6-Factor Strategy
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Strategy becoming Action - the biggest challenge in business
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6-Factor Strategy
- 2. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... Getting from Strategy to Action is a classic business challenge… …6-factor Strategy meets that challenge
- 3. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... Every strategy should show things
- 4. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... VISION1 MISSION2 GOAL3 ACTIONS4 METRICS5 TARGETS6
- 5. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... VISION Who you want to BECOME • This is your purpose in life. We all have a Vision – sometimes secret, sometimes overt. Make it public • Think about the ‘You’ of the future • Visualise it… clarify it… articulate it • If it seems difficult at first, ask yourself how you would want people to describe you • See yourself becoming that person or that business in future – and tell the world who you want to become…
- 6. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... MISSION What you want to ACHIEVE • This is what you will make happen in fulfilling your Vision of yourself • Whether it’s increased market share, relentless innovation or consistent profitability, focus on that tangible thing you want to deliver over the next 3-5 years • And then write it down – crisp and clear and concise
- 7. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... GOAL Your short term OBJECTIVE • You’ve got a Mission – now you need a milestone on this side of the horizon • Pick a goal 12 months out – far enough out to plan thoughtfully, yet near enough to maintain momentum (and urgency, sometimes) • Specify a clear task and a clear performance measure – and set a deadline inside a year • And now comes the easy bit...
- 8. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... ACTIONS The things you will DO • To achieve stuff you need to do stuff - decide the stuff you will do, and be specific • Prioritise 3 actions – having four will diffuse your energy, having two will create internal competition, and having only one will generate bias and obsession • Make certain these are actions – not just intentions. They need to be relevant – and doable • And.... they need to be Actions that will take you in the right direction
- 9. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... METRICS How your endeavours will be MEASURED • These are the simple and pragmatic answers to “How will you know if your actions are having an effect?” • We measure turnover in numbers, market share & customer satisfaction in percentages, financial performance in ratios... How will you measure your Actions? • Choose measures that makes it unequivocally clear whether or not you hit your target. And speaking of targets…
- 10. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... TARGETS The signs of your SUCCESS • This is how you know whether or not you made it • Your targets need to be clear and absolute – you either did this or you didn’t • Don’t be seduced by ‘soft’ targets like ‘encourage’ or ‘facilitate’ – you need to make change happen, and you need rock-solid targets to see whether or not it worked • Put a date on each target – because the ‘what’ never happens without a ‘when’ – and synchronise them to achieve your Goal
- 11. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... VISION – who you want to BECOME1 MISSION – what you want to ACHIEVE2 GOAL – your short term OBJECTIVE3 ACTIONS – the things you will DO4 METRICS – how you’ll be MEASURED5 TARGETS – the signs of your SUCCESS6
- 12. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... Here are a couple of examples…
- 13. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... First, a personal example... I want to be a life-long runner…
- 14. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... Me – as a life-long runner To run at least one marathon each year To run a sub-4 hour marathon one year from now VISION MISSION GOAL ACTIONS METRICS TARGETS 1 2 3 4 5 6 * Immediately ** Within the next month † Within the next 3 months 1. Eat less 2. Eat Better 3. Train more Calories % fat in food Hours training <2,500/day* <10% fat** >7 hours/wk†
- 15. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... If I manage to do all of that as planned in my 6-factor Strategy, I know that I’ll hit optimum weight and fitness in time to start REAL marathon training in three months’ time… …and be well en route to being a life-long runner
- 16. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... Second, a business example.... A start-up luxury goods company wants to get their unique products into retailers…
- 17. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... Our brand as ‘brand of choice’ for affordable luxury Our products in every high-end retailer within 3 years To begin operations by April 30th VISION MISSION GOAL ACTIONS METRICS TARGETS 1 2 3 4 5 6 1. Design it 2. Finance it 3. Produce it Design agreed Money in bank Production active Agreed Dec 31st £500k by Jan 31st 500 by April 30th
- 18. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... If the company now completes a 6-factor Strategy for each Action (Marketing, Finance and Operations*)… …they stand a solid chance of achieving their Vision * See ‘The 5 Pillars of Business’ – http://www.slideshare.net/jwrunning/the-5-pillars-of-business-67026302?smtNoRedir=1
- 19. 6-factor Strategy ©2016 John Mark Williams Strategy becoming Action.... And that’s it – Strategy becoming Action in six steps So now put the 6-factor Strategy to work for you….
- 20. Design by Gosforth Associates and www.freeiconspng.com/ LinkedIn: John Mark Williams Skype: jwrunning twitter: @jwrunning