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- Susan Lynch
Best Practices
Common Problems
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Assistant Professor, Strategy • INSEAD
Best Practices:
- Be proactive in understanding your company’s competitive position and sources of advantage and how these might shift over time.
- Understand the market by speaking with customers and non-customers; understand competitive offerings and be aware of how the market is changing.
- Revisit your strategy periodically, particularly when there are regulatory changes, new competitors entering the market or technological changes.
- Transform your strategy into actions, activities, and a clear set of priorities; make it executable by including performance indicators, individual objectives, goals, metrics and other definable targets.
- The strategy should be clearly visible and actionable in all of the supporting roles; be it IT, HR, finance or legal, everyone in the organization should have a meaningful link to the strategy.
- As firms grow, a focus on strategic priorities is critical, especially for those farther from the market and customers – this is where resources get wasted and decision-making stalls.
- Not everyone in the organization needs to be a strategy genius, but as the organization grows, build the strategic capabilities of a broader set of key employees.
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