Bill CanadyCEO & Founder, The 80/20 Institute · Be a Great CEO: Learn how to Fix it, Grow it, & Sell it.

Step 2 Develop Your Strategy #business #80/20

28 Feb 2024 · 1 min

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In this segment, Bill Canady outlines the essential steps for crafting a company’s strategy after taking leadership. He emphasizes first gaining a clear understanding of the organization’s current state, its competition, and performance gaps. With that insight, he recommends drafting a three‑year strategic plan within roughly 60 days, describing it as a shallow “puddle” – wide in scope but only an inch deep – to provide a broad direction that teams can rally around. Finally, he stresses that an effective strategy should focus on no more than one to three critical initiatives (ideally a single priority), acknowledging that many supporting actions may exist underneath but warning against trying to win on every front.

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Once you have understanding of where you are, who your competition is, how you're winning, how you're not winning, and how the company is running, that starts putting together your strategy. A 3-year strategy of where we are, where we're going, the steps that we're gonna get ourselves there with it. About 60 days in from the time you take over is where you should expect to have that completed at. Again, it's very shallow. Think of it as a puddle, be an inch deep and a mile wide. Nonetheless, you'll have something for people to take and start organizing themselves around, start rallying around. And a really good strategy is no more than 1, 2, no more than 3 things that you've got to go do to win. Underneath those 2 or 3 things, there may be hundreds of things, but if you are trying to win across every front, forget about it. It does not work. You must pick 1 or 2 key things, preferably 1 if you can do it, that if you get this right, you're going to go win.