4 Vital Components You Need When Creating Your Own Strategy

Are you sick of waiting for the executive team to come up with a strategy for the next 12 months?

You know you don’t need to wait for the powers that be to hand down their goals for the year. You can probably guess what they are. They’ll want more sales than the year before. It’s also likely they’ll wish fewer customers switch to an alternative provider. Plus, they’ll want you to work faster, harder, and smarter than the previous year.

So from that, you should be able to put together your own strategy on how you will achieve these goals. As you’re creating your idea, make sure you have these four key components.

1. Actions

It seems obvious, but you need a plan on how you will improve upon last year. The critical factor is that you should remember it doesn’t need to sit all on your shoulders. You should speak with your team members, colleagues, and other departments that you’re reliant on for success.

These aren’t the actions. You should ask them how they can help you succeed year on year. It might not be much, but it will help you form a strategy for the next 12 months.

2. Timelines

When talking to stakeholders, make sure you’re locking in some timelines. Once you have a firm commitment, then keep the conversation channels open and try to get progress updates. This will help ensure you’re on track to achieve your goals.

You also need to commit to milestones. When do you expect to reach 50% of your goal? If you don’t get it in time, then what is your contingency? Have these strategies in your back pocket but at the same time, make every effort to ensure you don’t need to use them.

3. Targets

Your goals should be measurable. You have the figures from the previous year, so you should know what you need to achieve to be better than the year before.

Another good strategy is to provide yourself with stretch goals. These might be what you provide to your team members. However, for yourself, you’ll focus on reaching specific milestones. Anything extra will be nice to have.

4. Communication

It’s the one component a lot of leaders forget. But you need to come up with a plan for how you’re going to communicate your strategy across the company. You should have one approach for your direct reports and another for superiors.

Make sure to incorporate any change management plans too. After all, you don’t want to be doing the same thing over and over again only to expect a different result. You may need to incorporate some operational changes to achieve your goals.

How to Perfect Your Strategy

Once you’ve put together your strategy, it doesn’t remain set in stone. You may need to adjust it as the market or environment changes. Everyone got caught off guard by the pandemic. But they didn’t stick with their current strategy and tried to reach the same goals. If they did, then they probably didn’t survive for long.

If you need tips on how to make your strategy a success, then make sure you’re following the Better Boss Blog. You’ll find advice and guidance on how to meet your goals for the year ahead. Follow pwf services on LinkedIn, Instagram, and Facebook, so you never miss a post.

One thought on “4 Vital Components You Need When Creating Your Own Strategy

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: