What are the best practices for developing a successful strategy?

Execute with commitment, alignment and communication. Once you are clear about the business plan, you can assess the current state of your functional activities, identify the future state and set goals and objectives accordingly. The strategy is an exercise in garbage that goes in and out of garbage. Executives often complain about the lack of good data, but we always find useful information for the development of business strategy.

The so-called “Vision Statement” is one of the core components of a good strategy. Where should the company's journey go and, above all, explain the company's vision, where it should be in 3, 5 or more years. Since many companies without a strategy are more concerned with daily work without a big goal or plan, this can have long-term consequences on their business success. Research shows that, on average, 95 percent of employees don't understand their company's strategy, an astounding statistic, considering that the successful execution of the strategy requires an effort from the entire organization.

From purpose to planning, from communication to reevaluation, know that by committing to the strategic planning process, you are laying the foundation for a successful implementation of the strategy and investing in the future of your organization. When developing your strategy, review your organization's financial statements, along with historical strategies that have been successful and have not been successful. As a general rule, organizations that involve a large group of internal and external stakeholders in their strategy development efforts perform better than organizations that leave the strategy in the hands of a small, central team. A successful strategy can put your organization on the right track for years to come, but creating one is often easier said than done.

Developing a strategy is crucial, but it cannot be successful unless it is effectively and ingeniously communicated to the entire organization so that all employees feel empowered and responsible for achieving the company's objectives.