As a business leader responsible for developing a strategy for your business, how do you rate your strategy against the four critical success factors that must be adhered to, to achieve a successful outcome?
Do you know what the four critical success factors for creating a GREAT strategy are?
Here’s a cheat sheet:
CONSISTENCY: Strategy provides coherence to organisational action.
- Do problems in coordination and planning continue to exist despite changes in people?
- Does the objective structure in your organisation mean success, for one department but mean failure for another?
- Do operating problems continue to be brought to top management for the resolution of policy issues despite attempts to delegate authority?
CONSONANCE: Strategy matches or is adapted to its environment.
- Does your business have a clear understanding of the market it’s in as a whole and why it generally exists?
- Will the value created by your organisation’s strategy be disrupted in the current or forecasted changes in economic, social, environmental or societal conditions?
- Will new technologies or changes to supply chains disrupt the current strategy and create risks to the growth and value creation objectives of your organisation?
ADVANTAGE: A relevant, enduring competitive advantage is created.
Does your business:
- Have relevant and superior RESOURCES for your industry that allow you to do more or do things better than your competitors?
- Have relevant and superior SKILLS for your industry that allow you to do more or do things better than your rivals?
- Would it be so costly for rivals to capture that it deters them from attacking this business?
FEASIBILITY: The organisation has the capability to implement the strategy.
Has your organisation:
- Got the physical, human, and financial resources available?
- Demonstrated it possesses the problem-solving abilities and/or special competencies required by the strategy?
- Demonstrated the degree of coordination and integrative skill required to carry out the strategy?
- Does your strategy challenge and motivate key personnel and is it acceptable to those who must lend their support?
Take our Free Strategistaion self-diagnostic survey to see how your strategy stacks up – please call us if you would like more info!