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- Written by: Tim Milbourne
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While grappling with short term problems and day to day demands it is easy to overlook how critical long-term planning is to any business’ success, and even its survival. Prioritising the use of resources according to the most pressing issue or commitment, although important in itself, results in the business being led by events as they unfold rather than by a carefully thought out plan, and leaves the delivery of benefits and successful outcomes to the vagaries of the market place.
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- Written by: Tim Milbourne
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If a strategy is to remain relevant to the changing business environment and continue to deliver benefits all changes must be governed for compliance and the results from changes need to be measured with metrics that link to the strategy’s promised benefits. This practical evidence based approach will strengthen compliance and justify the stakeholders’ investment.
Read more: How do you ensure that your strategy continues to deliver benefits?
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- Written by: Tim Milbourne
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Having invested time and materials in developing a business strategy you need to deliver it. The first step, of course, is to make the procedural and process changes along with those to roles and responsibilities within your organisation. This, along with communications and training that may be required, embeds the strategy so that it can begin to deliver benefits.
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A strategy has two main components: principles and policies. The principles are a set of statements that define the way an organisation should act or behave. They are guiding and usually generalised but the policies are specific, proscribing precisely how the principles should be acted on. The purpose of these is to facilitate the delivery of tangible business benefits that collectively comprise the long-term objectives of all the stakeholders in the business for whom the strategy has been formulated. The stakeholder group will be drawn from those constituency groups, outlined in “Who owns a business strategy?”. They form the group that owns, benefits from, or otherwise has responsibility for the business.
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- Written by: Tim Milbourne
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A strategy is concerned with long-term goals. It sets out the principles and policies that need to be understood and observed in order to achieve them. As a result, a strategy tends not to be specific or prescriptive about the steps and actions that are taken but provides the guidance and means by which decisions are made, and changes are effected, to ensure attainment of the long-term goals. A strategy must be able to influence decision making at all levels in the business.