In recent days I have been writing about how to develop strategic thinking, recognising the importance as a leader of the ability to see the big picture, to shape a compelling strategy and to communicate in ways which engage.  So what does it take to shape a compelling strategy?  I offer a few ideas and suggestions to get you started:

Firstly, you might like to carry out some research:

• Get curious about successful strategies:  There are many ways to come at the question of shaping a compelling strategy and all of them have something to offer.  One place to start is to think of the businesses that have been highly successful and to get curious about why:  what is their strategy?  I think instantly of organisations that have consumer appeal (my own favourites include First Direct banking, Ikea and Pret a Manger).  One example that has become an internationally recognised case study is the Seattle Pike Place Fish Market.  One downside of its fame is that the DVD (for which, follow this link) is priced at corporate prices, though the book (When Fish Fly:  Lessons for Creating a Vital and Energised Workplace from the World Famous Pike Place Fish Market) is easily available.  Another favourite of mine is Clive Woodward’s autobiography Winning! because it highlights what it took to turn aspiration into practical strategies which in turn led to the England Rugby team’s World Cup win in 2003.  Remember, too, to look close to home – to parts of your organisation that have been highly successful or to organisations you have worked for yourself;
• Get curious about unsuccessful strategies:  Famously, Gerald Ratner’s strategy for his jewellery business was a winner until, in 1991, he shared it publicly.  He talks about this on YouTube in a plug for his book.  Look around you to find examples of strategies that haven’t worked.  Some of them may well be inside your own organisation.  Many of them will be out in the wider world:  what was Lehman Brothers’ strategy before it went bust in 2008, for example?  And what was the ailing Apple’s strategy prior to Steve Job’s return in 1997 as CEO of the company he had co-founded?  In truth, one of the easiest ways to access examples of bad strategies is by reading what some of the academics have to say about bad strategy, which leads me to my third suggestion…
• Read what thinkers about strategy say:  Currently I am reading the recently published book Good Strategy, Bad Strategy by Richard Rumelt – it’s a goldmine of examples of both good and bad strategy and it also includes thought-provoking ideas from the author on what differentiates the two.  An enduring favourite is Jim Collin’s Good to Great which reflects the findings of detailed studies of what differentiates organisations which have been successful over time from those that have not.  Equally, Sydney Finkelstein’s book Why Smart Executives Fail and What You Can Learn From Their Mistakes includes insights into the errors that smart executives make in shaping and executing a compelling strategy.

When you’ve carried out your research, you might like to distil your learning in two areas in particular:

• Distil your learning into key measures of a successful strategy:  Rumelt’s Good Strategy, Bad Strategy highlights the risk in shaping a compelling strategy which fails to address key challenges or which fails to translate grand aspirations into a concrete plan.  Before you shape your own strategy, I suggest you identify key hallmarks of a successful strategy – these are the measures against which you will test your own strategy before you start to think about how best to communicate it to a wider audience;
• Shape your approach to creating a successful strategy:  Once you know what your key measures of success for creating a successful strategy are, you are in a position to shape your approach to shaping your strategy for your own business or part of the business.  Your approach may vary depending on the needs of the business – from sitting down with a blank sheet of paper, through consulting with those you lead to engaging the support of specialist consultants.  

 Once you’ve distilled your learning and designed your approach, you’re ready to…

• Shape your strategy:  It’s tempting to offer key pointers for your strategy and – at the same time – this topic seems too important to summarise in just one bullet.  By now, though, if you’ve taken time to broaden your view (follow this link to read about this subject), to do some research into what differentiates successful strategy, to distil your learning into key measures of a successful strategy and to shape your approach you’re ready to execute your approach in order to shape a successful and compelling strategy.

I wonder, do you have experiences you can offer here to help other readers?  What have you found most helpful?  Equally, what questions would you like me to address in future postings?