“Strategy” – its formulation, articulation, dissemination, alignment, measurement and review can add value especially to a high growth business. Since most people running small businesses are not necessarily managerial experts – they are very often given to understand that strategy is only for a big business. And questions that we come across even from high growth seeking small business owners are:
- Why should we do a strategy exercise when we know that all we need is more customers?
- Do you think I can with my limited resources conduct a competition analysis?
- What will be the benefit for me to create a strategy document which many in my company will not understand?
- Why should I take time of my senior management which is involved in execution for a strategy formulation work – am I not losing out on revenue?
- Can I bring in a HR consultant to solve my retention problem rather than create a strategy?
- Instead of creating a strategy, can you tell me how I can reach out to customers better?
- And many more…
While many of the questions seem right by themselves, there is one fundamental issue. Since there is no single story / dream / vision that is shared amongst all members of the organization, there is very little buy-in! To become a medium / big organization, we need to create a bigger picture of what is in the mind of the CEO / Founder / Entrepreneur, have it colored and then imprint it in the minds of everyone in the organization. Without an alignment towards a common goal – real progress will remain elusive.
A strategy when created builds confidence in the senior management, when communicated builds trust, when aligned brings buy-in, when measured increases seriousness and commitment, and when singularly focused on, brings achievement!