The Importance of Good Business Strategy
Business Strategy is a tool employed by organisations to achieve objectives, goals and purposes.
A Good Business Strategy honestly acknowledges the challenges being faced and provides an approach to overcoming them. The greater the challenges the more a good strategy focuses and co-ordinates efforts to achieve a powerful competitive punch or problem-solving effect.
In summary a Good Business Strategy comes up with an achievable plan to solve a major issue.
A Bad Business Strategy tends to skip over details and issues. It ignores the power of choice and focus and tries to accommodate a multitude of conflicting demands and interests. It uses broad goals and is unspecific.
A Good Business Strategy has an essential logical structure that contains four elements:
- A Diagnosis – An identified issue such as reduced gross margins.
- A Guiding Policy – The approach to deal with the obstacles identified in the diagnosis.
- Coherent Action – Achievable and co-ordinated policies and actions to carry out the guiding policy.
- Resources – Dedicated resources to carry out the policies and action plan.
A Good Business Strategy creates new strengths from the soundness of its design and subtle shifts in viewpoint which can lead to game-changing opinions.
If you are interested in knowing more about Good Business Strategy, please contact me at john@intotheblue.co.nz or (021) 625-871.
Additionally, If you are not happy with the way your business is performing, why not take my quick 2 minute health check by clicking on my health check link https://intotheblue.co.nz/business-health-check/
For more information on creating or improving a business model please call John on (021) 625-871, and further more information please visit Into the Blue.
