If you don’t do strategy every day,
today’s not the time to start.
Strategy is the process where you bet your company. Even if your strategic plan is updated annually, you can’t waste time starting out in the wrong direction. Besides developing it, you will resource it with people and budget. You will proclaim it to investors, shareholders, board members and employees. You need to get it right.
Even it you had the time to do it over, you will not have the credibility to do so. You have four basic options:
- Outsource it to a large global consulting fir. This is a common choice for large companies. It is also common for the strategic plan to sit on the shelf after paying millions. What happens when the consultants split?
- Wing it, by doing it yourself. Most executives are experienced leaders not war-room task masters. Can you suspend your day job for six months to oversee this?
- Hire it, by employing a new strategy executive. But why search for moths, pay a big sign-on bonus and year-round salary, for a part-time job?
- Rent it, but engaging a strategy expert; somebody who does this every day and can draw from dozens of corporations experiences across a myriad of industries. A strategy coach, guides your high-potential people to think like consultants. But the strategy is not the consultant’s, it is yours. The insights and action plans were developed by your people.
Which option works best for you?