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Assessing potential opportunities is the first of two external assessments in the strategic assessment process. The reason for having a strategic plan is to allow everyone in the organization to focus on the most important things that help achieve the mission and vision. There are lots of shiny objects to chase. Only a few moves you in the direction you want to go. Avoid Shiny Object Syndrome by assessing available opportunities early in the strategic planning process. This helps organizational leaders identify which opportunities to pursue, which ones to leave behind, and create peace with those choices.
When I first became an Executive Director of a small nonprofit several years ago, I expected to be given a list of priorities to pursue. The direction I was given from the Board Chair was, “Go down there and take charge. I’m sick of hearing about all the problems!” The only direction I could find from reading Board minutes was to move the organization to national accreditation. I recognized this void of strategic direction as an opportunity to meet recognized industry standards, and improve the way we worked. There were lots of directions I could have led the organization, so knowing this goal was important. Accreditation provided a clear framework, allowed me to ignore those shiny distractions, and recognize real opportunities. While not a formal strategic plan, accreditation was our strategic goal. Opportunities are everywhere, but they are not all created equal. Knowing which ones help achieve organizational goals is important for success.
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Sources of opportunities
During this assessment, look everywhere for opportunities. Remember, as you develop your strategic plan, opportunities will present themselves in the future you cannot even foresee today. Many of the jobs today didn’t even exist a generation ago. Capture those opportunities that are easy to see and also stretch yours and other’s imaginations about opportunities you can create or may exist in the future.
When Bill Bratton became Police Commissioner for New York City, he created a system to identify crime hot spots and focus police efforts in those areas (yes, eventually COMPSTAT became synonymous with racial profiling, but Bratton began the program looking at crime data and patterns, not race. He worked with marginalized populations because they were the most affected by crime). The impact COMPSTAT had in reducing crime in NYC caused the trend of violent crime across the nation to decrease. When he became Commissioner, he promised to reduce crime. He found his opportunity in instant crime data, something that really did not exist at that time. He created his opportunity.
In his book, Good To Great, Jim Collins talks about three areas organizations can mine for opportunities. The first area is identifying what things your organization does that are great. Next, identify passions of the organization. Finally look at the activities that provide your operating revenue.
How to narrow opportunities
If you lead discussions about opportunities well, you will find you have far more opportunities than ability to follow. Collins discusses examples of companies redefining themselves broadly or more narrowly. Use the opportunities you identified in the three areas exercise, create a Venn diagram, one circle for each area. The opportunities that overlap are likely keys to achieving your organizational values, vision for changing the world, and achieving your strategic goals. The opportunities that are common to each of the three circles is the starting point for developing your strategic opportunities and goals.
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Refine your opportunities to match current or future strengths. As you look at opportunities for the future, identify strengths are you lacking and how you will fill those need. Identify the current strengths you do have to leverage, acquiring those you need. As you match strengths to opportunities, find those that create synergy. Synergistic connections excite your client base, your employees, and your investors.
Narrowing the field of opportunities is important because chasing too many, causes the organization and the people in it to lose focus. Depending on the length of your timeline, you should limit your strategic goals, based on opportunities, to one to five. More than five, and everything seems important. When everything is important, then there is no focus on what actions, tasks, purchases, training, hiring, and similar activity has the priority. You end up chasing every shiny object and fail to make progress on any of your goals. One big goal that is achieved, is better than five super sized goals that never become reality.
Narrowing down your opportunities to a strategic few helps everyone focus on the most important things to achieve success.
Review
Identifying opportunities is one half of an external assessment in a strategic evaluation. In this process, examine lots of opportunities. Use the model of your passions, greatest qualities, and revenue drivers to list opportunities. Narrow your list by finding common opportunities in each of the three areas. One to five opportunities are ideal to pursue. These become your strategic goals. Failing to focus on only a very few opportunities causes people in the organization to be confused about priorities. Not every opportunity is right for your organization. What you will find, with disciplined focus and priorities, is you will easily recognize strategic opportunities that emerge along your path and propel you forward, passing shiny objects become easier. Successfully completing this part of your strategic assessment improves focus and success.
References
Good to Great
Flawed
Turnaround
Roger Williams University Executive Development Seminar
