184  Blockchain

organisation’s external environment and where it stands against the compe-

tition prepares an organisation to take actions proactively to be enable it to

be more effective and competitive in the market.

To put all these factors on blockchain technology organisation, the following

are some of the factors that would be useful whilst formulating the strategy:

• What is the regulatory and legal framework maturity in the targeted

country for blockchain technology?

• What are the political policies to support blockchain in the targeted

country?

• What is the political stability in the targeted country?

• Are there any favourable policies, laws or countries that should be

considered before launching the blockchain business?

Understand the internal environment and our position

As per the SWOT model analysis, an organisation can gain enough insights

into their strengths and weaknesses. This enables them to set correct strate-

gies towards improvement plans to improve their weaknesses that can enable

them in the long run. The analysis of the internal environment and organisa-

tion position against the competitors can also guide them to set the winning

strategies, ruling out the strategies that would be make them less competitive.

Articulate long-term objectives and goals

After considering all internal and external factors, an organisation is in a

good position to articulate long-term strategic objectives and goals. These

become strategic objectives to assist in achieving the mission of the organ-

isation. These strategic objectives get communicated through the top level

down across the organisation and turn into actionable short-term pro-

grammes and projects to attain the long-term strategic goals.

Strategy execution

Once the strategy has been formulated, the next big task is to go through

strategy planning exercise.

Strategy planning

Strategy planning involves getting buy-in from senior stakeholders of the

company and agreeing on the strategic objectives and goals. The following

are some of the steps that need to be ironed out before turning the strategic

objectives and goals into execution modes:

• Present and circulate the strategy to all senior stakeholders and deci-

sion makers. This is an important step to make sure that they agree

and sponsor the strategic plan as laid out in the strategy.