Many organisational decisions, such as hiring new employees or developing new products, are guided by the principles of a business strategy. Additionally, it assists you in defining the methods and tactics you must employ within your organization.
A business strategy outlines how a company intends to position itself, achieve short- and long-term goals, and grow over time. It draws on other critical business resources, such as the organization’s mission, vision, and values, to help chart its course and achieve its goals.
A business strategy serves as the foundation for other important strategies within an organization, such as functional operational strategies, and assists employees, customers, investors, and other stakeholders in better understanding how the organization intends to achieve its goals.
The strategic goal of Sophi Strategies Inc is to create a one-stop troubleshooting strategy management firm. We understand the market and its potential opportunities. Our focus is on SMEs that need our services as a stepping stone to growth. We implement our strategy by working together with our team members, partner organizations, and other stakeholders.
We have a thorough understanding of the issues that SMEs and start-ups face, including market entry challenges, segmentation challenges, expansion, and opportunity creation for shareholders. To remain the market leader, we will continue to prioritise human capital development, research, and close collaboration with the SMME market.
Sophi Strategies Inc team spent some time investigating the essence of strategy communication to team members at various organisational levels. The strategy communication exercise occurs after the organizational strategy has been developed and adopted by the board of Directors, Shareholders and other key stakeholders. The first step in strategy execution is strategy communication.
The implementation of a strategic plan developed by an organization or business in an attempt or effort to achieve organizational goals is referred to as strategy execution. It includes daily structures, operational goals, and systems that set up individuals entrusted with specific responsibilities in an organization for success. An organizational strategic plan can fail if it is not executed and communicated correctly.
Following the adoption of a strategy by an organization, the next step is to communicate it to the Chief Executive Officer, who is appointed by the board of directors. The Chief Executive Officer is tasked with disseminating this strategy to team members, managing the strategy, and providing continuous feedback to the board of directors on the strategy’s performance, future outlook, and effectiveness, and recommending adjustments, development, and other changes as needed.
In the context of SMEs, the Board of Directors can be formed by the company’s founders, and one of them can be appointed as CEO. The appointed individual will be responsible for reporting back to the directors on an annual basis. One of the most prevalent mistakes made by executives when it comes to communicating organizational strategy is to omit low-level employees, who are often at the forefront and serve as the link between product/service delivery to the customer and the company.
Most organizations have taken a bureaucratic approach to managing low-level employees. The assumption in this approach is that employees will be effectively managed in order to deliver products and services to end users and report to the custodians of the organisational strategy. This is a short-sighted approach that continues to contribute to employee abdication.
Modern teams want to make a significant contribution to the organization’s growth and development. Aside from standard report and monetary targets, they are more likely to be proactive when they know what they are working towards (The bigger picture), the firm’s high level strategic direction and ambitions. They will champion and become custodians of the plan once they are aware of it.
There are many ways organizations can communicate the strategy to teams. An initial point of departure would be establishing strategy workshops at the beginning of each fiscal year to determine the level of understanding of our teams, this will help our team understand the strategy better. They will ask questions and share context-based insights. This is an approach to establish strategy tolerance.
Furthermore, organizations can communicate the strategy through visuals in the office space, visuals on intranet avatars as well as timely newsletters, the goal is to ensure the team understand the direction the organization wishes to take in the market. Gone are the days of locking research and development teams for days in war rooms to craft and be custodians of organizational strategy, the modern business requires decentralisation, failure to adapt will be the exact reason for failure to dominate the market, keep talent and sustain positive results.
Organizations can also communicate the strategy through internal biweekly meetings. The concept of a strategy as a business component that can only be communicated once is irrational. The behavior of our team must reflect the strategic direction. It is appropriate to keep your team informed of the company’s direction.
Business executives must recognise that a good strategy that is poorly communicated is more likely to fail than a bad strategy that is effectively conveyed. Clearly communicated strategy invites thoughtful criticism, which informs growth, amendments, and development. Poorly communicated strategies are common in bureaucratic and micro-management-based teams; this is one of the demotivating factors in teams and can lead to lower productivity.
Strategic leadership and thoughtful people-based management will remain the cornerstones to achieving organisational short and long-term goals. When the team is aligned with the organizational strategy, results and customer satisfaction remains possible.
Sophi Strategies Inc is a management strategy consulting firm that aims to create and sustain an entrepreneurial ecosystem conducive to job creation and growth in the local economy.