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Vikas Acharya
•
Welbe • 2m
𝗦𝘁𝗮𝗿𝘁𝘂𝗽 𝗹𝗮𝘂𝗻𝗰𝗵𝗽𝗮𝗱 𝗘𝗣 - 𝟭 / 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 𝗳𝗼𝗿 𝘀𝘁𝗮𝗿𝘁-𝘂𝗽𝘀 A clear strategy provides a defined direction and framework for decision-making, ensuring all efforts align with the company's goals. Strategy framework for start-ups There are many different frameworks for business strategy, but most are designed for large, complex organizations and therefore tend to be too complicated for startups. A simple strategy framework that is well adapted to startups consists of the following four layers in the image 1️⃣Vision: The long-term aspirational goal or ultimate destination for the company. 2️⃣Mission: A concise statement outlining the company's purpose, what it does, and for whom. 3️⃣ Key Strategies: The core approaches and initiatives the company will pursue to achieve its vision and mission. 4️⃣Annual OKRs (Objectives and Key Results): For early-stage startups, these define specific, measurable plans and priorities for the upcoming year, ensuring focus and accountability. 𝙇𝙚𝙖𝙣 𝙎𝙩𝙧𝙖𝙩𝙚𝙜𝙮 𝙋𝙧𝙤𝙘𝙚𝙨𝙨 A lean strategy process designed to keep startups agile and focused: 1. Annual Strategy Offsite Sessions: Dedicated time to review progress, assess the market, and refine strategic direction. 2.Board Alignment: Ensuring that the board of directors is fully aligned with and supportive of the chosen strategy. 3.Budget Planning: Allocating resources to support the strategic initiatives. 4.Annual Kick-off Sessions: Communicating the refreshed strategy and OKRs to the entire team. 5.Quarterly Update Sessions: Regular check-ins to review progress, make adjustments, and maintain momentum. Board Involvement in Strategy The board of directors is the highest governance group of any company. Properly and systematically managing boards and board processes is crucial, especially regarding strategy discussions. Board involvement ensures accountability and provides valuable guidance. I will coverup about the board creation and other factors in upcoming Eps.
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