Most firms have a strategic intent or goal but often their purpose and direction are unclear or have not been sufficiently defined, updated, communicated or managed. As a result, practice groups may be following their own separate plans, partners may feel that resources are being wasted and not focused and management may be concerned about lack of growth or competitiveness.
A strategy is designed to allow firms to successfully achieve their core purpose and goals and gain competitive advantage. A strategic plan is only the first step in this process and is only effective if the stakeholders are involved in the process and business and operations are conducted in alignment with the strategy.
For further insights see “Successful Strategy: The Essential Supporting Acts – Part 1 and Part 2” and “Sight-checking your 2020 strategy”.
If there is a unifying theme to Edge International, it is that most of our engagements have strategic overtones. That is, we work with clients to achieve objectives that have an important impact on their firms’ growth, profitability, market positioning or service offerings.
Specifically, with regard to strategic planning, Edge is called on to provide:
- Structure/advice for strategic planning process
- Facilitation of the process, working with management and partners to
- determine vision, goals and key pillars of strategy (this often includes partner interviews, retreats and surveys)
- prepare a strategic plan document
- define actions and communicate strategy
- “Strategy Day”: a one-day update of the strategic plan (can be with management or partners) to consider appropriateness of existing strategies, seek out new opportunities and spark renewed enthusiasm for implementation
- Supporting analyses
- Market assessments
- Competitive analysis
- Resource evaluation
- Financial projections and simulations