What to do before setting your strategy

Today, we'll cover a fabulous approach I learned recently on how to set your strategy. What should be done before meeting with a team, onsite or offsite. Let's dive in!Most strategy setting meetings focus on designing an execution plan. A goal is put infront of the team, which discusses approaches to attain it. It's logical except we fail to question the significance of the goals. Worse is when we assume aspects and later realize that we weren't on the same page at all. But what do I mean by questioning the goal?It means asking: why did we choose these targets, what do they mean, why does our customer care about them, and so on.

In the Why-What-How triad, we need to have a clear understanding of the Why and What before proceeding further.?The Why helps with the intrinsic motivation, the fundamental reasoning of your company, product, and offerings. The What helps define it to a target. The How is the execution.

It is tempting to jump in to the How because it's fun. There's brainstorming, ideation, and overall this is a high energy activity. It is also tempting to derive a goal based on past performance - if we sold x units last year, how do we get 20% growth?

We assume everyone knows why we exist and that is the hairiest problem to address first.

In my experience, it is very hard to discuss the fundamentals in a group. We have to be prepared to face our ignorance and blind spots. Imagine if you're the founder who believes your flagship product appeals to your customer because of attractive pricing. Your entire strategy is set on beating the price. What if the customers believe you provide great value? Say your products last longer, perform better etc. in a meeting focused on the Why, someone has to be bold enough to go against the grain and show this picture. Who knows, it can help uncover fortunes.

Missing out on this information, not challenging your Why's leads to tremendous pain.

So, what shall we do?

1. Have three sessions

Pre-strategy, Strategy, and Planning.

2. Pre-strategy

Have at least two meetings on looking at yourself with internal and external eyes. What does your company mean, what do your products deliver, why do you do things a certain way. You're flushing this information using Why and What questions mainly. After this picture has been taken, share it with everyone involved.

3. Strategy

In the strategy meetings, use the information along with your products to determine your new goals. What improvements will you shoot for, what products and services will you introduce, and so on. When in doubt, look at the pre-strategy notes.

4. Planning

Here is where you get into the ways to achieve your goals. How do we launch, how do we assemble teams for the product, and so on.These are time consuming but well worth the effort. Ideally do all these in person because reading body language is an important factor. The leader will have to get everyone to attend, speak up, and share the credit.Do try it and let me know your thoughts.

Happy ideating!

Hemang.?