Strategy is like a Game of Chess
Success of executives in large enterprises generally revolve around having a strong vision and most importantly an effective organisational strategy. A strategy with clear objectives and most importantly an effective plan to execute is very critical. According to Mintzberg, there are 5Ps when it comes to strategy and all the 5Ps are equally critical to ensure the strategy is solid
1. Plan – In this case, Strategy is laid out in terms of a clearly laid out plan. This will include timelines and activities/initiatives aligned to executives for execution
2. Ploy – In this case, Strategy will layout some of the drivers behind the strategy, like taking away market share from competitor etc.
3. Pattern – In this case, Strategy looks at historical trends on what has worked well for the company and what has not. The idea is to have a strategy that aligns to the strengths of the company and executives.
4. Position – In this case, Strategy defines where the company sees itself in the market. It is sort of like an aspiration that the Strategy drives the company to.
5. Perspective – Perspective basically calls for introspection of the culture of the company. What works for a competitor might not work for everyone as there could be fundamental differences when it comes to people, values and culture. Perspective looks at those critical elements while laying out the strategy
While these 5Ps are fundamental to layout a strong Strategy, it is critical to attach meaningful KPIs to track the success of any Strategy. A strong KPI management platform is needed to measure success of a strategy.
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