Tags ArchivesStrategic management

What your strategy must do for you standard

It is essential to have clear strategies, but they won't be any use unless they do these six things Your strategy must: Define, in general, how your business is going to achieve its goals Maximise the $ potential of your business Articulate the main points of difference from your competitors Unite and focus your team's efforts Provide clear parameters for decision-making Facilitate increased profitability, growth and longevity. What is strategy? Clarify your strategic plan to achieve your goals Define what is core, unique and valuable about your business You are in Tips and Tools Read more Search a different topic Would like help with your ...

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What is strategy? standard

There is a lot of hoo-ha around 'strategy'. But is strategy really that complex to understand? Simply put, 'strategy' is how, in general, you intend to achieve your goals.  As there are many ways you could achieve your goals, it is important to clarify how you specifically plan to achieve your goals.  That is, what will your strategy be? Defining your 'how' facilitates engagement, efficiency and differentiation from your competitors. Strategy is HOW, in general, you intend to achieve your goals. Strategy requires deciding what you will and won't do "Business strategy is the creation of a unique and valuable position, involving a different set of activities."   (Michael E. Porter) In business, your strategy defines how you uniquely intend to achieve your goals which differentiates you from your competitors. To have clear strategies ...

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How clear is your strategy? standard

Take the Test - how clear is your strategy? It is essential to have a clear strategy that everyone in your business understands and can contribute to. Take this simple test to see how clear your business strategies are: A) Ask your staff these 4 questions: What are the 4-6 things that make us different from our competitors? As a business what key things do we really excel at? What are our main current business priorities? In your job what do you think are the most important things you need to achieve? Would your strategies get an A+ for Clarity? B) Review their answers. How consistent are they?  Can you see any themes running through the answers?  Do the themes resonate with your core business strategies? C) Decide what this exercise ...

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What is even more important than strategy? standard

There is only one thing more important than strategy, but unfortunately it is often overlooked, or even forgotten. So what is more important than strategy? The results your strategy is designed to deliver. We have seen organisations become so focused on implementing their strategy that they forget about the original results their strategy was designed to deliver. We call this being 'activity-based', rather than 'results-baseed'. 'Activity based' is where the focus is on planning and completing activities. 'Results-based' is where the focus is on achieving results and activities are assessed in the context of what impact they make on the results. Results are what matter. Results are what your strategies are designed to deliver. Avoid getting sidetracked by all the activity It is easy to get side-tracked by activity.  Activity is the ...

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