Your strategy map can include a representation of the internal
and external factors that can impact the success of your business
strategy.
- Identify the strengths that your organization possesses
that can help in achieving your strategic goals. For example, you
might want to list competitive advantages or specific resources that
your company has, such as a specialized workforce, or existing facilities
that will help in achieving your goals. Add these
strengths to your diagram as strengths, which are represented with
the
icon.
- Identify the weaknesses of your organization that
might hinder you in reaching your goals or targets. For example, there
may be some financial constraints that your company is under, or you
might be lacking the capabilities required to carry out certain aspects
of your strategy. Add these weaknesses to
your diagram as weaknesses, represented with the
icon.
- Identify the external opportunities that could help
assist you in meeting your goals. For example, your implementation
of your strategic plan might coincide with an important occasion,
such as a centenary, or your strategy might be complemented by a recent
trend in the industry. Add these elements to your diagram
as opportunities, represented by the
icon.
- Identify the external threats that pose a risk to
your strategy. For example, you might list market volatility, or the
risk of poor weather conditions, as threats to your plan. Add these elements to your diagram as threats, which are
represented by the
icon.
- You might want to link a business factor
to a related goal in your business strategy map. For example,
if one of your competitors has gone out of business, you might flag
this as an opportunity that could be linked to a goal that envisions
your company taking over the competitors client base. On the other
hand, if a competitor has decided to expand into a market that figures
into one of your own strategic goals, this could be flagged as a threat
that is related to that particular goal in your strategy.