Developing a strategy requires not only a thoughtful approach, but also the allocation of sufficient time and resources. Companies often face problems at this stage: from a lack of time to an overload of operational work. Let's look at how to approach this process correctly so that the strategy really becomes a development tool, and not a formal paper.
- How to Allocate Enough Time to Do Quality Work
Companies often underestimate how much time is needed for a thorough strategy development. Some believe that a strategy can be created in just a few hours or days, but this is a misconception. Strategy development involves several stages: analyzing the current situation, setting goals, formulating plans, and refining details. All of these steps require time.
How to properly allocate time:
- Data collection, conducting interviews with the team (if you have an external strategy consultant), and market analysis — at least 2–4 weeks.
- Conducting strategic sessions, formulating goals and objectives — 1–2 weeks (assuming intensive work).
- Hypothesis testing, refining details, and document preparation — another 1–2 weeks.
Thus, a high-quality strategy development requires at least one to two months. Tight deadlines lead to superficial solutions and decrease the chances of success.
- Time limitation issues: practical examples
When companies try to fit strategy development into minimal timeframes, it almost always ends in failure. Let’s look at a real example.
Example: The owner of a successful company allocated only 4 hours for the strategic session. The goal was to develop a one-year strategy to double revenue. When asked why such a small amount of time, he replied, “Our operational workload doesn’t allow us to be distracted.” It was only after the direct question, “Do you want to double your revenue by spending just 4 hours on this?” that the conversation with the owner became productive, and sufficient time was allocated to the strategy development project.
Conclusion: If you want to achieve significant results, you need to allocate enough time for thorough strategy development. In this case, speed is the enemy of effectiveness.
- Why operational workload hinders strategic development
Many companies operate in "firefighting" mode, where daily tasks consume all the time and energy of the team. In such conditions, strategic development often gets sidelined. And while it’s possible to allocate time for strategy development, finding time for its implementation becomes much more difficult.
Why does this happen:
- Operational work seems more urgent and important than long-term plans.
- Managers and employees cannot allocate time for analysis and discussions.
- The lack of delegation skills exacerbates the situation.
Consequences: Companies that are constantly focused solely on current tasks may be successful in the short term, but in the long term, they start losing ground. Without strategic planning, it's impossible to adapt to market changes in time, and competitors quickly seize available niches.
- Tips for balancing operational and strategic work
To prevent operational workload from hindering strategy development:
- Before starting work on the strategy, distribute operational tasks among employees to free up key participants in the process.
- Define specific days and hours that will be dedicated solely to the strategy, without being distracted by other tasks.
- During strategic sessions, turn off phones and remove laptops — nothing should distract the team from working on the future.
- Pre-assemble the schedule for the entire strategy development project. This will help avoid delays due to unexpected urgent tasks and scheduled meetings with clients and partners.
Strategy development is not a one-time event, but a process that requires time, resources, and attention. If enough time is allocated to it, the results will not keep you waiting. Remember: the successful future of a company begins with quality strategic planning.
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.
