What is it?
Strategy Formulation is the process of defining a distinctive & sustainable competitive advantage for your business. It is about creating a clear vision, mission & values that you can communicate to the rest of the organisation. It is about taking tough choices on what things the business will prioritise and which things it will de-emphasize.
By engaging with Pico on Strategy Formulation, we will facilitate your Leadership Team through a clear, rational and powerful formulation process. We will ensure that;
- The threats, opportunities and views of the whole leadership team are made visible, debated and converted into assumptions that will inform the group decision making
- Selective market intelligence is used to inform, support and challenge those assumptions
- Your leaders use those assumptions to agree on a differentiated strategic position which can offer a real competitive advantage that customers care about
- Your product and market priorities (and non-priorities) are made crystal clear. This will allow everyone in your company to understand where the business is going to focus its resources, as well as management time and attention
- You have defined the capabilities that need to be built in order to deliver on this strategy, as well as the key leading and lagging indicators of success
How does a Pico Strategy Formulation engagement help?
Strategy facilitation isn’t about telling you the answer to your strategic questions but about taking your leaders on a journey that helps them to make the right decisions for themselves. It involves taking your leadership team through a process that generates alignment and clarity.
We will ensure that your leaders are being asked the right questions. We will ensure that the thinking is made visible, that it is challenged, and that it is rationally assessed. We will ensure that your leaders are answering all of the strategic questions that must be debated and clarified in order for your business to execute its strategy effectively. Without fear of internal politics or hidden agendas, we can help your business to make the tough decisions that leads to a powerful roadmap for execution.
Having been through the journey of decision making for themselves, the whole leadership team will feel a strong attachment to its successful execution. This can deliver truly remarkable results.
How do we do it?
A normal Business Unit Strategy Formulation would involve working with your leadership team for around 4 x 2-day sessions over a period of around 2-3 months.
A leadership survey will be sent out prior to starting the first session, and you will be supported in the analysis of available market intelligence.
At the end of each session your Leadership Team will receive a document that summarises the thinking that has been done, as well as the outcome of the key decisions made.
At the end of the total strategy formulation engagement you will be issued with a final strategy document that summarises your Vision, Mission, Values, Priorities, Goals and Competitive Advantage. It will summarise the key decisions that have been agreed by your leaders, as well as the capabilities you need to build so that you can move confidently on to Strategy Implementation Planning.
Want to speak to us about Strategy Formulation? Why not contact us to find out more.
What should we do next?
Having formulated a new strategy, an organisation now needs to build a strategic roadmap for execution. We call this Strategy Implementation Planning.
Also why not read our article on why many organisations get strategy wrong.