When it comes to strategy, right or wrong is in the eye of the beholder.
“good enough strategy excellently implemented will trump a perfect strategy lukewarmly implemented nine times out of ten.” Don Sull, The Upside of Turbulence
Is your strategy clear and does your team know it?
How often do you change strategy in your business? Do you follow a course to its conclusion, or do you chase every good idea?
A great strategy, that changes continually, is worse than having no strategy at all. Whether this is the big picture plan in your business or a more immediate strategy such as how to increase sales, if you change too often, and too quickly, your team will be confused.
A team confused on strategy is more likely to question, even ignore, any plan that comes their way.
Patience and Urgency are important considerations when implementing new strategy at any level in your business.
When an opportunity is in front of you that is in alignment with the long-term strategy for the business quick decision and quick movement may be necessary to take advantage of the opportunity. Some things to consider
- Is this in line with your mid-term, 3-5 year, business strategy?
- Do we have the resources to following this opportunity without disrupting everything else in the business?
- Is this opportunity a limited time offer? Will it still be available after more thorough consideration?
- Is this change of direction a 10% shift or a 180-degree change?
Sometimes speed is important, sometimes it is deadly. Know your long-term strategy and have a good outline of the steps required to get there. Does this opportunity fit, and is urgency required?
If you have a reputation as someone who tends to be impulsive, be extra careful when making changes in direction that impact your team. FYI, Most entrepreneurs are seen as impulsive by non-entrepreneurs; It is usually true.
Most great opportunities will still be there when you take the time to vet them. That does not mean leave it on the back burner indefinitely. Here are some tips to considering possible changes in strategy
- Is this in line with your mid-term and long-term business strategy?
- How will it impact your resources if implemented?
- Is this a change of direction for your team or is it in addition to what they are currently doing?
- How recently have you changed strategy that impacts your team? Will they take it seriously or will another shift impact your credibility with them?
- Are you willing to let this opportunity pass if you cannot research it quickly enough? Can you see the impact of letting it go from a 3 month, 3-year point of view? How big of an impact will it have
As the leader in your business it is essential that you set the sails. Where is your business headed and how do you plan to get there? If your team sees you focused on a steady course they will dig in and do everything they can to make it a reality. If they see you chasing squirrels, continually shifting course, you will likely loose top performers and give lesser performers an excuse to not engage.
Want help with strategy in your business? Schedule a conversation with our business strategist at www.PerformancePartnersCoaching.com/contact
Looking for more information on how to handle a strategy you disagree with in your business? Here is a great article from HBR https://hbr.org/2010/02/when-you-think-the-strategy-is
*Photo from HBR article referenced above