Whether you call it political rhetoric or simply sound advice, President Obama may be on to something when he recently challenged the country to see hard times as a chance to "discover great opportunity in the midst of great crisis."
Times are tough, no doubt. So how do smart executives find opportunity that sustains and grows their business during tough times? The answer starts with strategy. Drawing on marketplace realities and operational strengths, today’s business strategy must focus, and stimulate, an organization on where it wants to be in the future and how it’s going to get there. Remember, true strategic vision denotes insight rather than clairvoyance.
There’s no better time to be introspective. Undertake a self-appraisal to assess success/failure factors, validate core assumptions and provide context for strategic choices. Six categories establish the framework needed to appraise your strategic vision and tactical viability.
1. Growth – scalability, stakeholder expectations, short/long-term assumptions, action plan
- Does your strategy allow the business to grow
at a realistic, acceptable pace?
- Are core business assumptions likely to
yield realistic growth and profit projections
2. Resources – financial, operational, talent, capacity, timing
- What resources are needed to produce
expected results?
- Are “ramp-up” timelines and resource
commitments acceptable (and aligned)?
3. Financial – up-front investment and payback projections, revenue and profit targets
- Can the company continue to make money –
how fast, how much and how long?
- What are the internal and external threats to
long-term financial returns?
4. Operational – regulatory, business practices, infrastructure, technology
- How compatible/incompatible are internal and
outsource support operations?
- Is the “right” organizational structure in-place, agile
and efficient?
5. Marketing Mix – brand position, product value, new business/retention, distribution
- Are “product-price-promotion” integrated and
measured (ROI, LTV)?
- What would you do with an additional investment in
marketing and sales?
6. Exposures – opportunity/risk, customer base, sustainability, competitive landscape
- What are the risks for investors or stakeholders –
next 12-months, 3-years?
- What is the expected return for investors –
upside/downside, timing?
Leadership needs to look inside (and out), answer tough questions, and make informed decisions about future direction and success metrics. When matched-up against market conditions and competitive intelligence, the result is an actionable strategy that enables decision-makers to anticipate change and react quickly with practical, yet calculated execution. Hopefully, this is the strategic stimulus needed to "discover great opportunity in the midst of great crisis."
Whether you call it political rhetoric or simply sound advice, President Obama may be on to something when he recently challenged the country to see hard times as a chance to "discover great opportunity in the midst of great crisis."
Times are tough, no doubt. So how do smart executives find opportunity that sustains and grows their business during tough times? The answer starts with strategy. Drawing on marketplace realities and operational strengths, today’s business strategy must focus, and stimulate, an organization on where it wants to be in the future and how it’s going to get there. Remember, true strategic vision denotes insight rather than clairvoyance.
There’s no better time to be introspective. Undertake a self-appraisal to assess success/failure factors, validate core assumptions and provide context for strategic choices. Six categories establish the framework needed to appraise your strategic vision and tactical viability.
1. Growth – scalability, stakeholder expectations, short/long-term assumptions, action plan
- Does your strategy allow the business to grow
at a realistic, acceptable pace?
- Are core business assumptions likely to
yield realistic growth and profit projections
2. Resources – financial, operational, talent, capacity, timing
- What resources are needed to produce
expected results?
- Are “ramp-up” timelines and resource
commitments acceptable (and aligned)?
3. Financial – up-front investment and payback projections, revenue and profit targets
- Can the company continue to make money –
how fast, how much and how long?
- What are the internal and external threats to
long-term financial returns?
4. Operational – regulatory, business practices, infrastructure, technology
- How compatible/incompatible are internal and
outsource support operations?
- Is the “right” organizational structure in-place, agile
and efficient?
5. Marketing Mix – brand position, product value, new business/retention, distribution
- Are “product-price-promotion” integrated and
measured (ROI, LTV)?
- What would you do with an additional investment in
marketing and sales?
6. Exposures – opportunity/risk, customer base, sustainability, competitive landscape
- What are the risks for investors or stakeholders –
next 12-months, 3-years?
- What is the expected return for investors –
upside/downside, timing?
Leadership needs to look inside (and out), answer tough questions, and make informed decisions about future direction and success metrics. When matched-up against market conditions and competitive intelligence, the result is an actionable strategy that enables decision-makers to anticipate change and react quickly with practical, yet calculated execution. Hopefully, this is the strategic stimulus needed to "discover great opportunity in the midst of great crisis."