Business Strategy Harvard Online – A successful strategy can set your organization on the right path for years to come, but creating one is easier said than done. According to research by Bridges Business Consultancy, only two-thirds of business leaders believe their organization is good at strategic planning.
Before diving into advice from real businesses to help you create a successful strategy for your organization, here’s a look at what strategy is.
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Strategic planning is the process of using available knowledge to chart the appropriate course of action for a business and the course of action to achieve its goals.
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Creating an effective strategy allows your organization to share a clear vision, capture points by exploring the ideas behind goals, and track performance with key performance indicators (KPIs). can be measured.
When looking to create a winning strategy, organizations need to understand their mission and core values. To strengthen your approach to strategy, start by asking, “What is the purpose of my organization?”
In the course Sustainable Business Strategy, Harvard Business School Professor Rebecca Henderson discusses the importance of starting with a mission when creating your business strategy.
“We’re seeing this pattern across a lot of brands,” Henderson said. “Leaders and businesses that drive radical change and court first mover benefits are often motivated by a desire to lead to make a difference as much as they are to work – money.”
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“It started with the idea that, for communities, we can do better,” said Kevin Havelock, president of innovation at Unilever, in the Sustainable Business Strategy. “It didn’t start with a business case. Then we said, ‘Look—how can this be saved?’ If this is what is right for these people and the world, then we will live for the signs.”
Instead of jumping directly into the logical process, Unilever puts its values and the mission to produce sustainable tea at the center of its development strategy, and the organization can take steps to achieve that vision.
Henderson says that this phase of “doing good” and “doing well”—which he calls the process of creating shared value—is an area of great benefit. If the purpose at the heart of your strategy is based on sustainability or helping others, it is important to follow the goal, especially if your organization has the competitive advantage of being the first to doing this.
L’Oréal is another organization that has jumped on the bandwagon. His response to the coronavirus pandemic (COVID-19) shows the importance of taking current events into account when formulating strategies.
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As the coronavirus spreads rapidly around the world, hospitals are left with a dwindling supply of personal protective equipment (PPE) and sanitizers. In addition to the economic shutdown, the virus has affected food, shelter, and unemployment for many.
L’Oréal USA, along with L’Oréal Europe (pdf) and other international branches, decided to take their strategic decisions and work.
“I know I speak for all my colleagues when I say that we at L’Oréal USA have a great responsibility to do our part to help this crisis in the many communities where it lives. we are working,” says Stéphane Rinderknech, president. and CEO of L’Oréal USA, in a press release.
This response is strategic, even if it ultimately costs the company money. By responding with donations and support, L’Oréal has positioned itself as a brand that cares about its communities, consumers, suppliers, employees and customers.
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As current events change and create new challenges and opportunities, how your organization responds will lay the foundation for its strategy moving forward.
In addition to current events, a competitive strategy should take into account the information and knowledge you have about your organization, other industries, and basic concepts of economics.
Knowing this information will help you prepare your company for the current business environment and learn from the mistakes and successes of others.
“When you think about going out into the world and using these testing tools, the first thing is to think of yourself as an experimenter,” said Nava Ashraf, an associate professor at HBS who graduating from the Economics for Managers course. “Change your thinking about what it means to look for data from the world to help you know if something works or doesn’t work.”
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When designing your strategy, take a look at your organization’s financial statements, as well as successful and unsuccessful strategies. Also, analyze case studies of other businesses and the economic principles underlying them to influence your own growth strategies.
The selection and communication of strategic objectives is another important step in the strategy formulation process. Studies show that, on average, 95 percent of employees don’t know their company’s strategy—an alarming statistic, because successful strategy execution requires commitment to management.
“I would argue that the value of open, honest and transparent communication increases with the size of the organization,” said John Hamm, general partner at VSP Capital, in the Harvard Business Review.
“In the long run, the best results come from a clear strategy and a focus on quality work,” says Hamm. “Imagine a professional golfer like Tiger Woods, his key to winning major championships is knowing his aim, preparation and swing. Once the ball is in the air, there is no way to control it; then sit where he pleases.”
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Strategic planning is very important, but it cannot be successful if it is not properly communicated and shared with your entire organization so that all employees are committed to achieving the company’s goals.
Once you’ve formulated and communicated a strategic plan, it can be tempting to think that the strategic planning process is complete. According to HBS Professor Clayton Christensen, however, the strategy is a work in progress.
“A lot of people think of strategy as a project, but that’s not how the world works,” Christensen says in the Disruptive Strategy course. “More often than not, the strategy that leads to success comes from a process that works 24/7 in almost every industry.”
Periodically reassess your company’s strategy to adapt to new challenges and opportunities, and continue to communicate its development to your wider organization.
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Although strategic planning is usually the responsibility of the leaders of the organization – such as the CEO and members of the management team – those in their roles can develop their strategic skills to help in this process. Each employee is responsible for implementing a clear action plan to improve business performance and ultimately attract potential customers.
As you move forward and begin your strategic plan, draw on the ideas and case studies of those who have come before you. To improve your strategic thinking skills, take a strategy course or talk to contacts in your network about their experiences.
From project to plan, communication to reassessment, know that by participating in the strategic planning process, you are building the foundation for successful strategy implementation and investing in the future of your organization. .
Do you want to develop a winning strategy for your organization? Explore Business Strategy, one of our strategy courses and download a free flow chart to decide which one is best for you and your goals.
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Catherine Cote is marketing coordinator at Harvard Business School. Before joining HBS, he worked at an early stage SaaS startup where he found his passion for writing articles, and a digital consulting firm, specializing in SEO. Catherine holds a B.A. from Holy Cross, he studied psychology, education, and Mandarin Chinese. When not working, you can find him hiking, working out, watching theater, or hunting for the best burger in Boston. Professionals in today’s competitive job market are looking for ways to advance their careers and stand out. HBS is responding to that demand with the launch of a new program called Learning Pathways, designed to give professionals access to a specific subject area and develop deeper knowledge and expertise that will enable them to excel. their careers to the next level.
The primary Study Tracks available are in Leadership and Management and Strategy. To enter, students must successfully complete three courses from a selected Track within 18 months. They enroll separately in each course and receive an HBS certificate upon completion of each course. When they complete the third course, they receive a Certificate of Competency in their chosen Field. They also get a 30 percent discount on their second and third courses.
“I am pleased to offer this advanced certification to help scholars advance their careers,” said HBS Senior Associate Dean Debora Spar. “We have research data that shows our past participants have seen career growth as a result of taking our courses, which we are very proud of. It is our hope that individuals who receive the Specialization Certificate will experience greater personal and professional growth.
Spar added, “Our participants tell us that our learning model is strong and that our global network is amazing. Not only do participants make friends from all over the world, but they have a better learning experience because of the collaborative nature, and they can apply courses that teach directly to their own work.”
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About 150 former HBS participants have already completed three courses from two Tracks, and these