Strategy Guidelines

Strategy guidelines are a selection of guidelines that is utilized in the management of business strategy. Guidelines below work in conjunction with each other to establish an effective, adaptable, and valuable strategy. 

#1 - Have a Mission Statement
This is a statement of purpose for a company. It contains overall long-term objective, aims of the company, and reasons for the existence of the company itself. Establishing a mission statement allows stakeholders, customers, and employees to understand what the company is about and what they are striving to achieve.

#2 - Perform a SWOT Analysis

Performing an analysis of the Strengths, Weaknesses, Opportunities, and Threats (SWOT) within a company is a precursor to creating a roadmap for company's strategy. This assessment can be broken down into the departments and business processes to concentrate on particular areas of the company. "The health of your company’s key business priorities and IT strategy as they relate to your culture, capabilities, and infrastructure,” stated by Johnson (2012).

#3 - Use a Core Capabilities Matrix

This defines the main capabilities, which can drive business value and subdivides the small processes and areas that support the core capabilities (Schoemaker, 1992). Using a core capabilities matrix is a step in the direction of creating a understanding strategy roadmap. The core capabilities of a company are identified to provide a visual aid in the creation of the strategy roadmap.

#4 - Build a Strategy Roadmap

This allows stakeholders to have understanding of the people and processes involved with the operating a company. A strategy roadmap enables for clear communication across different departments in the company and supports the desired business-process outcomes.

#5 - Be Cost Effective

It has been a trend to adopt new technology without thoroughly understanding if the technology will fit and benefit a company. This concept applies to all assets involved with a business. Being cost-effective to can determine if something will yield any quantitative or qualitative value to a company.

#6 - Identify Business Drivers Based On Investment Returns and Performance Indicators

This will identify to IT managers which process areas are optimized in support of the major business drivers. Also, this can help to identify areas that need less funding and resource allocation if they aren't beneficial to a company.

#7 - Ability to Accommodate Rapid Change Management

In order to improve a company, it must be flexible and employ change management procedures and people who allow for this to happen. Enabling fast and effective change management processes eases organizational relationship strain that is quite cost-effective.

#8 - Identify and Match Strategy to Stakeholder Requirements

This is obvious to most IT professionals, and it is vital for organizational strategy to the needs of the stakeholders. IT professionals need to focus on what you deem is the direction and needs of the stakeholders. Since stakeholders determine the success of a company, the company has to create a strategy that appeals to them.