Map out your business strategy
To describe the importance of innovative ideas in a company, utilize the McKinsey model. The idea that enterprises should simultaneously reproduce the existing business model and develop new opportunities may seem hard. But this is not the case. So, there is a concept of three horizons describing certain periods. Each of them characterizes innovation challenges.
Horizon 1
That's what you need to do to maintain and protect your business in the next 6-8 months. That is the rapid introduction of new functionality.
Horizon 2
It includes expanding the existing business model and improving skills over the next 2-3 years. The goal is to make cooperation with new customers and the market more effective.
Horizon 3
These are your plans for the next 3-5 years. During this time, you should create innovative products or even new businesses.
The new market players often made the Horizon 3 breakouts. The point is that they don't use outdated rules or put forward unnecessary requirements. They're aimed only at crushing existing competitors. Reassign the Horizon 1 technologies, and you'll realize all the goals of Horizon 3.
These three steps clearly define what business strategy is and why is it important. Map your detailed answers with what you have and what you're planning. Then define the topics: efficiency, customer experience, risk management. You may include reducing costs, attracting younger generations, or targeting leads.
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