5 Step Strategy Action Plan- Next 3 Phases
Daniel Ling
CEO & Founder, Emerge Creatives Training Co | Head of UX Design | Author | ex-Lazada, DBS, OCBC and Income
5 Step Strategy Action Plan
After understanding the 3 Parts of Strategy - vision/mission, action plan and tactics- I will move on to focus on the action plan- mainly the 5 Step Strategy Action Plan.
Here's the 5 Step Strategy Action Plan:
1?? Diagnose Phase - to understand current context and situation
2?? Frame and Forecast Phase- to frame future drivers and project a future scenario
3?? Strategize Phase- to discuss and define strategy to overcome the future challenge
4?? Decide Phase- to make decision and plan on a strategy
5?? Implement Phase- to build and implement in accordance to the strategic decision
The 5 Step Action Plan is made up of two distinct parts-
( 1?? Diagnose Phase + 2?? Frame and Forecast Phase) is all about understanding and finding our future challenge while
(3?? Strategize Phase + 4?? Decide Phase + 5?? Implement Phase) is all about identifying and implementing the right strategy to solve that future challenge!
Check out the introduction of the first 2 Phases here: https://www.dhirubhai.net/pulse/5-step-strategy-action-plan-first-two-phases-daniel-ling-lbubc/?trackingId=ZPWn%2FCNfSxq5Xm6zeM3EKw%3D%3D
Let's focus on the next 3 Phases ????
Strategy Action Plan Phase 3- Strategize Phase ??
Strategize Phase is the third phase of the Strategy Action Plan and you will realise that you don’t strategize right at the start :)..
It takes time and effort to go through Diagnose and Frame & Forecast Phase to understand the current state and to visualise the future roadmap. This will then set a stead for us to strategize.
Some things you'll need to do:
Define Strategy Statement ??
Write the strategy that overcome the particular future ( ie Future We Expect, Better Future, Worse Future or Weird Future) and ensure you have all bases covered!
Strategic Options ??
Generate and evaluate various strategic options and alternatives to overcome identified challenges and achieve goals. We call these “tacticsâ€.
Usually after we come out with the strategic options- there will be a presentation or meeting discussion on these strategies
Select Strategies ??
Discuss as a team the most effective strategies based on their feasibility, alignment with organizational objectives, and potential for success.
There’s a structure to the mental model of how we strategize. Be sure to learn this!
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Strategy Action Plan Phase 4- Decide Phase ????
Decision-Making is one of hardest skillset to learn as it takes a lot of considerations to make decision. It takes empathy, critical thinking and even systems thinking (actions and consequences, risk and rewards, trade-ups and trade-offs)
Usually in the real-world, you don’t just make a decision on a strategy yourself.
Some things you'll need to do:
Decision-Making ??
Present and work with stakeholders to make informed decisions from all the strategies and tactics. Usually the stakeholders have different agenda- and it is important for the "strategy" team to empathize them.
For example, the CEO will be looking for value proposition or how the strategy could value-add to the company. The COO will be looking to understand process and resource management. The CFO will be looking at numbers. The CMO will be understanding how this business can grow.
Empathy and Feedback ??
Gather timely feedback from stakeholders using the Feedback Matrix and to understand strategies from their POV.
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Prioritization ??
Rank strategic initiatives based on their importance and urgency, ensuring resources are allocated effectively to high-priority projects.
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Strategy Action Plan Phase 5- Implement Phase ??????
Implement Phase is where the tyre hits the road, and the team will need to implement the strategies adopted and to deliver an Implementation Plan that is viable, pragmatic and sound.
Continuous monitoring and adaptation are required due changes to trends and scenario in the future- which means that the Implementation Plan is a “living†document.
Some things you'll need to do:
Execution ????
Develop the Implementation Plan?in the area of Rollout Plan, Marketing Plan, Management and Ops Plan as well as the Financial Plan. It ensures alignment with the overall strategic direction of the organization.?
Monitor Progress ??
Continuously monitor the progress of Implementation and various tactics- tracking key performance indicators (KPIs) to measure success and identify any deviations from the plan.
Adaptation ??????
Be flexible and responsive to changes in the internal and external environment, adjusting strategies and tactics as needed to achieve desired outcomes.
By following these five phases—Diagnose, Frame and Forecast, Strategize, Decide, and Implement—one can develop and execute a comprehensive action plan to effectively implement its strategy and drive success.
Last Words
I will be adding more articles on Design Thinking throughout the year. Articles of Empathize, Define, Ideate, Prototype and Test will be added periodically to give my readers a broader insights to Design Thinking.
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About the Author
Daniel Ling is a regional Design Leader, and certified Design, Strategy and Innovation Coach with 15 years of experience in the financial and e-commerce tech space- who moulded himself to be a “designer in a business suitâ€- strong in the Design Thinking process and yet relevant to the industry. He is proficient in the digital and transformational space- in the area of design leadership and management, research, strategy planning and coaching.
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WSQ Design Thinking: https://www.emerge-creatives.com/wsq-design-thinking-certification-course
WSQ Entrepreneurship Business Planning: https://www.emerge-creatives.com/entrepreneurship-business-planning
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