Is your strategy in good shape for 2024? 5 forces that can implode your strategy

Make time to monitor the health of your strategy

As a leader, it is easy to get tied up in monitoring activity within your teams. With decision-frameworks in place and by empowering your teams to execute current plans, you should be spending most of your time keeping an eye on strategy.

With a continuously changing  landscape, I like Michael Porter's framework to keep eye on the five forces that could impact your strategy. Make time for your strategy team and product owners to give updates on all 5 forces, regularly -

• Buyers - they want more for less - there is a reason that people will buy Starbuck's over Tim Horton's so know your value and how you are price-positioned in the market

• Suppliers - deliver less for more - understand who can provide you with the most benefit - you may not always choose the cheapest price, consider if they offer value back to you

• Substitutes - who is the alternative - is there another way for a company to deliver your value but cheaper - know why your customers will buy the 'label' over 'no name' and be mindful of the other verticals who will be edging into your vertical

• New Entrants - who will attract your customers - everyone likes new and shiny objects - keep pulse and be nimble to react (with a plan) - watch to not make impulsive moves

• Existing rivals - who is looking to steal your customers - are they able to easily switch to a competitor - build loyal clients that will stay with you when shiny objects enter the market or a substitute option is available

This should be a regular brief in your organization that is discussed within your leadership team. To get started, give me a call to help your teams prepare for the discussion.