Get rid of a bad strategy
- Cut out the fluff. When communicating ideas or strategies, remain attentive to identifying and removing unnecessary fluff. Fluff entails the use of buzzwords and vague statements that contribute little value or insight. For instance, opt for simpler and clearer phrases like "being a bank" instead of convoluted expressions such as "customer-centric intermediation." By eliminating fluff, you can ensure your message is concise, meaningful, and actionable.
- Recognize obstacles. Take a comprehensive look at the obstacles your organization is facing. Identify the specific difficulties that hinder progress and success. Then, develop targeted policies and allocate the necessary resources to overcome these challenges.
- Differentiate strategies from goals. Thoroughly evaluate your documented strategies to determine if they genuinely qualify as strategies or if they are merely goals. Strategies should provide a clear and actionable plan for overcoming obstacles, while goals are statements of desired outcomes. Assess whether your strategies define the necessary steps to address the challenges you identified. If they do, you have a solid strategy. Otherwise, they are likely just goals in need of further development.
- Establish sound strategic objectives. Ensure that your strategic objectives serve as a means to overcome the identified obstacles. Evaluate each objective to ensure it addresses critical issues and is feasible to implement. Avoid setting objectives that are impractical or fail to address the core challenges at hand. Establish clear and measurable objectives that guide your actions and align with your overall strategy.
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