In past work, we identified what could potentially happen to our business environment and how we could modify our business model to cope with expected and unexpected environmental changes. We also identified important core projects, those that have to be implemented no matter which direction our business environment takes. Now lets move forward to complete the next step of the business strategy process.
To the previously identified core projects/initiatives, we need to add those additional projects and changes which need to be addressed based upon our most likely environmental/business scenario. So, go back to the most likely scenario and identify the remaining projects which must be completed to enable that business strategy. For each of these projects, develop a project plan with resources, timing, capital requirements and contingencies. Please note that when the term "projects" is used here, it means more than systems and automated infrastructure. To complete the most likely business scenario, you may need to address changes in core processes, financial accounting and measurement, organization, customer channel design, roles and responsibilities and other areas. The implementation of a business strategy requires many changes which are likely to have impact across the entire organization.
Once the necessary projects/initiatives have all been defined and prioritized (both the core projects and the strategy specific ones), develop a aggressive priority-based implementation plan, but one constrained by available resources, talent, working capital and management expertise. Remember it makes no sense to tackle more that your talent, resources and available capital can handle. At this point, some companies will resort to outsourcing to consultants many of the projects which cannot be addressed through internal resources. That concept may work for a few projects, but it is unlikely to be appropriate for a large number of projects. Outside consultants require significant internal company management as well as time consuming access to line professionals who will be using the resultant systems and processes. Project management expertise is often one of the leanest resources in a company and professional staff time often is a close number two. So, outsourcing is not a way to get many projects completed quickly. Prioritize by business need and undertake cautiously based upon available talent and capital. There is no better way.
Lets pause for a moment here to think about what we are doing. We are implementing a fixed (at least in our minds) business strategy in the middle of a continuously changing world. The point is that no business strategy can afford to be fixed, even when it is new and just being implemented. The business environments that were projected (the best case, the worst and the most likely) must be monitored at least every six months and possibly in volatile industries such as high technology chip design or synthetic financial instruments on a quarterly basis. Each of those monitoring sessions should lead to a quick reassessment of the business environment, strategy and its core projects/initiatives. The need for optional projects, those that we called strategic options, should be monitored on a quarterly basis. A business strategy is a living entity that will change during and post implementation.
