Take an unvarnished look at your company
Thoroughly evaluate your company to get a realistic picture of your position and a detailed understanding of your current and potential customers. Identify any gaps in your business model, the market potential, your competitive standing and your resources. Following a planning framework, such as SWOT, will help ensure that you haven’t missed any elements, enabling your resulting strategy to be more precise.
Solicit employees and managers for input
By communicating the business reasons for the change early and often, you help transition your company culture into the new model. This aids buy-in. Educate with clear, accurate information how all stakeholders will benefit from the new model. Then, continuously follow up throughout the year with every department, so the message can be internalized and you can receive feedback.
Focus on a few key initiatives
Some functions will need to be created or increased, whereas others will need to be decreased or eliminated. Be prepared to closely examine and evaluate every aspect of the business because old processes, outdated systems, and people without necessary skills can drag down performance. If you’ve communicated well with the affected employees and treated them with respect, it will ease the process.
Ensure that your infrastructure and resources can support your strategy
Do you have the infrastructure and operational procedures available to support your strategic initiatives? Do you have financial, physical, and human resources ready and available? If not, you must be willing to invest in them up front before taking steps to execute your strategy.