What is strategy? What is the difference between a plan and a strategy? Is a plan the same thing as a strategy? We have all heard the term "strategic plan" but we are about to learn, in reality there is no such thing as a strategic plan.
The video below is very enlightening and the most concise explanation of what strategy is, and how to go about developing strategy.
Watch this video by Roger Martin Professor Emeritus at the University of Toronto's Rotman School of Management as he walks us through his thoughts on strategy.
Creating an organizational strategy is an important process that helps organizations align their goals and objectives with their resources and capabilities. Here are some steps you can follow to create an effective organizational strategy:
Define your vision and mission: Begin by clearly defining your organization's vision and mission statements. These statements should capture your organization's purpose, values, and long-term aspirations.
Conduct a SWOT analysis: A SWOT analysis helps identify your organization's strengths, weaknesses, opportunities, and threats. Use this analysis to identify areas where your organization excels and areas where it needs improvement.
Set strategic goals and objectives: Based on the SWOT analysis, set strategic goals and objectives that will guide your organization towards achieving its vision and mission.
Develop an action plan: Develop a detailed action plan for achieving your strategic goals and objectives. The action plan should include timelines, resources needed, and key performance indicators.
Assign responsibilities: Assign responsibilities for executing the action plan to specific individuals or teams within the organization. This will ensure accountability and help to track progress.
Monitor and evaluate progress: Regularly monitor and evaluate progress towards achieving your strategic goals and objectives. Adjust the action plan as necessary to ensure continued progress towards your vision and mission.
Communicate the strategy: Communicate the organizational strategy to all stakeholders, including employees, customers, and shareholders. This will help to ensure everyone is aligned and working towards the same goals.
Creating an effective organizational strategy requires careful planning, analysis, and execution. It's important to involve key stakeholders in the process and ensure that the strategy is communicated clearly and consistently.