A simple approach to strategy development
Devising a strategy for your business, special project or even product can seem daunting and perhaps even a “black art” but you don’t have to rely on luck to get you where you want to be. the GSOT method is a simple, easily applied methodology to give you the bare bones of a strategy on which you can put some real flesh.
The REAL test of any strategy or plan comes in the execution and no plan survives first contact with the tenement but, a tried and tested method for devising a baseline is the GSOT method.
Here, we detail the key elements of this method (and it’s one we use frequently to help our client partners look more clearly at the road ahead).
The GSOT Method of Strategy Development
The GSOT method of strategy development is a simple but effective framework that can help organisations of all sizes develop and execute successful strategies aligned with their overarching objectives.
The acronym stands for Goals, Strategies, Objectives, and Tactics and can be detailed thus:
Goals
The first step in the GSOT method is to define your goals. What do you want to achieve with your strategy? Your goals should be specific, measurable, attainable, relevant, and time-bound. For example, a goal for a business might be to increase sales by 10% in the next year.
Strategies
Once you have defined your goals, you need to develop strategies to achieve them. Strategies are the broad approaches you will take to reach your goals. For example, a strategy for increasing sales might be to focus on expanding into new markets or developing new products.
Objectives
Objectives are the specific, measurable steps you will take to implement your strategies. Objectives should be aligned with your goals and should be achievable within a specific timeframe. For example, an objective for expanding into new markets might be to open five new stores in the next year.
Tactics
Tactics are the specific actions you will take to achieve your objectives. Tactics should be specific, measurable, and time-bound. For example, a tactic for opening five new stores might be to hire a new marketing manager and launch a new advertising campaign.
The GSOT Method in Action
The GSOT method can be used to develop strategies for any type of organisation, from small businesses to large corporations. Here is an example of how the GSOT method might be used by a small business:
Goal: Increase sales by 10% in the next year.
Strategy: Focus on expanding into new markets.
Objective: Open five new stores in the next year.
Tactics: Hire a new marketing manager and launch a new advertising campaign.
By following this method, you can develop a crystal clear and concise strategy that is aligned with the goals and objectives of your organisation.
So, what are the benefits of the GSOT Method?
Clarity: The GSOT method provides a clear and concise framework for developing strategies, helping avoid confusion and remain focused on the goals.
Alignment: GSOT can help ensure that strategies are aligned with goals and objectives thus helping businesses make better decisions and to achieve their desired results.
Measurability: Measurable goals, objectives, and tactics are critical to driving success. Being able to track progress against goals and make necessary adjustments creates agility and enhances success probability.
Flexibility: It’s flexible when developed and used correctly and can be adapted to changing circumstances (though not in an “agile” style). This can help businesses remain competitive and thrive.
Now, there are some drawbacks to the GSOT method (as there are with every methodology) and we would summarise these as essentially:
Simplicity. The GSOT method is a linear framework that can oversimplify complex strategic problems. This can lead to strategies that are not well-aligned with the organisation’s overall goals or that are not realistic or achievable.
Unresponsive. The GSOT method is not well-suited for organisations that operate in rapidly changing environments. This is because the framework is based on a fixed set of steps that may not be adaptable to new circumstances.
Time-consuming. The GSOT method can be a time-consuming process, especially for large or complex organisations. This is because it requires extensive planning and coordination across different departments and levels of the business.
That said, with the proper approach to developing an effective strategy by the correct use of GSOT, the benefits far outweigh these drawbacks and at McKinney Haarcourt we always take the time to ensure the strategy created is properly aligned to YOUR goals, no matter how long it takes.
