These exercises will have given you plenty to think about. You now understand how your context has changed, how your behaviour has changed and how those things relate to your strengths and weaknesses.
It might be the case that you’ve got this far and realised that you’re already in a pretty good place and your list of potential new initiatives is blank. In which case, great job!
But most people will probably end up with quite a few potential opportunities they could develop in response to their new situation. Some will be more important than others.
You now need to identify and commit to a few strategic initiatives that will make the greatest difference to your business. Don’t attempt them all.
You may want to use an impact / effort matrix to prioritise your goals. This matrix will help you identify the tasks which will deliver the most impact. Some may require very little effort, while others might take a sustained investment of time and resources.
To complete this exercise, assign each of your initiatives to one of the four quadrants and then select the initiatives from the top row that you feel most committed to.
You now have a provisional list of new strategic initiatives. We say “provisional” because you will wish to revalidate this list when we’ve examined it in a little more detail in the next exercise.
Now you can commit to them as goals with a clear timescale.
- “Build a new website capable of supporting our expanding ecommerce requirements within the next three months”
- “Revise our pricing strategy for our offerings within the next month”
- “Develop a new proposition and go-to-market strategy that we can launch within the next month”
In the next exercise, we’ll assess whether your marketing is able to support your new initiatives and, if not, what needs to change.