Strategy development process
Strategy as defined by Merriam Webster dictionary is a careful plan or method for achieving a particular goal usually over a long period of time.
Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations
The strategy development process follows an lifecycle of recognizing the problem to tackle, allocate resources, implement processes, capture and share data on progress, reflect on lessons learned and course-correct, as necessary. Essential to this process is inputs from stakeholders in the planning stage and an ongoing feedback and throughout the strategy lifecycle. It usually includes the following steps
- Develop or Refresh – New strategies may be developed when a major external change requires a fundamentally different approach. In a strategy refresh, an existing strategy is more thoroughly examined to reflect on progress made, define goals, and agree on a path forward.
- Execute – Each strategy includes a plan for execution—the investments, stakeholder involvement and resources needed to achieve intended results. Immediately after a strategy is developed, the focus of work is on executing.
- Measure – Investments and execution are regularly measured to track the progress. Consistent measuring, learning and improving at every step along the way are to be followed.
- Review or Adjust – Strategy reviews reflects on progress, priorities, and problems that need to be resolved. Strategic review and execution is done with stakeholder involvement on an decided time or any external or internal changes. Strategic adjustment and fine-tuning informed by feedback is critical to ensure accurate reflection of changes in the environment.