There is a huge gap between the goals that we state on paper for our organizations and the results that we end up achieving. Top organizations around the world are products of strategic thinking and implementation.
Strategy reflects the underlying beliefs of an organization and its leaders and it defines the approach to achieving its lofty dreams and projections for the organization.
We can agree that no meaningful progress can be made towards the achievement of our goals as a country, as organizations and as individuals without an effective strategy.
Strategy originates from a Greek word “Strategos” meaning the Art of the General. Strategy was conceived in this sense as having to do with how to win wars and gain advantage in certain situations. We can think of the today’s business world as a Modern Battlefield where there is constant competition. The difference between the winners in this case and the losers is strategy.
Like the Generals of old, Modern day business executives must develop a complex set of tactics and activities that lead to victory.
Developing a winning strategy involves providing answers to the following questions, where do we compete? what unique value do we bring? what resources & capabilities do we utilize? how do we sustain our value?
Strategies, no matter how well developed they are will remain in the realm of theory if they are not properly implemented. This is where most organizations get it wrong. To win using its developed strategy, the organization will have to undertake deliberate actions.
First, the organization has to break down its complex strategy structure into simple actionable points which can be monitored and measured. This will go a long way in helping the organization to monitor and measure the performance of its overall strategy and also help the various departments, units and individuals in the organization to understand the roles that they play in the overall strategy of the organization.
The Organization must also ensure that it does not veer off the scope of its strategy. Strategic discipline is key to any form of success in organizations. We must know what we want and focus on it, leaving out that which we do not want. This may also involve deciding not to take on opportunities that may come our way but we are not in line with the overall strategic plan. This is because they will have an impact on available resources.
Michael Porter, an American academic known for his theories on economics, business strategy, and social causes echoed this idea when he said, “The Company without a strategy is willing to try anything”. The decision on what not to do is as important as the decision on what to do.
The modern business world is technology driven and so every organization must make a conscious effort to drive their strategy through modern day technologies. This will give organizations competitive advantage in the pursuit if their goals and objectives.
Central to the success of any organization’s strategy is its culture and people, strategies do not drive themselves, people do. Organizations must understand that for any strategy to work, it must have the buy-in of the stakeholders of the organization. Organizations must demand excellence from everyone in the organization and reward excellence in all its expressions. Without a culture that emphasizes excellence, organizations will most likely struggle to keep up delivering results using laid down strategy.
At RusselSmith, we have a strategy that is people- driven and technology-driven. We are fully focused on our goal of becoming a World Class Integrated Oilfield Services Company. We will continue to stay true to a culture of excellence which has brought us thus far and will take us even further.