I’ve had the fortune of creating strategy documents for some of the most exciting and innovative companies in the world. Using a plethora of strategy tools that are communicated in many formats, these strategic roadmaps aim to define a differentiated market position that gives promise for improved ROI and sustainable results.
If successful, these roadmaps generate the enthusiasm to move an initiative forward with key stakeholders all in agreement. I wish I could say that is all that is needed to realize the expectations that have been set forth; however, there are a few key ingredients often left out that one should consider keys to success.
Transformative leadership starts with having purpose. It sounds easy, but knowing precisely what kind of company you want down the road is often not clear. Although financial objectives are great measurement tools for evaluating investments and progress, don’t forget that real value creation in the marketplace has nothing to do with making your numbers. Without a clear purpose behind your business, it is impossible to link proposed investments to the long-term strategic position of the company.
Nothing works without a clear identity. Once you have a purpose, you need to take stock of the core competencies in your company. These are the things that are difficult for your competition to imitate and they are what differentiate your brand. Most importantly, they aren’t your end products; rather, they are what make your products desirable. Are you the best at design? Are you the most efficient at manufacturing? Make sure you know what you do best and retain those capabilities no matter what unexpected challenges arise as you move your initiative forward.
The world isn’t a static place. As you execute your strategy, macro economic conditions change and your competition reacts. This all happens while your customer’s expectations and needs evolve. The roadmap that once seemed clear and logical may not have the accuracy it once had. It is now time to learn from your experiences and adapt your strategy as needed – even if it means discarding a piece of your once perfect roadmap.
* This blog entry was inspired by the following Harvard Business Review articles:
Cynthia A. Montgomery. “Putting Leadership Back into Strategy”
C.K. Prahalad and Gary Hamel. “The Core Competence of the Corporation”
Leave a comment