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How to avoid the most common strategy mistakes, challenges & pitfalls

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A brief presentation about the most common strategy mistakes, challenges and pitfalls.

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How to avoid the most common strategy mistakes, challenges & pitfalls

  1. 1. HOW TO AVOID THE MOST COMMON STRATEGY CHALLENGES     MISTAKES     PITFALLS    Rita Batalha • @ritabatalha •uk.linkedin.com/in/ritabatalha
  2. 2. Every year companiesattempt to createa winning strategyinnovation content profit marketing finance people supply chain
  3. 3. But yet they fail to implement it “ 95% of employees do not understand their “ 78% of American company’s strategy ” workers would work harder if they were CHALLENGES   better recognized ”  “ 70% of strategic MISTAKES     initiatives fail to meet “ Only 10% their objectives ” PITFALLS   of effort and resources is invested to develop a strategy ” “ 80% of change  failure is attributable to human factors ”
  4. 4. “Strategy ≠ Marketing, Mobile & Digital” 1Mistake: thinking of strategy from a very narrow perspective i.e.,technology, marketing activity or a single event.Dos:: Select or adapt a framework to guide your main strategic forces - e.g.,Diamond model, 5Forces, Balanced scorecard etc.:: Identify current and future positioning goals:: Separate strategy from activities and budget - those are natural piecesof a strategy, and not the strategy by itself:: Build insight on markets, customers and environment
  5. 5. “Were not align” 2Challenge: to create a common sense of purpose and sharedcommitment across the organisation.Dos:: Communicate in one/two sentences what is company’s purpose:: Set up soft and hard KPI’s for each team/department:: Plan an end-to-end process map - “who does what and when“:: Organise workshops to review activities and performance:: Promote collaboration, transparency and debate:: Empower people to be and do their best  
  6. 6. “Metrics are easy, insights are hard” 3Pitfall: 2013 is all about data. But more data doesn’t mean more orbetter insight. In fact, 63% of leaders make poor decisions whenattempting to tease out insights from data.Dos:: Choose 4/5 critical sources of information:: Marry qualitative and quantitative data:: Recruit the person(s) who is(are) motivated to do that job:: Share the insight with other departments – ask feedback  
  7. 7. “My objective is to grow ” 4Mistake: many organisation don’t know how to translate their missioninto realistic and meaningful objectives. And others focus solely onincome/profit KPIs.Dos:: Reunite your senior staff and discuss your company’s positioning in thelong-term (and don’t focus solely on numbers!):: Identify the crucial capabilities in your value chain to achieve yourcompany’s ambition:: Create objectives using the SMART approach
  8. 8. “We’re a start-up, we don’t need a strategy” 5Challenge: every company needs a strategy. Even start-ups. Without astrategy is very likely your business will never grow.Dos:: Build a tactical plan for 3 months period (and review it afterwards):: Focus on 2 areas that are crucial to promote your service and/orproduct:: Combine your intuition with other’s professionals advice
  9. 9. “My strength is customer service” 6Pitfall: is also very common to overestimate your strengths. An area ofstrength for strategy purposes to be something you can do better thanyour rivals do.Dos:: Ask feedback to your customer and other stakeholders throughsurveys, focus groups, meeting etc..:: Innovation might be the key. Explore new business approaches andmarket trends.
  10. 10. Sourceshttp://www.forbes.com/sites/johnkotter/2012/10/24/failed-strategy-execution-oversight-by-corporate-boards/http://www.referenceforbusiness.com/management/Sc-Str/Strategic-Planning-Failure.htmlhttp://blogs.hbr.org/cs/2011/12/five_common_strategy_mistakes.htmlhttp://newmediaandmarketing.com/the-disconnect-between-strategy-and-execution/online-branding-marketing/http://www.globoforce.com/mood-tracker-spring-2012-reportPhoto credit: http://www.flickr.com/photos/andreasivarsson/4893862500
  11. 11. THANK YOU!I am happy to hear your thoughts:Rita Batalha • @ritabatalha •uk.linkedin.com/in/ritabatalha

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