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Vikas Acharya
ย โขย
Welbeย โขย 3m
๐ฆ๐๐ฎ๐ฟ๐๐๐ฝ ๐น๐ฎ๐๐ป๐ฐ๐ต๐ฝ๐ฎ๐ฑ ๐๐ฃ - ๐ญ / ๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ ๐ณ๐ฟ๐ฎ๐บ๐ฒ๐๐ผ๐ฟ๐ธ ๐ณ๐ผ๐ฟ ๐๐๐ฎ๐ฟ๐-๐๐ฝ๐ 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 1๏ธโฃVision: The long-term aspirational goal or ultimate destination for the company. 2๏ธโฃMission: A concise statement outlining the company's purpose, what it does, and for whom. 3๏ธโฃ Key Strategies: The core approaches and initiatives the company will pursue to achieve its vision and mission. 4๏ธโฃAnnual OKRs (Objectives and Key Results): For early-stage startups, these define specific, measurable plans and priorities for the upcoming year, ensuring focus and accountability. ๐๐๐๐ฃ ๐๐ฉ๐ง๐๐ฉ๐๐๐ฎ ๐๐ง๐ค๐๐๐จ๐จ 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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