The present period is characterized by hundreds of topics & challenges and dozens of buzzwords like big data and digitization while at the same time profitable and sustainable new business has to be generated. It is the art of separating the wheat from the chaff that is probably the most important and valuable skill nowadays. In such a conflict situation it is time to focus instead of acting on every topic with hyperactivity and false urgency. The royal road to success is a holistic and individually derived new business strategy.
new business strategy sharpens your senses
A holistic approach secures that all relevant topics are covered and all interdependencies are made transparent. With such a worked out overview – combined with a quantitative and qualitative evaluation – decision making is an easy and joyful task.
new business strategy brings together the entire company
There is no use in developing a strategy alone in your ivory tower. With such a mode of operation your efforts are doomed to fail because you will go and lose your organization on that track. On the contrary, a liberal and networked approach includes all relevant departments, stakeholders and experts. If you manage this sensitive project step your organization will pull together and in the same direction when it comes to implementation.
new business strategy is more than just a product or sales strategy
If companies dealing with strategy they usually talk about sales or product strategy. In modern days some further strategies have been emerged: risk strategy, digital strategy and IT strategy. On the one hand it is good that companies deal with strategy development (side note: some companies still do not) but sometimes it happens that these singular and local strategies are developed independently by the responsible departments. These strategies are not linked and potential interdependencies are not reflected and analyzed.
What will be the outcome of a puzzle if you join the puzzle pieces randomly?
new business strategy is a marathon and steeplechase
The first thing to do – and thus the first challenge and hurdle – is to create a sense of urgency and the need for an elaborated new business strategy. Later on you may have to deal with further but different hurdles: handling of uncertainty, preventing from turning strategy development into planning and budgeting, thinking in models and scenarios, combining of top-down and bottom-up elements, guiding and accelerating the decision process, monitoring of implementation projects and some more. However, never let up before reaching the finishing line.
new business strategy is about doing
Development and implementation of a strategy follows three simple steps: Think! Decide! Do! And doing is the most important, challenging and also most exciting step off all. In reality, it is not that uncommon that decision making and / or doing is forgotten. Sometimes doing even differs from decision and target. Persistence, transparency, communication and change management is the glue between thinking, deciding and doing.
new business strategy makes the difference
While other companies are struggling in the quicksand of topics & challenges and stuck in the competition on every front, it is worthwhile to spend some time on strategy development. Once the implementation of your new business strategy has started it will generate step by step quick wins and true results. Your new business strategy will turn out to be a real and valuable competitive edge which brings your company ahead of the game!
Let’s work out a new business strategy! Let’s innovate insurance industry! Let’s create a new insurance business! Are you in?