What's the best way to measure and communicate your industry strategy?

1 Identify your strategic goals

The first step is to identify your strategic goals, which are the specific outcomes you want to achieve in your industry. These goals should be SMART: specific, measurable, achievable, relevant, and time-bound. For example, you might want to increase your market share, enter a new segment, or launch a new product. Your strategic goals should be aligned with your vision, mission, and values, as well as the needs and expectations of your stakeholders.

2 Analyze your industry environment

The second step is to analyze your industry environment, which is the external factors that affect your business. These include the industry structure, trends, opportunities, threats, and competitive forces. You can use tools such as Porter's Five Forces, PESTEL, and SWOT to conduct this analysis. The purpose is to identify the key drivers and challenges in your industry, and how they impact your strategic goals.

3 Assess your internal capabilities

The third step is to assess your internal capabilities, which are the resources and skills that you have or need to achieve your strategic goals. These include your assets, competencies, culture, processes, and systems. You can use tools such as VRIO, Value Chain, and Core Competence to evaluate your strengths and weaknesses, and how they create value for your customers and stakeholders.

4 Formulate your strategic options

The fourth step is to formulate your strategic options, which are the possible courses of action that you can take to achieve your strategic goals. These options should be based on your industry analysis and internal assessment, and reflect your competitive advantage and value proposition. You can use tools such as Ansoff Matrix, BCG Matrix, and GE-McKinsey Matrix to generate and compare different strategic options.

6 Communicate your strategic plan

The sixth and final step is to communicate your strategic plan, which is the document that summarizes your industry strategy and how you will implement it. Your strategic plan should include your vision, mission, values, strategic goals, strategic direction, action plans, milestones, metrics, and contingency plans. You should communicate your strategic plan clearly, concisely, and consistently to your internal and external audiences, using various channels and formats. You should also monitor and review your strategic plan regularly, and adjust it as needed.

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?