Strategy is simply the basic methodology you intend to apply to attain your company’s current mission. “This is how we will achieve our mission.” That, in a nutshell, is strategy. There’s no mystery to it. It’s not a difficult concept.

There are four key principles to keep in mind when setting company strategy.

1. The strategy must descend directly from your vision. Remember, it’s impossible to set strategy unless you have a crystal clear idea of what you’re trying to do in the first place. Vision first, then strategy!

1. The strategy must leverage off the strengths and unique capabilities of your company. Do what you’re good at.

1. The strategy must be realistic. It must therefore take into account internal constraints and external factors. Confront reality, even if reality is unpleasant.

1. Strategy should be set with the participation of those who are going to be on the line to make it happen.

The Three Legs of Setting Strategy:

VISION:

Core Values and Beliefs

Purpose

Mission

INTERNAL ASSESSMENT:

Strengths & Weaknesses

Resources

Innovations & New Ideas

EXTERNAL ASSESSMENT:

Industry / Market / Current Trends

Technology Trends

Competitors

Social & Regulatory

Macroeconomy & Demographic Trends

International

Prior to the meeting, each participant should be asked to prepare by answering a few questions. These questions should be circulated to the participants at least a week prior to the meeting. The content of the questions will vary from year to year, and from company to company, but should be related to the internal and external assessment.

To stimulate people to come to the meeting well prepared, we suggest asking each person to prepare a ten- to twenty-minute presentation on a specific topic. Few things capture people’s attention better than knowing that they need to make a public presentation. Certain individuals might take on specific preparation tasks, such as industry/market trends, technology trends, new innovations, and competitor analysis.

We suggest using the following rough agenda:

• Review vision (core values and beliefs, purpose, and mission).

• Ensure that the vision is agreed upon and crystal clear.

• As a group, do an internal assessment.

• As a group, do an external assessment.

• As a group, decide upon/revise the basic strategy for reaching the current mission.

• As a group, decide on the top five strategic priorities for the coming year.

There are many ways you can begin syndicating the work of managing to your team. Here are a few.

Setting Direction

1. Ask your team to define its shared mission. Give them time to brainstorm answers to questions like, “What’s our value proposition?” “How should we measure the success of our team?” and “What are the most important things we could do to increase our impact?”

1. Hold a monthly half-day session to discuss business unit or corporate-level strategy. Ask your colleagues to identify what they could do to support the overall mission.

1. If your company has a formal planning process, ask your team to take the lead in defining priorities, setting milestones, and developing budgets.