In the anniversary podcast episode #60 of "HOPE IS NOT A STRATEGY", Prof. Dr. Jürgen Weigand and Christian Underwood don't mince their words and reveal the ten crucial mistakes that will doom your strategy process to failure.
1. "We've always done it this way" mistake:
Change is the key to success. Don't stubbornly cling to the tried and tested, but be courageous and think innovatively. Promote a culture of innovation and continuous learning through regular workshops and brainstorming sessions.
2. The "We don't need data, we have intuition" trap:
Intuition is important, but without sound data and analyses, there is no basis. Use analytics and market research to make data-based decisions. Stay up to date with regular market analyses.
3. The "we do everything at once" fallacy:
A strategy process is not a sprint, but a marathon. Set clear, achievable goals and focus on the essentials. Plan realistic time frames for each goal.
4. The "silo mentality" syndrome:
Communication is key. Encourage collaboration across departmental boundaries with cross-functional teams and shared objectives.
5. The "compartmentalization" mistake:
Bring your strategy to life. Actively anchor it in daily processes and review it regularly.
6. The "ignorance of the market" mistake:
The market doesn't wait. Integrate regular market analyses and use customer feedback to adjust your strategy.
7. The "top-down dictate" approach:
Strategy is not a one-way street. Encourage bottom-up feedback and involve your team in the decision-making process.
8. The "perfection paradox":
Perfection is a myth. Use agile methods and start with a minimal viable product version of your strategy.
9. The "feedback desert" mistake:
Get regular feedback to keep your strategy process on track. Use regular evaluations and open communication channels.
10. The "lack of adaptability" impasse:
The world is constantly changing. Stay flexible, adjust plans and use adjustable OKRs to adapt your strategy to the changing environment.
With the knowledge from this podcast episode, you are optimally equipped to successfully shape your strategy process in the new year. So listen in now and remember: strategy is not a one-off event, but an ongoing process. Be innovative, learn from data and be ready to react flexibly to change to ensure long-term success.
SHOWNOTES
Christian Underwood
Prof. Jürgen Weigand
StrategyFrame
Book"Hope is not a strategy"
Podcast"Hope is not a strategy"