It is an intriguing fact to find incidences indicating strategic blunders that attributed to business strategy experts. This itself implies that indecorous strategic planning might incur a long-term loss both for the business and the organization.
A detailed plan can be structured and seem comforting but can this be called a strategy? Every executive running an organization know how crucial business strategy can be. But almost most executives find it difficult since they’re forced to confront the coming future only which they’re able to guess at. A business strategist needs to be super-smart and aware of the current happenings in the job market. Failure to do so may wreck or ruin their career.
However, there are possibilities to make these challenges less daunting. This can only be done by making these problems seem less scary by making use of tested tools. At times, the strategist spends weeks together to come up with a comprehensive business strategy. Their core aim is to focus that the plan doesn’t disrupt the project cost, revenue, and target.
The responsibility of a business strategist is to ensure the end product meets the requirement of the business partners. These experts hold the responsibility of providing users or customers what they want rather than giving them what the need during the requirement gathering. It is often posed as a challenge for strategists to meet the demand of the industry with constraints from their users or customers.
With job markets being fast-paced and technology-driven, there might be nuances that organizations might need to avoid. More interestingly, irrespective of the size of business and the industry, organizations tend to commit blunders unknowingly.
These are the top 7 biggest blunders companies need to avoid today: –
- Not keeping the plan brief and effective
Not keeping the plan short and crisp is a terrible way to build a business strategy framework. Most companies like to complicate their business plans by building long strategy business plan. What matters for an organization is whether the plan will be effective or not. When it comes to building lengthy plans, the perfect business strategy must be short and effective. Keeping it short and crisp allows other people in the company to read the plan, understand and implement it.
- Improper structuring of the customer and their requirements
The core key concept of strategizing a business strategy is to first identify your customers and their needs. Your target market, which segment are you planning to target? Are you targeting a certain geographical region or demographic? Even so, how likely would your customers respond to the success of your business plan? Then properly analyze the needs of your customers and what will be your value proposition? What are the kinds of problems you’ll be solving through your strategic planning? How can you make things better, easier and faster?
- Reiterating last year’s strategic planning
Your strategic planning might have worked for the previous year, but you still can’t be sure it will make the same impact in the following year. Even if your objectives remain the same, it will be impractical to keep the same objectives. You will need a wider perspective and come up with a strategic plan based on the current industry events and trends.
- Unplanned strategic deployment
You need to ensure your deliverables are according to the plan. Specifying core skills and capabilities must be your top priority. This in return will help one identify the skills and capabilities that are missing. Once this is done, ensure you analyze the competency level to fill in those gaps. Do you need to hire new talent or should you partner with others?
- No KPIs to monitor the progress
If a business strategy framework is a void of having certain goals and milestones, it can be a risk for businesses. Without navigation tools, metrics, and data to analyze your performance, you will be like a ship that is sailing nowhere. You must define key performance indicators to set up a system and a dashboard where you can monitor them daily. Failure of KPIs might lead to a bad concourse.
- Absence or review and learning cycles to amend the direction where the strategy is leading
Have you heard of Uber, Airbnb, and Alibaba? Well, these are examples of some of the largest companies that are well-known for their best business strategies. They have learned to iterate quickly and develop strategies that understood their branding strategies goes much deeper than a pretty website or a flashy responsive app design. You must ensure you know your brand and focus toward where you will gain the maximum benefit.
- Are you not using data? But why?
We’re living in a world that is filled with data. Without data, the business might fail to capitalize on their plan. Your business strategy should be build based on the facts and as many information you have on the market. While building a business strategy plan ensure you use a free tool like Google trends, doing so will provide proper insights and better business strategies.
To avoid such disasters, you need to get rid of these mistakes mentioned above. Contrary to a successful business, the strategy should not be pulled out of thin air but rather grow out from the organization’s value proposition.
Michael Lyam is a Writer, AI Enthusiast, Business & Social Media Strategist.Love to tell fascinating stories, experienced curator in the fields of food tech, investing, technology, content development, marketing and Startups. Passionate about social media marketing and inspired to find new ways to create captivating content.