds of the people closest to the action who understand their markets, resources, strengths, and weaknesses.

Assessment of external environment.

Business leaders must scrutinize their environment and understand it well.

Assessment of external environment.

They should examine everything from economic and demographic trends and regulatory shifts to new technologies, alliances between competitors, and drivers of increasing or decreasing demand for its products.

Understanding existing markets.

Business leaders must be aware of their customers' needs and buying behaviors.

Identifying growth opportunities.

Business leaders must assess the needs of their organization to gain potential progress and development.

Identifying growth opportunities.

They must constantly identify the need for new products or services, marketing channels, and business expansion.

Recognizing the competition.

Business leaders must continuously monitor the emergence of new entrants with more attractive value propositions for their customers.

Assessment of business capabilities.

Business leaders must evaluate their company’s capabilities to execute a proposed strategy regarding people, processes, and resources.

Creating strategic milestones.

Business leaders must establish a timeline and metrics to measure a strategic plan's progress.

Determining critical issues.

Business leaders must identify the organizational problems that may affect the business's future growth.

Incorporating sustainability.

Business leaders must ensure that their company operations exhibit economic stability to ensure the long-run continuity of the organization.

People strategy

It is the organization’s prioritized people plan that enables a business to be successful by attracting, developing, retaining, and inspiring the workforce.

People strategy

It is designed to inspire and achieve company-wide alignment on goals that concern the people.

Start with a vision and some data.

Even with a vision in mind, gathering data of all kinds is the best.

Start with a vision and some data.

In this process, it is vital to keep all evaluation methods as consistent as possible.

Identify the problems and outcomes.

A people strategy needs to be reflexive, which means it needs to identify issues before they occur and handle them proactively.

Gather Feedback.

Feedback is essential and must come from various people in various roles and disciplines. It will ensure that the strategy makes sense and can inspire those within the organization.

Visualize and communicate.

A visual that can be used to communicate plans will help educate the wider business about how work is thought about and allocated.

Track and adjust.

It is essential to check the overall strategy to ensure it is working proactively, and if changes are needed, adjusting is necessary.

Business operations

It refer to activities that businesses engage in daily to increase the value of the organization and earn a profit.

Business operations

It includes the programs a business will complete within a year to reach the desired objectives, such as earnings, sales, margins, and cash flow. Among these programs are product launches, marketing plans, sales plans that take advantage of market opportunities, manufacturing plans that stipulate production outputs, and productivity plans that improve efficiency.

Set targets.

Business leaders must establish realistic goals and objectives for the company to reach its ultimate destination.

Set targets.

They must also determine the necessary trade-offs between short term objectives and long-term goals.

Develop action plans.

Business leaders must propose plans that will enable them to execute strategies to achieve their goals.

Create contingency plans.

Business leaders and the line people must create specific alternative courses of action for the business to overcome obstacles encountered in reaching goals and objectives.

Measure Performance.

A business should implement a realistic measurement system that determines how well the business is doing against the targets.

Measure Performance.

The process of measuring performance starts from the goal-setting stage.

Keep up with the latest trend.

A business should stay updated with industry trends and changes to get ideas on how to get better than the competition.

Keep up with the latest trend.

Keeping up with these can help the company improve its performance and cut costs, or that allows it to stay compliant with new regulations.

Streamline.

A business should evolve with changes in the industry to increase productivity.

Streamline.

The management should continually be on the lookout for new tools, software, and equipment that improve and ease critical processes.

Define the culture.

Organizations must identify the driving organizational values, beliefs, and behaviors to help the company serve its customers.

Define the culture.

Part of this culture design process requires fostering culture and growing the individual and team talent needed now and in the future.

Align the culture.

Organizations must turn their company values into ongoing norms of behavior within their organization.

Align the culture.

Aligning the strategies and actions will create a culture that drives innovations, productivity, and growth.

Monitor the culture.

Organizations must support the business environment and solicit feedback from key stakeholders for continual improvement.

Monitor the culture.

Look for development opportunities that align with the company’s strategic direction and employees’ aspirations.