Strategy Formulation Services
Strategy Formulation is the cornerstone of success in the business world. Someone wisely defined strategy as making the optimal choice, given several factors and constraints. Experienced professionals will agree that there are multiple distinct ways to solve a problem or maximise an opportunity, time and the infusion of technology will only increase the number of viable options that are available. As business owners or managers, it is the responsibility to evaluate available options and identify one as the ‘strategy’ to follow and then align all efforts to deliver success. The strategy is first defined at a company or corporate brand level and then allowed to percolate to brands, divisions, or functions, with each retaining the core of the intent while adding on specifics that are important to ensure efficiency and efficacy. Then comes the stage of building and sustaining belief in each individual team member, irrespective of their designation or job role, so that they contribute collectively to the attainment of goals within the stipulated time.
Daksada’s Approach To Strategy Formulation
At Daksada, we bring in a fresh perspective to any problem or help you reimagine opportunities in a way that augments your business and operations. We believe in a co-ownership of the strategy and look at delivering what works for a company, business, brand, operational process structure, and organisational culture. We work closely with the management, line managers and staff to ensure that the strategy development and subsequent implementation takes into consideration all the moving parts and the many hands that will drive the outcome.
Our approach allows business owners and leaders to articulate a vision, engages with key stakeholders to co-create and document a detailed strategy and roadmap to implementation including organization architecture, resource requirements, capability development, and processes. This is supported by performance scorecards that allow businesses to measure and monitor achievements, from which cascade department, functional and eventually individual performance scorecards thus ensuring that the business performance metrics are built into the individual performance management process. Our approach to communicating through the process or strategy formulation and execution ensures that all stakeholders are aligned, helping to focus and direct energy towards corporate results.
The Impact Of Strategy Formulation
A Strategy is like a belief system. Every member of the organisation needs to be wired into the strategy and perform her or his role as if the fulfilment of the strategy is dependent on them. The strategy needs to be real and palpable, so that individuals, teams, and the whole organisation works in tandem to exceed the targets outlined for a period so that they may be on track for the achievement of the long-term objectives. Strategy necessarily relies on metrics and therefore allows people to break the larger target into smaller steps that may be achieved by following systems and processes, training people to grow and deliver, and managing course corrections to cater to internal and external factors.
The task does not end with strategy formulation. In many ways that is the genesis of the evolution of an organisation into a future-proof business with strong fundamentals. Once the strategy is articulated, it needs to be broken down by functions, departments, teams, and then individual KPIs. This will allow a business manager to look at gaps in staffing and skill levels as also identify the training and mentorship required to create space for people to grow into roles in the future. There might be the need to bring in talent from outside to close gaps where necessary so that new thinking can help accelerate action. Needless to say, it is imperative that the culture of an organisation be maintained and strengthened through such periods, a mandate that is managed at multiple levels through learning & development initiatives, engagement programmes and constant internal communication around successes that everyone can take credit for.
Our Partnership Perspective To The Strategy
Given that strategy is about making an informed choice out of many possible alternates, it is obvious that the outcome of a new strategy will be seen in the near to mid-term. Our belief in our ability as a team to analyse multiple perspectives to a client problem or opportunity leads us to offer a deferred compensation to our customers. We are happy to take a part of the project remuneration on the success of the strategy in the true spirit of partnership. It is this belief that makes us work twice as hard at all stages of the process.