Insights into the new podcast episode with Christian Underwood and Oliver Kern
In the latest episode of our strategy podcast "Hope is not a strategy", host Christian Underwood welcomes his management colleague Oliver Kern, who is responsible for Product & Learning at StrategyFrame. Together they dive deep into the topic of strategy development and explain why this process is a continuous learning process and how strategy skills can be effectively enhanced.
Why strategy development?
A well-thought-out strategy is the backbone of any successful company. It helps you to clearly define goals, use resources efficiently and concentrate on the essentials. Without a solid strategy, you can easily lose focus, leading to inefficient strategy processes and missed opportunities. Strategy development enables you to adapt to market changes and remain competitive in the long term.
Why is strategy development a learning process?
The ability to develop strategy is crucial to succeed in a dynamic market environment. Strategies are often not developed on a regular basis, which means that many people are going through this process for the first time. This is where upskilling and reskilling come into play - two key topics that need to be learned in team leadership and the strategy process. Oliver Kern emphasizes that it is important not only to understand the theory, but also to master the entire process in practice.
In this article, you will be presented with a clear and structured approach to strategy development in four simple steps that will guide you through the entire process.
The 4 steps of strategy development
The entire strategy workflow consists of eight steps, four of which are directly assigned to strategy development:
- Plan
- Analyze
- Focusing (Strategy Workshop 1)
- Adapt along the target image (strategy workshop 2)
- Step: Planning
Planning is the first and possibly most important step in strategy development. This is where you lay the foundations on which the entire strategy is built. This includes setting clear goals, identifying the most important stakeholders and defining the necessary resources. Good planning creates the necessary transparency and enables you to identify and address potential challenges at an early stage. Strategy tools such as the StrategyFrame Room can help you to discuss and clarify these fundamental questions as a team. It is important that everyone involved has a common understanding of where the journey should go and what goals should be achieved.
- Step: Analysis
The analysis phase involves a detailed examination of the company's current situation and external market conditions. A thorough analysis of the situation is essential in order to identify strengths, weaknesses, opportunities and risks. Customer analysis also plays a decisive role. Oliver Kern emphasizes the importance of understanding the needs and expectations of customers and incorporating them into the strategy. Tools such as the StrategyFrame software can help to collect and analyze data efficiently in order to make well-founded decisions.
- Step: Focusing
The third step is focusing. This involves setting priorities and concentrating on the most important goals and measures. This requires a clear delineation and prioritization of strategic initiatives.
According to Oliver Kern, focus is particularly important in order to avoid losing time and energy in side issues. He explains that the focus process begins with the question: "What is the right place to focus?" This requires an honest assessment and delineation. The focus is on the areas that offer the greatest potential for growth and success. A key issue is also the definition of specific goals and key figures that make progress measurable. It helps to concentrate on a few, but effective initiatives. This step also includes developing a clear and implementable action plan that defines all the necessary measures and milestones. This focus can be achieved through workflow learning to ensure that the team is always focused on the most important tasks and implements them effectively.
- Step: Adapt
The final step in strategy development is adaptation. A strategy must be flexible and adaptable in order to be able to react to changes in the market and in the company. Oliver Kern emphasizes that the adaptation process requires continuous reviews and adjustments to ensure that the strategy always remains relevant. This means regularly gathering feedback and measuring progress in order to make adjustments based on these findings. This is where our StrategyFrame software and the StrategyFrame Room can provide valuable support by creating space for regular strategy reviews and feedback rounds and efficiently documenting adjustments.
According to Oliver Kern, this is an iterative process in which flexibility and responsiveness are decisive factors for long-term success. Workflow Learning can help to quickly put the necessary adjustments into practice and ensure that the entire team is up to date. Finally, the Academy can help to continuously expand the knowledge and skills of the team and thus improve the adaptability of the strategy.
Involving the team and stakeholders in strategy development
How do I involve my team and stakeholders in strategy development and how do I guide them efficiently through the strategy process? Oli Kern recommends actively involving your team and the relevant stakeholders in strategy development right from the start. Open and transparent communication is crucial in order to make the strategy process effective. This can be achieved through regular workshops and meetings in which everyone involved can contribute their perspectives and ideas. Supporting tools such as StrategyFrame Room and Workflow Learning facilitate visualization and collaboration, while the Academy ensures continuous training. Through active involvement and a sense of shared responsibility, you significantly increase acceptance of and commitment to the developed strategy.
Conclusion:
Strategy development is an essential process for every company that must be approached systematically. Oli Kern emphasizes the importance of thorough planning, detailed analysis, clear focus and continuous adaptation in order to develop a successful strategy. The involvement of the team and stakeholders plays a central role in this, as this promotes acceptance of and commitment to the strategy. Supporting tools such as StrategyFrame Room, Academy, StrategyFrame Software and Workflow Learning can significantly facilitate and improve the process. By following these steps and recommendations, you will lay the foundation for sustainable success in your company.
If you need support with strategy development or have questions about how you can optimize this process in your company, please arrange a non-binding consultation with us.
SHOWNOTES
Podcast"Hope is not a strategy"