There are no recipes for managing a successful organisation, however there are certain steps and measures that are more likely to help your business succeed. Strategic thinking and formulation are critical to the success of an organisation relative to its competitors, no matter the sector, industry or geographical location.
Innovate offers a business strategy methodology that can provide success for your business.
Discovery
Our approach always starts with a session of discovery to understand the context of your organisation. A collaborative approach is required to fully comprehend our client’s areas of concern and/or growth potential.
Investigation
Allows Innovate to gather all necessary information of your organisation, including employees, culture, markets and competitors.
External Analysis
Choosing appropriate analytical frameworks to assess the external environment commonly include:
PESTEL analysis
SWOT analysis
Porter's Five Forces
Scenario planning
These tools help to systematically analyse political, economic, social, technological, environmental and legal factors as well as the competitive landscape. By identifying opportunities and threats through these frameworks one can identify external factors that present opportunities for growth, such as emerging markets, changing customer preferences, technological advancements or potential threats to your organisation including regulatory changes, competitive pressures or economic downturns.
Internal Analysis
Evaluate your organisation’s internal strengths and weaknesses. Strengths may include:
Unique capabilities
Skilled personnel
Strong financial resources
Solid brand reputation
Weaknesses might involve:
Outdated technology
Inadequate resources
Organisational inefficiencies
Understand your organisation’s core competencies, available resources and recognise where your organisation excels and where improvements are needed. These include:
Human capital
Technological infrastructure
Financial assets
Intellectual property
Physical facilities
Stakeholder Engagement
Building and maintaining support from key stakeholders, such as employees, investors, customers and partners is critical to any business strategy. Understand their interests, concerns and expectations to align your strategies and actions with their needs.
Selecting
Selecting a strategic path not only inevitably follows on from the analysing phase but is also influenced by it. Innovate will work with your organisation to select and develop the best business strategy to generate a high positive impact.
Implementing
Innovate will guide you through this phase, engaging with all levels of your organisation to ensure a successful transition. Many strategies fail not because of poor analysis or unsuitable choices but because the implementation was inadequately carried out.
Evaluation
The final phase of our methodology is the evaluation of the chosen business strategy/strategies. We will measure how the strategy is working and assess the results, working with you over regular intervals to make adjustments on your path to maximising growth.