The modern business environment requires companies to have a clear understanding of their goals and how to achieve them. However, many organizations continue to operate without a formal strategy, relying on intuitive decisions and short-term plans. This can lead to inefficient use of resources, missed opportunities, and loss of competitive advantage. To avoid such risks, it is important to ask yourself the right questions and ensure that you have a strategy that defines the long-term development path of the company.
Our checklist will help you quickly assess whether your company really has a comprehensive strategy. Answer the following questions with a “Yes” or “No” and you will get an idea of the state of strategic management in your organization.
If you find that your company does not have a clear strategy, this is not a reason to panic. This is a chance to turn to specialists who will help you develop or adjust a strategy, ensuring sustainable growth and development of your organization.
Let's get started! Answer the questions below with "Yes" or "No"
- Does the company have a formalized document “Company Strategy”?
- Can your managers (from top to line) explain in three sentences what the essence of your business strategy is?
- Can your team answer the question, what is the strategic focus of your business?
- Have strategic goals been formulated and broken down into divisions?
- Has the business model been formed for the current period?
- Has a plan been developed to implement the strategy for the coming year?
- Did you conduct an analysis of the external environment (competitors, market, consumers) before developing a strategy?
- Do you have a documented plan of action in case of changing market conditions?
- Do you take into account long-term trends (technological, social, economic) when developing your strategy?
- Are the goals set in the strategy clear and measurable?
- Are the company's strategic priorities regularly reviewed?
Results
If you answered yes to most of the questions, then your business is moving in the right direction.
If you answered “no” to questions 1, 2 or 3, then you don’t have a strategy. Most likely, there are some wishes, ideas of the owners or separate long-term projects… But your company doesn’t have a full-fledged strategy.
If you answered “no” to at least 5 of the 11 questions, this is a serious reason to think. The absence of a clear strategy or its ineffective implementation can cause slower growth and loss of competitiveness.
What to do next?
See gaps or new opportunities for improvement? We recommend evaluating your current strategy and its alignment with the market. You can start with an in-depth analysis that will show which elements of the strategy are working and which need improvement. In the process Strategy audit Our experts will analyze the existing strategy in detail, identify growth areas and risks that may prevent the company from achieving its goals. As a result, you will receive a detailed report and recommendations for strengthening the company's strategy.
Or you want to update the strategy, adapting it to new tasks and goals. And if there is none, create it from scratch. Then you need Strategy Development. We will help you create an effective strategy or adjust the current one, taking into account current challenges and opportunities of the market. This solution is ideal for companies that need a clear roadmap for confident long-term growth.
Follow the links to learn more about the audit and strategy development capabilities on our website.
Still have questions? Sign up for a consultation and we'll tell you how else we can help your business achieve results.
* Download this checklist in the Quick Solutions section on this page
Want to know more - watch the video "Developing a Business Strategy: 6 Key Tips to Get You Started" in which Alexander Pankov shares valuable advice for companies starting to develop a strategy.
