7 Elements for building a successful strategy

Companies often struggle with the basics and one of the most important factor is a strategy. Most companies are also forced to change their basic strategy. But how can you recreate yourself and what does a successful strategy contain?

Every successful planning should start with a good team, with enough time and also consider talking with other stakeholders which might be of value for such a discussion. In my full article on MoreThanDigital you will read more about the elements in detail but here I outline the most important steps.

1. Vision – Without the Vision there will never be a good strategy. Be clear about the content and don’t be generic. The best visions also inspire people to do amazing stuff.
2. Mission – Who are you and what are you exactly doing? Answer the question of what your company should represent and it describes how your company makes your customers happy
3. Core Values – In modern business it is of utmost importance to have clear core values. These values also represent the basic understanding for employees, how you interact with suppliers and other stakeholders
4. SWOT Analysis – This analysis helps you to identify where you are doing well, where you need to improve and where your challenges but also opportunities lie. This helps in better decision making when you have this in your strategy
5. Long-term objectives – Create 3-5 statements on how you want to achieve your defined vision. The plans should be briefly formulated and realistic – so its also a crosschecking if your vision is unrealistic or realistic
6. Yearly targets – We all need some guidance. So break down the long-term objectives into yearly goal. Make sure you communicate these goals also clearly to your employees
7. Action plan – Last but not least you break down the yearly targets into an actionable plan. Depending on complexity of the annual goals this action planning maybe needs more details so everyone can easily understand them well.

The full article was published on MoreThanDigital.info – 7 elements for building a successful strategy