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Strategy Principles
Establishing certain principles facilitates efforts to integrate those strategic objectives into a framework that allows them to be incorporated deep within an organization.
Why is principles using important?
- Principles are the values that guide your strategy
- Guidelines and describe how you relate the strategy to the other aspects of your organization
- Considered a through philosophy, policy, or a deeply-held conviction that regulates how various sorts of Vision, Goals, and Objectives are conducted
- Governing of actions and the operation of techniques during the formulation of the organization strategy
- Determine and evaluate strategy aims, activities, practices, and outcomes.
How to define Strategy Principles?
Principles are permanent, unchanging, and comprehensive. To define a solid strategy principles, you have to take the following criteria into your consideration:
- Unique: Each principle must have a specific name and number. Should both represent the essence of the rule as well as be easy to remember
- Understandable: Each principle must be described clearly, in an easy and unambiguous manner
- Complete: Every principle should be well defined
- Rational: Describe the relationship to other principles, and the intentions regarding a balanced interpretation. Describe situations where one principle would be given precedence or carry more weight than another for making a decision.
- Robust: Should be sufficiently definitive and precise to support consistent decision making in complex situations
- Consistence: Must be expressed in a way that allows a balance of interpretation with other principles
- Implications: Often be apparent that current systems, standards, or practices would be incongruent with the principle upon adoption. The impact to the business and consequences of adopting a principle should be clearly stated
- Stable: Should be enduring, and accommodate changes
- Consensus: Ensure fair procedures for all interested parties, with a focus on ensuring that all interests are fairly taken into account when coming to a consensus. Thus, mutual understanding and widespread agreement serve as the foundation for establishing the content of principles.
Strategy Principles Catalog:
Name | 1- Primacy of Principles |
Reference | BP01 |
Statement | These principles of information management apply to all organizations within the enterprise. |
Rationale | The only way we can provide a consistent and measurable level of quality information to decision-makers is if all organizations abide by the principles. |
Implications | 1- Without this principle, exclusions, favouritism, and inconsistency would rapidly undermine the management of information. 2- Information management initiatives will not begin until they are examined for compliance with the principles. 3- A conflict with a principle will be resolved by changing the framework of the initiative. |
Mandatory/Advisory | Mandatory |
Review reason | NA |
Review date |
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List of Strategy Principles:
The following principles define the key activities required to create the strategic plan framework, but not limited to:
• SP1: Business tactics pertaining to a specific “Community of Interest” Stakeholders,
• SP2: Strategic plans are developed In order to respond to the external environment,
• SP3: Value analysis is used to analyze business strategies. (What you will be able to do)
• SP4: Strategic plans make use of and expand upon already-existing organizational resources. (What is possible),
• SP5: The implementation of business strategy involves the development of initiatives that aim to achieve certain quantifiable results. (How the entity plans to improve and use its current strengths in order to provide unique value),
• SP6: Business strategies are a collection of methods for pursuing goals. (What the group hopes to accomplish),
• SP7: There are two major areas of interaction between strategic objectives that must be balanced:
o Benefits: Customer satisfaction and value proposition.
o Risks: customer surveys and pilot projects are frequently used to successfully explore high risk techniques.
• SP8: Strategic plans are only as effective as our ability to track our results.
• SP9: Strategic plans are fluid and never-ending. The process of managing a strategy is dynamic and ongoing.
• SP10: Be adaptable. Be ready to respond as market conditions, competition, and consumer behavior shift. Regular team strategy meetings will highlight accomplishments and the need for further action on important problems and chances.
• SP11: Separate the invention process from the unofficial networks required to adapt to and support an idea through organic innovation.
• SP12: Numerous analytical frameworks are used in the development of business strategies. (What entity ought to do)
• SP13: Focus on what’s most crucial. Establishing priorities is crucial to attaining your strategic goals.
• SP14: Utilize the strengths. Make the most of core organization by understanding what drives their values and benefits. Contrast it with innovation, which will strengthen the foundation of the organization and widen the market to new business opportunities that take advantage of strengths and capabilities.
• SP15: Communicate. Ensure that everyone in the organization is aware of the strategy and goals. Make sure that stakeholders feel invested in the outcome and the process. Inform them frequently and welcome feedback and inquiries. Give them reasons to think that everyone will benefit from the strategy.