Boost your business performance with our Strategy Document Template McKinsey - a comprehensive guide to strategic planning, analysis, and execution.
1
Identify & Define the Business/Project Objective
2
Evaluate the Current State of the Business
3
Conduct an Industry/Competitor Analysis
4
Identify the Key Stakeholders
5
Define the Strategy's Value Proposition
6
Formulate Strategy Options and Scenarios
7
Perform Cost-Benefit Analysis on Each Option
8
Approval: Manager's Option Selection
9
Develop a Growth Plan
10
Identify Necessary Resources
11
Define Roles and Responsibilities
12
Design Key Performance Indicators (KPIs)
13
Create a Timeline for Execution
14
Approval: Strategy Implementation Plan Review
15
Establish a Monitoring and Evaluation Plan
16
Determine Potential Risks and Mitigation Strategies
17
Approval: Risks and Mitigation
18
Design and Plan for Contingencies
19
Finalize & Document the Strategy
Identify & Define the Business/Project Objective
Clearly define the objective of the business/project. Describe its importance in driving the overall process. Specify the desired outcome and the expected impact on the organization. Highlight any challenges that may arise and suggest possible solutions. Mention any necessary resources or tools that may be required.
Evaluate the Current State of the Business
Analyze and assess the current state of the business. Explain why it is important to have a deep understanding of the current situation. Outline the desired outcome of this evaluation and its impact on the overall strategy. Identify any potential challenges and provide suggestions for overcoming them. Specify any relevant resources or tools needed for the evaluation.
Conduct an Industry/Competitor Analysis
Perform a thorough analysis of the industry and competitors. Highlight the significance of this analysis in shaping the strategy. Specify the desired results of the analysis and its impact on decision-making. Identify any challenges that may arise and provide potential solutions. List any required resources or tools for conducting the analysis.
1
Market analysis
2
Competitor analysis
3
SWOT analysis
Identify the Key Stakeholders
Identify the key stakeholders involved in the business/project. Explain the importance of identifying and engaging with these stakeholders. Describe the desired outcome of stakeholder identification and the impact it will have on the strategy. Identify any potential challenges and suggest ways to address them. Mention any necessary resources or tools for stakeholder identification.
Define the Strategy's Value Proposition
Define the unique value proposition of the strategy. Explain why it is crucial to clearly define the value proposition. Describe the desired outcome of value proposition definition and its impact on the success of the strategy. Identify any challenges that may arise and provide potential solutions. List any necessary resources or tools for defining the value proposition.
Formulate Strategy Options and Scenarios
Develop different strategy options and scenarios. Illustrate the importance of considering multiple options. Describe the desired outcome of formulating strategy options and its impact on decision-making. Identify any challenges that may arise and provide suggestions for overcoming them. Specify any relevant resources or tools needed for formulating strategy options.
Perform Cost-Benefit Analysis on Each Option
Conduct a cost-benefit analysis for each strategy option. Highlight the significance of this analysis in evaluating the feasibility and impact of each option. Specify the desired outcome of the analysis and its impact on decision-making. Identify any challenges that may arise and provide potential solutions. List any required resources or tools for performing the cost-benefit analysis.
Approval: Manager's Option Selection
Will be submitted for approval:
Formulate Strategy Options and Scenarios
Will be submitted
Develop a Growth Plan
Create a growth plan based on the selected strategy option. Explain the importance of having a well-defined growth plan. Describe the desired outcome of the growth plan and its impact on achieving the business objectives. Identify any challenges that may arise and provide potential solutions. List any necessary resources or tools for developing the growth plan.
Identify Necessary Resources
Identify the resources required to execute the selected strategy. Explain the importance of identifying and securing the necessary resources. Describe the desired outcome of resource identification and its impact on successful strategy implementation. Identify any challenges that may arise and propose ways to address them. List any necessary resources or tools for resource identification.
1
Financial
2
Human
3
Technological
4
Material
5
Informational
Define Roles and Responsibilities
Clearly define the roles and responsibilities of team members involved in executing the strategy. Explain the importance of having clearly defined roles and responsibilities. Describe the desired outcome of role and responsibility definition and its impact on effective strategy implementation. Identify any challenges that may arise and provide potential solutions. List any relevant roles or responsibilities for this task.
1
Team Leader
2
Technical Expert
3
Marketing Specialist
4
Financial Analyst
5
Project Coordinator
Design Key Performance Indicators (KPIs)
Design key performance indicators (KPIs) to measure the success of the strategy. Clarify the importance of KPIs in monitoring and evaluating strategy performance. Specify the desired outcome of KPI design and its impact on strategic decision-making. Identify any challenges that may arise and propose potential solutions. List any necessary resources or tools for designing KPIs.
1
Financial
2
Operational
3
Customer
4
Employee
Create a Timeline for Execution
Develop a detailed timeline for executing the strategy. Explain the importance of having a well-planned timeline. Describe the desired outcome of the timeline creation and its impact on strategy implementation. Identify any challenges that may arise and provide potential solutions. List any relevant resources or tools for creating the timeline.
Approval: Strategy Implementation Plan Review
Will be submitted for approval:
Develop a Growth Plan
Will be submitted
Identify Necessary Resources
Will be submitted
Define Roles and Responsibilities
Will be submitted
Design Key Performance Indicators (KPIs)
Will be submitted
Create a Timeline for Execution
Will be submitted
Establish a Monitoring and Evaluation Plan
Establish a plan for monitoring and evaluating the progress and outcomes of the strategy. Illustrate the importance of monitoring and evaluation in ensuring strategy effectiveness. Specify the desired outcome of the monitoring and evaluation plan and its impact on strategic decision-making. Identify any challenges that may arise and propose potential solutions. List any necessary resources or tools for establishing the plan.
Determine Potential Risks and Mitigation Strategies
Identify potential risks associated with the strategy and develop strategies to mitigate those risks. Explain the significance of identifying and addressing risks in the strategy formulation process. Describe the desired outcome of risk identification and mitigation and its impact on the overall strategy. Identify any challenges that may arise and provide potential mitigation strategies. List any necessary resources or tools for determining risks and mitigation strategies.
Approval: Risks and Mitigation
Will be submitted for approval:
Determine Potential Risks and Mitigation Strategies
Will be submitted
Design and Plan for Contingencies
Design contingency plans to prepare for unexpected events or circumstances. Clarify the importance of having contingency plans to ensure business continuity. Describe the desired outcome of contingency planning and its impact on the overall strategy. Identify any challenges that may arise and propose potential solutions. List any relevant resources or tools for designing contingencies.
Finalize & Document the Strategy
Finalize and document the strategy based on the previous tasks. Explain the importance of a well-documented strategy. Describe the desired outcome of strategy finalization and documentation and its impact on successful implementation. Identify any challenges that may arise and provide potential solutions. List any necessary resources or tools for finalizing and documenting the strategy.
