In other words, the process of Strategic Alignment sits largely on your shoulders. To be sure your company’s strategies are aligned for the year ahead, join our consultation workshop.
Defining your Corporate Strategy is no small task. You must allocate resources to most effectively generate profitable growth. And you’re responsible for answering major questions such as “Why do we exist?”, “Where are we headed?”, and “What markets will we compete in?”
To make this process easier, we’ve discovered how best-in-class CEOs structure their Corporate Strategies across eight key phases.
To make your number in 2016, follow this guide.
PHASE 1 – MISSION:
Define why we exist.
This phase provides a strong foundation on which the company can grow. It will unify your team members’ objectives for 2016, and help your customers understand what you’re trying to accomplish.
PHASE 2 – VISION:
Define what we want to become.
With a clear vision, you can lead the company towards your mission. If you know exactly where you’re headed, you can also allocate resources without wasting any time or money.
PHASE 3 – VALUES:
Define how we behave.
Values set the tone for the company’s performance, culture, and interactions with buyers. It’s important that you don’t just talk about them. Outline how you will execute these values through specific actions across the organization.
PHASE 4 – BRAND:
Define how we serve customers.
Through your brand, make a sound promise to your customers that you can live up to. This way, you can build and maintain trust with your audience and turns leads into loyal consumers.
PHASE 5 – OBJECTIVES:
Define the objectives we must achieve.
Provide a common definition of success throughout the organization. Let everyone know that each function feeds these main goals. Objectives need to drive daily decision making from the CEO down to all levels of employees.
PHASE 6 – MARKETS:
Define the markets we will and will not compete in.
Don’t leave this part up to individual employees. That will only lead to conflicting priorities and poor strategy execution. Give employees the guidance they need to approach each market.
PHASE 7 – COMPETITION:
Define the competition we face in each market.
If you don’t know your competitors, you can’t beat them. Make sure you understand your competition and have clear strategies on how to edge them out. Also be prepared to defend your company when they try their best to come after you.
PHASE 8 – ADVANTAGES:
Define the unique advantages we will have in the marketplace.
There are three sources of competitive advantage: Price, Product and Customer Experience. Pick one before your customers pick one for you, costing your revenue.
With these eight steps, your Corporate Strategy can position your company to beat its 2016 targets.