How taking a strategy day can help your business — and yourself

One of the most common frustrations I hear from business leaders is the lack of time for strategic business thinking. Even the most conscientious leaders, who are determined to prioritize their work appropriately, find their time eaten up by what Stephen Covey calls “the whirlwind” — the onslaught of emails to answer, people knocking on your door, meetings to attend, PowerPoint decks to finish, whatever. This problem bedevils all of us: executives in large organizations, managers at all levels, and small business owners.

My solution to this problem is “Strategy Day.” Twice a year I clear a whole day to step back from thinking about my clients’ businesses to think about my own. Gail Golden Consulting is almost seven years old, and I have done this exercise almost from the start. Strategy Day has a structure. I start by reviewing our P&L — how are we doing compared to the past and compared to our goals? Then I study our current clients — where did they come from, how much revenue are they generating, what are their unmet needs? I look at our pipeline — potential clients and opportunities we are pursuing. Are there potential partnerships we can build and leverage? Next, I evaluate our marketing activities. What did we invest in and what paid off?

I reflect on our successes and learnings from the last six months. This leads into thinking about my short- and long-term goals — for the company and for myself. What is giving us the biggest payoff? Where are opportunities to use our skills in new ways? What are some short-term opportunities for us to jump on? And what are the big opportunities we should invest our resources in?

On a personal level, I think about whether I am finding my work joyful and meaningful. What work am I loving and what would I really like to get rid of? What energizes me and what drains me? How am I making a difference — to my clients, my community, the world?

This reflection on goals leads into thinking about the “How.” What tactics and activities will we use to go after our objectives? What are the barriers we have to overcome? Who are the people who can serve as resources to help us progress?

As I wrap up the day, I list the key questions I need to answer. I plan out the high priority activities we need to focus on in the coming weeks and months. And I compare what I have written with previous Strategy Day documents. Are we still in the same place we were six months ago? What has changed and how can I accelerate the desired changes? By the end of the day, I am tired but focused.

Of course, Strategy Day is not the only time I strategize about my business. But by carving out a full day, I am able to think more deeply and productively than when I grab a quick fifteen minutes. Because I run a small business, I do Strategy Day alone. But for clients of mine who find it impossible to create that alone time, I sometimes schedule a half-day strategy session where the two of us dig down into the strategic questions they need to explore.

Because the clients have made a commitment to me, they honor the time they have set aside. We explore the key questions they need to ask and I challenge them with my questions. A year ago, I asked one of my clients, “What would be different if your industry didn’t exist?” That question led her to find a new level of meaning and impact in her work and has led directly to new initiatives and successes in her business.

You cannot be a successful senior business leader if you spend all your time tied up in the details of the daily grind. Whether it’s Strategy Day or some other structure, find a way to lift your eyes to the horizon and think big thoughts.

If you’d like a list of questions to use to kick off your own Strategy Day, or if you’d like to share approaches that have worked well for you, fire me an email at ggolden@gailgoldenconsulting.com.