How can you conduct a strategic audit more effectively?

1 Define the scope and objectives

Before you start your strategic audit, you need to define the scope and objectives of your evaluation. What are the key questions you want to answer? What are the criteria and standards you will use to measure your performance? What are the specific areas or aspects of your strategy that you want to focus on? How will you communicate and report your findings and recommendations? Defining the scope and objectives of your strategic audit will help you narrow down your focus, set realistic expectations, and align your audit team and stakeholders.

2 Gather and analyze data

The next step is to gather and analyze data that will help you assess your current situation and performance. You can use various sources and methods of data collection, such as surveys, interviews, observations, documents, reports, benchmarks, and best practices. You can also use various tools and frameworks to analyze your data, such as SWOT analysis, PESTEL analysis, Porter's five forces analysis, balanced scorecard, and value chain analysis. The goal is to identify and quantify the internal and external factors that affect your strategy, as well as the gaps and opportunities for improvement.

3 Evaluate your strategy

Based on the data and analysis, you can evaluate your strategy in terms of its effectiveness, efficiency, relevance, and sustainability. You can ask yourself questions such as: Does your strategy align with your vision, mission, and goals? Does your strategy match your resources, capabilities, and competencies? Does your strategy respond to the needs and expectations of your customers and stakeholders? Does your strategy differentiate you from your competitors and create value for your organization? Does your strategy anticipate and adapt to the changes and challenges in your environment? Evaluating your strategy will help you determine its strengths and weaknesses, as well as its impact and outcomes.

4 Identify and prioritize issues

The next step is to identify and prioritize the issues that need to be addressed or resolved in order to improve your strategy. You can use a problem statement to describe the issue, its causes, its consequences, and its scope. You can also use a priority matrix to rank the issues based on their urgency and importance. The priority matrix can help you decide which issues to tackle first, which issues to delegate or defer, and which issues to ignore or eliminate. Identifying and prioritizing issues will help you focus on the most critical and relevant aspects of your strategy.

5 Generate and evaluate alternatives

Once you have identified and prioritized the issues, you can generate and evaluate alternatives to solve them. You can use brainstorming, mind mapping, or other creative techniques to generate as many ideas as possible. You can also use criteria, such as feasibility, desirability, viability, and compatibility, to evaluate the pros and cons of each alternative. You can also use tools, such as decision matrix, cost-benefit analysis, or scenario analysis, to compare and contrast the alternatives and their implications. Generating and evaluating alternatives will help you find the best possible solutions for your strategy.

6 Develop and implement action plans

The final step is to develop and implement action plans to execute your solutions. You can use a SMART framework to set specific, measurable, achievable, relevant, and time-bound goals and objectives for your action plans. You can also use a Gantt chart, a RACI matrix, or other project management tools to assign roles and responsibilities, allocate resources, schedule tasks, and monitor progress. You can also use feedback, reviews, and evaluations to measure the results and outcomes of your action plans and to make adjustments and improvements as needed. Developing and implementing action plans will help you translate your solutions into actions and achieve your desired results.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?