Business Strategy What is the Point

Business Strategy What is the Point

March 7th, 2011 // 3:30 pm @

Looking strategically into the future and trying to plan can look like a daunting challenge in the fast moving world of business, where every part of business is in constant change, and product life cycles are often counted in months not years.

However it is the companies with a clear strategy that are the ones that have and continue to succeed.

So what is a Business Strategy?

Well at its simplest it is knowing where you are trying to take the company. There is no point trying to lead a company if you cannot articulate where you are trying to take it too.

People tend to try and make Business Strategy into something that seems much more complex, probably so they can look clever for understanding it by turning it into a long report probably including some unintelligible flow charts. But a Business Strategy, at its best fits on one piece of paper, and can be fully explained in five minutes, or less.

Simplicity is the ultimate sophistication. Leonardo da Vinci

There are two simple parts to Business Strategy, the first creating it, and the second turning it into real action in the company. Some companies do the first part, but not the second, and sadly too many companies do neither.

Many companies develop a business strategy and then put it in the drawer while they get on running the business, they see it as something to be completed and ticked off, not something core to the business, that is sadly a huge error.

A great simple Business Strategy is the basis for all decision making, when faced with the myriad of decisions a CEO and the company are faced with, if each one is made with reference to the Strategy Goals the decisions become easier as they have context, and continually move the business towards its goals. Made without reference to the strategical goals, decision making will tend to be based on short term circumstance even the CEO’s mood that day and will not drive the company in a clear direction.

The measure of a great strategy is one that is simple and understood by everyone in the company.

Does everyone in your company know the business’ strategical goals???

Category : Blog &Business Strategy

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