Procedure for developing a corporate strategy
- Guiding : Helpful in developing a strategy is having a mission and vision for the company. At the beginning you have the choice: (1) you create a new mission and vision, or (2) you first enter the valid vision and mission, or (3) you only derive the mission and vision at the end of the strategy work.
- Analyzing : You then analyze the impact inside and outside your organization. This is done with the help of a SWOT analysis (Strength, Weakness, Opportunities, Threats).
- Targeting : The results are the basis for possible options for action. You evaluate these according to relevance and then derive the strategic core goals.
- Planning : You record suitable measures for the core goals and plan them in the form of a roadmap.
- Finalizing : Finally, check the results again and summarize them into a central statement of the corporate strategy (strategy statement).
Description of the ConWISE approach to developing a corporate strategy
With the Strategy Framework you develop the future direction of your company, department or organization. With the help of the frameworks you determine your positioning in the market or within the company. You also determine where your opportunities and risks lie in the future. In short: the Strategy Framework provides the way to achieve your goals. As a result, you will receive strategic guidelines and focal points, concrete initiatives, strategic goals and an overarching roadmap.
The strategy framework is a central instrument of strategic management.
Who benefits from the ConWISE method for developing a corporate strategy?
- Business Units
- Use the creativity methods of the ConWISE platform.
- Invite other people outside of your core team to individual drafts. In this way, the actual strategy development remains within your team, but you benefit from additional hints and information from third parties.
- Use management methods such as ” Six Thinking Hats ” to include different perspectives on the strategy.
- Top management representatives should be involved in the creation of the guiding principles (vision, mission and values).
- Think early on how you can communicate the results of the strategy development in your organization.
- Ensure that top management shares and supports the results.
- You can also learn how to create a good strategy for your business in our article “How to create a strategy” .
Limits of Application
No course of action can guarantee that you will develop a successful strategy. And of course, even with the right strategy, business success or the success of your department depends on many other factors. But guided by good questions and examples that the ConWISE platform gives you, you can avoid mistakes and achieve promising results in a short time.