By developing an effective strategic vision, organizations gain access to new market opportunities. New leaders in every market emerge when they have something they have developed that meets a new need or solves an old problem. Organizations of all types, for profit or not-for-profit can achieve new market penetration.
Yet, when you ask business executives “What is your strategic vision?” They often respond:
- We have one, but it’s kind of fuzzy up and down our organization.
- One of our problems is we have so many ideas we aren’t focused enough to work on just one.
Through conducting research of numerous organizations, we have discovered that many organizations can state their strategic vision but it is treated as more of a slogan in a marketing function.
The value of a strategic vision is most often described through the programs or services it supports and delivers for that particular market sector or function. Too often, strategic vision is pushed into a direction that ends up in a tactical direction such as, “What percentage of the market has this strategic vision delivered to us lately?”
As a result, many organizations do not achieve the most value from their strategic vision and outreach programs because they are too narrowly focused on results, not what drives them. Our research and work with leading market firms found that leading-edge organizations take a corporate-wide integrative approach to implementing its strategic vision. They operate cross-functionally and serve as both a catalyst and innovator for change to the rest of the organization.
Seven Ways Leading-Edge Strategic Vision Organizations Deliver Significant Value and Growth
- Strategic vision serves as the enabler, similar to how an outstanding IT Group becomes the “go to” experts for integrating communications.
- Strategic vision is thought of as a guide. Whatever decision needs to be made, large or small, the goal is to determine if it’s in alignment or out of alignment and are also used as an evaluative tool to identify opportunities that will reinforce the organizations market strength and position.
- Strategic vision brings a consensus of creative thought to the rest of the organization that helps it market itself effectively.
- Strategic vision provides over-arching direction for new programs and services under consideration where investments of people and finance are critical.
- Strategic vision is the measuring rod that provides an honest baseline of your current position that leads to a measurable set of key performance indicators that also allows for the reward of successful programs and contributors.
- Strategic vision directly manage major relationships that cross-market the organization into new markets that are considered strategic.
- Strategic vision guides high-volume and high-value programs that enable critical mass and growth for the organization.
How many of these best practices does your organization follow? By following these best practices you will create an effective strategic vision that can enable your organization to create and deliver successful new offerings, and achieve new market penetration. Instead of focusing your strategic efforts with a small group within your organization you can equip your entire organization to work together to generate growth across your entire enterprise.