At the core of Strategic Management is the Strategic Planning process that enables an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
The process of Strategic Planning:
* formulation a strategy consists of the following steps
- Situation analysis
internal (self) evaluation of the company; external analysis of the industry environment and the competitive landscape.
- Setting Strategic objectives
aligned with a timeline: short-term and long-term. This typically involves crafting a vision statement, mission statement, strategic business and financial objectives
- strategic alternatives
Assessing strategic alternatives and selection of the best option for the company based on a specific decision criteria
- Design and execution
Design and execution of the plan to achieve the objectives – including tasks, timeline and budget.
Strategic planning entails answering the 3 main questions:
- Who are we? Or Where are we now?
- Where do we want to be?
- How do we get there?
The objective of strategic consulting is to define and direct the implementation of competitive advantages a company can gain over its competitors. These advantages are based on the unique competences and assets of the company, which enable it to create higher value than its competitors and achieve better and more sustainable results.
To identify these competitive advantages, Hitech Strategies implements innovative methodologies; creative thinking; and advanced and effective research. All of these factors form the basis for defining strategic alternatives; choosing a preferred course of action and conducting successful implementation.
Methodology of a Strategic Consulting Project
Types of strategy projects:
- Growth Strategy:
What technological or market opportunities are available? Are there potential growth engines for your company? Can you expand beyond your core business? What are the most profitable and least resistance options for sustained growth?
- Technology Strategy:
What are the new technological trends in your industry? Which technology is likely to become ubiquitous and when? How will new technologies affect your customers and competitors? What opportunities do these technologies entail for your company?
- Product / Service Development Strategy:
How to identify new product opportunities? How to evaluate ROI for new products? How to ensure that product road map is aligned with needs of customers and differentiated from the competition? How to establish a solid product management and MRD practice?
- Go-to-Market Strategy:
How best can you take a new product / technology to market? What is the best positioning and pricing for reaching market share? What is the right channel / sales strategy? What is the right mix of marketing tools? How to establish a unique value proposition and a clear differentiation
- Business Model / Pricing Strategy:
What are the possible revenue models that are available for your product / service? Which revenue model is likely to provide the highest margins and volume levels? How can you create a value-based pricing model that will maximize return and fit multiple customer segments?
Strategic management consulting for high-tech companies is our forte. We pride ourselves in conducting a thorough and methodological analysis; looking at all possible opportunities and alternatives; and preparing the optimal execution plan.
The Hitech Strategies team can walk you through all phases of the strategic planning process – not only formulating a business strategy and plan, but also accompanying and ensuring the successful execution.
For more information and a free consultation and proposal, please contact us.