Page 3: Developing a strategy for the future
LINK is now at a crossroads in terms of its ongoing development. In recent times the organisation has developed to such a point that it now provides the UK network of ATMs. As a result it is in the enviable position of having a core product which serves as a cash cow enabling a consistent return to be made. However, it is looking to the long term. An organisation that stands still will frequently be overtaken. LINK is, therefore, building a strategy to secure its future. This is where strategic thinking is necessary. Building a strategy involves creating a long term plan designed to secure the future of the whole organisation.
Building an effective business strategy involves the following key steps:
- know where you are starting from
- know your destination
- look at alternative routes
- decide on the big steps that need to be taken
- get everyone in the organisation on board
- make it happen
- keep track of progress
- adjust your tactics as you move forward.
From the outset LINK had a clear idea of where it was coming from i.e. it provided the national network of ATMs.