Here is a quick test of just how FAST your strategy really is – which in tun could reveal a lot about how quickly your company can respond to the growth opportunities and challenges it faces.
The test involves the word ‘FAST’ as an acronym for the qualifies of a winning strategy – one that is primed to deliver fast and sustained profitable growth.
The ‘ F’ in ‘FAST’ stands for formula for success, as well as fast growth. It also stands for flexible, focused, cross functional and ‘fired-up’ – these are hallmarks of a winning strategy. Do these words characterize your organization’s approach to strategy?
The ‘A’ in ‘FAST’ stands for ‘Agile’. That is a key characteristic of a winning strategy – one that responds to changes in a speedy and intelligent manner and learns as you go. It also stands for ‘Action’ because great strategies blend planning and doing. The ‘A’ stands for a few other things that your strategy should also have:
The ‘S’ in ‘FAST’ stands for ‘success’ – after all that is what strategy is about. Specifically it is about steady or sustained progress (in pursuit of success). But ‘S’ also stands for other important aspects of a winning strategy:
The ‘T’ in ‘FAST’ stands for working together as a team and the requirements of collaboration and alignment. But it also stands for testing or trying out – pointing to the importance of blending planning, action and refinement.
Here is a one-page summary of the ‘FAST’ acronym:
The question is how many of the above words describe your organization’s strategy? The answer will indicate not just how ‘FAST’ your strategy is, but how fast your company/team can capitalize upon the growth opportunities in its market.
Circle the words that don’t apply to your strategy and how it is set – then consider how to address these gaps. With each one you address, the chances of the success of your strategy will increase.
Of course another way to define what a FAST strategy is would be to define its opposite – that is a SLOW strategy, a strategy that is slow to; develop, implement, adapt and ultimately succeed. Click here to find the same approach to spelling out what a SLOW involves.