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Strategy Checklist – 7 Compulsory Questions

By 14 October 2014 July 19th, 2021 No Comments

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It is not unusual for companies to rush into writing their strategy without doing a bit of background thinking and maybe a bit of research!

Before you rush into your ‘strategy workshop’ or board meeting where you will be discussing strategy, it would help if everyone has done their homework. Everyone in the room needs to be pretty clear about their answers to the following questions.

The questions are very business school-like but on this occasion you do want to gather evidence and information so that you make an informed decision.

I know that it is exciting to make wild ambitious plans but please keep at least one foot on the ground so that you can deliver on your plans.

1. What drives the INDUSTRY?
2. What drives the MARKET?
3. Who are your COMPETITORS?
4. Who are your CUSTOMERS?
5. How do your TARGET CUSTOMER GROUPS behave?
6. How good are you, YOURSELVES?
7. What are your CAPABILITIES AND OPPORTUNITIES?

These questions can be used as a great way to:

– Present challenging initial homework for people attending your strategy away day.
– Question your consultancy or accountancy clients.
– Interrogate fellow board members to see how ‘up to speed’ they are.
– Remind yourself of the actual environment that you are working in.