What Is Strategy? And Is It Really Worth The Effort?

Let’s face it, you’re extremely busy just running your day-to-day business, trying to keep your head above water.

Do you really need a robust business strategy?

Will it really make so much difference to your results?

You know that your business is not doing anywhere near as well as it should but you’re not sure what key questions you should be asking.

But is strategy the answer?

what is a good business strategy?

A good business strategy does three things:

  1. Rigorously evaluates where business excels and matches this to the best market opportunities.
  2. Defines a picture of where the business is going. A picture that is so vivid, inspiring and authentic that all your staff feel they can actually step into it. A vision that they and are excited and proud to be part of making a reality.
  3. Works out the big steps the company needs to take to move from where you are today to achieve your vision.

This includes:

a. Clarifying the key questions you need to ask
b. Defining your target audience, those you need (or want) your business and who can afford to pay the margins you want
c. Agreeing what you will sell them that will be so compelling it brings them flooding to your door. (The proper definition of a value proposition)
d. Assessing the big capabilities that will ensure your success
e. Working out how to communicate the vision and strategy so all your staff understand it, engage and commit to achieving it
f. Working out how to “become” the company you’ve detailed in the vision on a day to day basis
g. Selecting the values that will guide your decisions and behaviour
h. Selecting a few key objectives that you will focus on

Above all strategy is not about a long plan that sits on a shelf somewhere.

It is as much about what you will not do as what you will.

It is about taking the complexity of your business situation and bringing such laser clarity that it makes the path obvious and far easier to follow.  Action plans are so much easier to create and so much more meaningful.

strategy theory will get you nowhere

There are hundreds of different theories about what strategy is and is not. Strategists can debate the ins and outs of strategy for months on end.

What’s the point!

As long as your strategy does these things then the theory is irrelevant:

  • Gives everyone in your business clarity about where you are going
  • Informs them how you are going to get there together
  • Helps you work out how to remove any barriers
  • Builds such good confidence across your company that productivity and creativity soar

don’t leave your future to chance

Your company is not just a company. It is the embodiment of who you and your people are at your very best.

There are companies out there increasing sales at 15% or more profitably year after year. With the right strategy your business can do that too.

Will you leave your future to chance? Will you continue to struggle and just hope that you end up where you deserve to be?

Or will you invest in a business strategy that will ensure your success?

If you take the time and effort you will accelerate your progress and leave your competition standing. With a strategy your business will always be in demand.

When you get it right you will wonder why on earth you waited to long to create a great business strategy.

So, when will you get started? 

Featured image by wwarby