Strategy: A Guide.

Understanding Strategy

Have you ever planned a trip? You decided where to go, what to see, how to travel, and what to pack. That's a basic strategy. Now, imagine this in a business context. Strategy is like the master plan or the big game plan for a company. It's all about figuring out what the company wants to achieve in the long run and then deciding on the actions and resources needed to get there.

Why is Strategy Important?

Imagine trying to build a house without a blueprint. You might end up with something, but it probably won't be a house, or at least not the one you'd like to live in! Similarly, a business needs a strategy to provide direction and define clear goals. Without a strategy, a company might find itself directionless, wasting resources, and missing opportunities.

Key Ingredients of a Good Strategy

A good strategy usually has:

1. Vision: This is the company's big dream or end goal.
2. Mission: This is what the company does to reach its big dream.
3. Core Values: These are the principles that guide the company's actions and decisions.
4. Strategic Goals: These are the specific targets that the company aims to hit within a certain time.
5. Tactics: These are the company's unique steps or ideas to reach its strategic goals.

Strategy in Action: Examples

Let's look at some local examples to understand how the strategy works in real life.

Example 1: Shujaaz Inc.

Shujaaz Inc., a multimedia youth platform, serves as a perfect example of a company with a clear strategy. Their big dream is to inspire and motivate millions of young people across East Africa to take action that improves their lives and communities.

To achieve this, they use a unique combination of media channels: comic books, radio shows, social media, and SMS. Additionally, they meet their audiences every time through their unique meet-up events. Their content, which is entertaining, informative, educational, and interactive, is designed to engage young people and inspire change in their lives and the lives of their communities. This is their strategic goal.

The tactics they use include creating relatable characters and storylines, hosting conversations on social issues, and encouraging audience participation. This unique and effective strategy has allowed Shujaaz Inc. to reach and influence millions of young people across East Africa.

Example 2: Equity Bank

Equity Bank in Kenya has a strategy that has made it one of the most successful banks in East Africa. Their big dream is to champion the socio-economic prosperity of the people of Africa.

To do this, they focus on offering inclusive, customer-focused financial services that socially and economically empower their clients and stakeholders. This is their strategic goal.

Their tactics include offering low-cost bank accounts, providing financial education, and using mobile banking technology to reach more people. Their strategy has allowed them to be among the leaders in Kenya's banking community. They have grown from a small building society into a pan-African banking institution.

Wrapping Up

In simple terms, strategy is like a game plan. It's about figuring out what you want to achieve and how you're going to do it. Having a clear and focused strategy is like having a map that guides your business journey. Shujaaz Inc. and Equity Bank's examples show that a good strategy can lead to great success, positively impacting millions of people's lives. So, whether you're planning a start-up or leading a big company, remember that the right strategy can take you a long way!