Behind every successful business is innovative strategy. Not just one, but several. Because according to Justin Lokitz, Managing Director at Business Models Inc. and co-author of Design a Better Business, strategy is iterative.
He contends that anywhere from 70-90% of top-down business strategies fail. Why? Because they are often initial ideas that move straight to scale. But there is a better way. Incorporating business design thinking can help organizations add depth to their initial strategy.
One of the tenants of visual thinking involves collaborating. This ensures the idea is greater than the sum of its parts. Because modern organizations can be scattered across offices, this is where MURAL can help. Lokitz, who co-creates innovative, sustainable business models and strategies for companies of all sizes, showed us exactly how in a recent webinar.
In the session, he demonstrates how you can have strategy discussions with your team, no matter where they’re located. See the mural with his entire presentation for more details.
Developing a strategy during any part of the business process must start from a certain point of view. Bringing people together allows you to consider different perspectives.
As a group, you can examine your current strategy and further inform your point of view.
In turn, you’ll develop new ideas and follow the process through iterations. Eventually the idea will be vetted enough to scale successfully.
Lokitz suggests six steps to design any strategy, including:
Each of these will advise your point of view to help generate new ideas. And with MURAL, you can implement these business design steps even if you’re not in the same room. As Lokitz said, “Don't start Business Design with a blank canvas. MURAL provides a perfect quick start.” You can find these methods packaged into a template to get started.