1.10 - How to Align your Strategy to Business Goals
The Strategic Leader
Shownotes Transcript
In this episode we delve into the crucial aspect of aligning strategy with business goals. We emphasise the need for HR professionals and leaders to shift from an "inside-out" approach, where the focus is on to-do lists and internal tasks, to an "outside-in" perspective, starting with a deep understanding of the business's objectives.
We stress the importance of asking fundamental questions about the business, such as how it makes money, the phase it's in (growth, consolidation, diversification), and where it gets its business. We talk about the significance of identifying strengths and gaps in the current state and prioritising key focus areas, and encourage you to think about quick wins—simple, impactful initiatives that generate positive results and build momentum.
We particularly emphasise the simplicity and clarity of a strategy, challenging you to be able to articulate your strategy with just a pen and flip chart.
And, possibly most importantly, we urge you to step away from the to-do list and create a strategy that is truly relevant to the business.
Key Points Discussed:
Shift from an "inside-out" to an "outside-in" approach for strategic planning.
Ask fundamental questions about the business, including how it makes money and its growth phase.
Identify strengths and gaps to inform the strategy.
Prioritise focus areas and consider quick wins for momentum.
Articulate the strategy with simplicity, using a pen and flip chart.
Key Timestamps and Summaries:
[00:41] Understanding the challenge of connecting strategy to business goals.
[03:07] Importance of aligning strategy with commercial aims and specific business objectives.
[07:02] Starting with the question: What is the business trying to achieve?
[12:31] Critical question: How does the business make money?
[17:39] Recognising the impact of the customer profile on strategy.
[20:51] Assessing current strengths and identifying gaps.
[24:35] Prioritising and focusing on key areas for impact.
[27:09] The value of asking theoretical questions for clarity.
[30:25] Closing thoughts on stepping away from the to-do list for strategic relevance.
Key Takeaway:
Step away from the to-do list and embrace an "outside-in" approach, understanding the business, prioritising focus, and achieving quick wins for a successful and relevant strategic plan.
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