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Decision Matrix Analysis is particularly helpful for bringing together financial and non-financial decision criteria. It helps you weight individual decision criteria, and consider subjective features - like team fit and the likelihood of team buy-in - as well as objective, tangible factors like cost and return on investment.
Choose the Best Way Forward With your evaluation complete, you now must choose the best strategic option or strategic options, making sure that you don't choose so many options that you spread your resources too thinly.
Check your ideas for consistency with your organization's Vision, Mission and Valuesand update these if necessary. It's easy to forget about these critical elements during strategic planning, so ensure that what you want to "win" is something that contributes towards the organization's overall purpose.
Check your assumptions using the Ladder of Inference. This helps you confirm the soundness of the reasoning process used to develop your strategy. There's a lot of debate and disagreement about the best way of developing a strategy.
Don't be afraid to adapt this approach to your own, specific circumstances! The Three Cs of Implementing Strategy It's no good developing a strategy if you don't implement it successfully, and this is where many people go astray. Clarify Your Strategy Your strategy needs to be understood by people at all levels of your organization, not just in the boardroom.
Consult with managers and task them with the practicalities of applying it to their own departments, including any training requirements or process improvements that need to be made. This is how your strategy becomes reality. See our articles on VMOST Analysis and the Balanced Scorecard for ways to bridge the gap between strategy development and implementation, and our Project Management menu for more techniques you can use to implement strategy successfully.
Key Points Your strategy tells you how you'll achieve success, no matter how that success is defined. And whether you're developing a strategy at the personal, team or organizational level, the process is as important as the outcome.
Identify your unique capabilities, and understand how to use these to your advantage while minimizing threats. The process and tools identified above will help you identify a variety of potential strategies for success, so that you can ultimately choose the one that's right for you.
Apply This to Your Life Practice strategy development by thinking about your own, personal circumstances. Complete the analyses below to think about your personal way forward. Here are some key questions to consider: What are your personal strengths, weaknesses, opportunities or threats, and what are your "core competencies"?
What are you capable of achieving if you put your mind to it? What are the "big picture" trends in your environment? How can you monitor or adapt to these external factors? Who are the people who are important to your success your stakeholders?
What options do you have?
Which of these should you consider? This site teaches you the skills you need for a happy and successful career; and this is just one of many tools and resources that you'll find here at Mind Tools.
Subscribe to our free newsletteror join the Mind Tools Club and really supercharge your career!W is for Way Forward. Creating your action plan, and getting started.
The last stage of GROW is identifying the Way Forward. This really falls out from the previous steps, as you select the sequences and combination of options that will achieve the goal. See our articles on VMOST Analysis and the Balanced Scorecard for ways to bridge the gap between strategy development and implementation, and our Project Management menu for more techniques you can use to implement strategy successfully.
Our gallery of over + free business plan samples include: restaurants, online retail, health care, plus tons of business services. Sharing your vision and your strategy is the best way to get everyone on the same page and pushing forward to build a successful business.
A report by BAE Systems and SWIFT shows that financial market areas such as equities trading, bonds, and derivatives face more threats than banking, forex, and trade finance. Our exclusive databases identify specific business opportunities for you in the coal and power industry in India.
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