This week’s challenge: Key Elements of a Successful Business Strategy
January Business Challenge Theme = Strategy
Week 1 – Reconnect with your business strategy
Week 2 – The Power of the SWOT
Having a business strategy in place that is clearly and consistently articulated keeps management and staff motivated to align their daily actions to the direction of the company. When your team understands where you want to go, they will make sure they get you there.
Business Strategy- What Is It?
A business strategy is a simple definition of where you want the company to go and how you plan to get there. A good business strategy creates a framework for future decision making and planning so that every action that is taken is in pursuit of the set direction.
The environment today introduces changes quickly and constantly. Access to information via the Internet accelerates these changes. To be effective, a good business strategy has to be consistently monitored and managed – otherwise you might end up pursuing what seems like great ideas and opportunities only to find that they take your business off course without realizing it. Retaining your focus on the business strategy is one of the biggest challenges business owners, management and entrepreneurs face.
Your challenge this week is: get your business strategy articulated in writing on 1 page.
Your One Page Strategy should include the following:
- The core purpose and the aspirations of the organization
- The path chosen for further growth
- The basis for choosing the path
- The keys for execution
- The ways to constantly sense and monitor change, and determine if and when you should adjust
Make sure everyone in your organization has a copy of your One Page Strategy. Make laminated cards out of it that people can carry around in their wallet. Start every meeting off reviewing it.
Creating your strategy is only part of the challenge – your real challenge is to make everyone in your company internalize the strategy and own it for themselves. When that happens, you have just started to make an impact. Maybe.
Sincerely,
Bruce Rector
The Rector Group
Tel: 954-356-0439
brector@therectorgroup.com
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