From his company website, Andrew Hone offers a guide on how to conduct a rapid strategic review and identify new value-creating opportunities for your business.
A strategic review is a structured process to identify new value-creating opportunities within a business. This could be about improving the performance of an existing division, or taking advantage of a new market adjacency opportunity. Many companies undertake strategic reviews on an annual basis as part of their strategic planning process. Other businesses will undertake them on a more ad hoc basis when presented with a specific opportunity or problem within the business. A change of ownership or appointment of a new CEO can often trigger the need for a strategic review of the business as a way to clarify the key areas of opportunity and challenges within the existing portfolio.
Whatever its origins, a strategic review should be a clear fact-based analysis of the business opportunity or issue. It provides an opportunity to step back from day-to-day operations to assess the strategic foundations on which a business is built. The outcome of a strategic review should be a clear set of strategic recommendations and a future roadmap for the business that charts its course and enables increased and sustained performance now and for the future.
Benefits of a strategic review
When conducted well, a strategic review can deliver significant benefits to a business. In addition to the direct financial benefits of improving performance and targeting new growth opportunities, the process itself can improve alignment between employees, senior management teams and other key stakeholders, helping to drive a high performance culture and clarity on the future direction of the business.
Key points include:
- Benefits of a structured approach to strategy development
- Typical scope of a strategic review
- Key principles to follow when undertaking a strategic review
- Indicative timeline and workplan for completing a strategic review in 4 weeks
Access the full guide, The four week strategic review, on the ZenithStrategy.com website.