What do you do if your Business Strategy is failing and you need to solve the problem?

1 Assess your situation

The first step to solving any problem is to understand its root causes and effects. You need to evaluate your current business strategy and performance objectively and honestly. You can use various tools and frameworks, such as SWOT analysis, balanced scorecard, or OKR, to measure your strengths, weaknesses, opportunities, and threats, as well as your goals, results, and key actions. You should also gather feedback from your customers, employees, partners, and competitors to get different perspectives and insights on your situation.

2 Identify the gaps

The next step is to identify the gaps between your desired and actual outcomes. You need to pinpoint where and why your business strategy is failing and what are the consequences. You can use different methods and techniques, such as gap analysis, root cause analysis, or fishbone diagram, to find out the discrepancies and problems in your strategy. You should also prioritize the most critical and urgent gaps that need to be addressed and resolved.

3 Generate alternatives

The third step is to generate alternatives to your current business strategy. You need to brainstorm and explore different options and scenarios that can help you close the gaps and achieve your objectives. You can use various tools and approaches, such as brainstorming, mind mapping, or scenario planning, to generate and organize your ideas. You should also consider the pros and cons, risks and benefits, and feasibility and impact of each alternative.

4 Choose the best solution

The fourth step is to choose the best solution to your business strategy problem. You need to evaluate and compare the alternatives based on your criteria and constraints. You can use different methods and models, such as decision matrix, cost-benefit analysis, or multi-criteria analysis, to rank and select the best option. You should also test and validate your solution before implementing it.

5 Implement the solution

The fifth step is to implement the solution to your business strategy problem. You need to plan and execute the actions and changes required to implement your solution. You can use various tools and systems, such as project management, change management, or agile methodology, to manage and monitor your implementation process. You should also communicate and collaborate with your stakeholders and team members to ensure alignment and support.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?