We have all heard the wonderful word “strategy”. But what does it mean for your business? What does business strategy entail? Richard Rumelt puts the theory behind business strategy into perspective by stating that strategy is simply:
“discovering the critical factors in a situation and designing a way of coordinating and focusing actions to deal with those factors”.
It is unfortunate that too many entrepreneurs think that “business strategy” is designing a grand vision for the company. Designing a grand vision is not determining the strategy for your company. Determining the steps in between the current state and the vision, now that is defining your business strategy.
Even more entrepreneurs today think that they should clearly state the company’s goals to define their strategy. The goals are merely measuring sticks to determine whether your strategy is working or not. Strategy, while being extremely important, is much simpler than these concepts.
Business Strategy in its simplest form is exactly what Richard Rumelt states, identify the problem your business is facing, developing a policy to overcome the problems or challenges and then driving your business in one direction to ensure that these problems or challenges are removed.
Our experience has taught us that we do not need to bombard you with industry jargon and complicated theories. We simply have to focus on our core competencies and show you how to implement the best-known strategies. We just need to help you come up with the best solutions to overcome your challenges. Designing or developing a strategy is not difficult, it is often completely misunderstood.
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