The strategy revolves around creating a robust strategic plan for a company and its associated projects. It begins with conducting a SWOT analysis to identify both internal strengths and weaknesses, as well as external opportunities and threats. For instance, a company might find that a strong brand reputation is a strength, while limited financial resources are a weakness. These findings are then prioritized to develop strategies that leverage strengths and counter weaknesses.
Next, the strategy emphasizes setting clear objectives and key results (OKRs) to ensure alignment with the company’s vision. For example, a tech company might set objectives to innovate in AI, with key results focused on developing new features by a specific time. Ownership, timelines, and regular reviews are essential components of this process to track progress and make necessary adjustments.
Finally, enhancing stakeholder engagement is crucial. By identifying key stakeholders and tailoring communication plans, companies can build trust and transparency. Regular meetings and feedback loops ensure stakeholders are actively involved, fostering a collaborative environment that contributes to the company's success.
The strategies
⛳️ Strategy 1: Conduct a SWOT analysis
- Identify key internal strengths of the company
- Identify key internal weaknesses of the company
- Research external opportunities available in the market
- Research external threats facing the company
- Prioritise findings according to potential impact
- Create an action plan to leverage strengths and opportunities
- Develop strategies to address weaknesses
- Propose measures to mitigate threats
- Regularly review and update the SWOT analysis
- Communicate findings to stakeholders for feedback
⛳️ Strategy 2: Set clear objectives and key results (OKRs)
- Establish long-term vision for the company
- Define specific objectives that align with the vision
- Determine measurable key results for each objective
- Assign ownership of objectives to relevant teams or individuals
- Ensure alignment of project objectives with the company’s objectives
- Create a timeline for achieving the objectives
- Regularly review progress against key results
- Make adjustments to objectives as necessary
- Recognise and celebrate milestones and achievements
- Conduct quarterly reviews for continuous improvement
⛳️ Strategy 3: Enhance stakeholder engagement
- Identify key stakeholders relevant to the company and project
- Analyse stakeholder interests and influence
- Develop a communication plan tailored to each stakeholder
- Schedule regular stakeholder meetings and updates
- Implement feedback mechanisms for stakeholder input
- Build strong relationships through trust and transparency
- Address stakeholder concerns promptly and effectively
- Engage stakeholders in decision-making processes
- Evaluate stakeholder satisfaction periodically
- Foster a collaborative environment for stakeholder contributions
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
