Everything that happens in your company is driven from your strategy. If you don’t have one, you absolutely need one. If you have one, you need to communicate it. And, all your work at your company needs to be linked to the corporate strategy.
A strategy session with your team will tackle the questions of: whom do we serve; where should we invest; how will we compete; and how will we win. Strategy sessions should explore your unique strengths and weaknesses; the changing needs of your customers/partners that might lead to invest/strengthen/divest in a particular area; the current situation vis a vis customers, partners, suppliers, competitors, shareholders; and market developments/technologies/products that offer opportunities or pose a threat.
In a group setting, you should explore:
- Market Need: What is our purpose? What is the market need for what we create?
- Differentiators: What is our differentiated solution that responds to the market need?
- Execution: How will we be the best and what are the action plans we need to get there?
The expected results of a corporate strategy include:
- Agreement: Brings all of us together on the same page
- Unification: One unified path forward
- Alignment: Work, resources, investments
- Ownership: People tend to own what they help create
- Clarity: Employees value strategic direction and leaders who share a compelling vision and the driving strategies the organization will pursue.
Remember, M&A doesn’t just happen. It is the result of good strategy executed well. The work you do on strategy will positively effect a profitable exit at some future point.