Strategies are the specific ways that you accomplish each of the objectives that you set in the previous step. There are a variety of different methods and techniques that you can use. The strategy that you choose can be the critical factor in your success or failure. You must select your strategies with care.
For each objective, develop several alternate strategies. Always have a Plan B. You are only as free as your well-developed options. Never allow yourself to get stuck with only one course of action.
For example, there are more than 20 different ways to sell a product and more than 20 different ways to get the money you need. Most companies limit themselves to one or two of these instead of continually exploring alternatives. Keep expanding your thinking by asking, ‘‘How else can we achieve this objective?’’
Evaluate each of your options based on the true capabilities of your organization. One of the biggest flaws in business thinking is, ‘‘Because I want to, I can.’’ In many cases, you can have a clear idea of what you should or could do but lack the financial capability or internal competencies to achieve it. Sometimes the lack of one critical person in a key position makes it impossible for you to achieve a particular objective.
In developing your strategies, consider the situation in the marketplace. Who are your customers, and what do they want? Who is your competition, and how are they likely to respond to your strategy to take business away from them?
In developing strategies to achieve your critical objectives, always have a clear idea of what you will do if your initial plan is not successful. The rule is to ‘‘Assume the best and plan for the worst.’’ Ask, ‘‘What is the worst thing that can happen if we launch this strategy and it is unsuccessful? What will we do then? What would our fallback position be?’’
Excerpts from: How the Best Leaders Lead
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