Our next STRATEGY SESSION

Most companies have at least one STRATEGY SESSION per year.

From the participants there are often mixed feelings about these.

I do not have particularly positive feelings about the strategy sessions I was part of. In my opinion, very little change resulted from ours. To me this annual exercise was disappointing, to say the least.

But it does not have to be. In fact, a well-crafted Strategy Session can be the lever that brings about a step change, not only for the company, but for all who become involved.

What does it take for you, as CEO, to organize a strategy session that takes you and your company to new heights?

Knowing the massive change that a good strategy session can bring about, how does the CEO put together an event that keeps the people in his organization fired up throughout the coming year? Walk with me through the process.

Where are we at? 

Reflection on what worked, and did not work, during the previous year is the logical starting point.

Of course, for this part of the agenda it is helpful to get the views of a cross-section of our senior executives. It will be helpful for them to know that you are busy planning our next strategy session, and would value their input. You would like them to help review our successes and failures of the past year. It may even be beneficial to delegate different agenda items to different people so as to generate buy-in.

Opportunity Scan 

You may have some ideas of new opportunities for your business. Write these down. However, in your communication with your senior executives, alert them that they will be given opportunities to present their ideas at the session.  You will then present your ideas after everyone else has given theirs. Allow plenty of time for a thorough discussion on these, looking at all aspects, such as resources required, barriers to exploitation, investment and technology needed, as well as critical skills sets.

Operation evaluation 

While this is an extension of the first agenda item (where are we at?) it is likely to be beneficial to take a deeper, more penetrating look at the existing operation. Be honest – don’t be afraid of being critical. Explore better methods of production. How can you reach the customer better, establish long-term relationships? Can we communicate better within the company? Are there serious skills we are lacking, are some of our marketing efforts outdated?

Translation of wish list into objectives and goals 

This is where we move from the “would be nice” phase to “how can we make it happen”? The ideas are given names, possible leaders are identified. Criteria of success are worked out. Possible numbers are discussed, and probable implementation dates suggested.

Recording of discussions 

By this stage everyone will be fired up, raring to go. It is wise to appoint two or three competent scribes who keep effective notes of the discussions. These people will get together at the end of each day and write a combined summary.

Closing of the strategy session 

Make sure that when you close the session, you thank each participant for the valuable contribution they have made. Remind them of the power of teamwork, and applaud them for the insightful discussions that were generated. Tell them how much you look forward to seeing these magnificent ideas become reality in the coming year.

From ideas to implementation 

A week after the strategy session the new plan (after approval by the Board) is circulated to all heads of divisions. They are tasked with drawing up a detailed blueprint of how the new ideas will be implemented. The combined blueprint will be presented to a full executive meeting one month after finalization, and become the operational guide for the next twelve months. Quarterly progress meetings are scheduled.

Are you excited about your new company?

Written by Dr Wolfgang Bernhardt.