Strategy, Simply Put

Posted by on Mar 4, 2014 in Insights

The fourth post in the Series. Core to running your business is your strategy.  The word is often used synonymously with mission, vision or plan.  However, the strategy is not the same as a mission, vision or plan. –  Vision is necessary as it imagines a future for the business which, if well stated, provides inspiration and aspiration for the team. –  Mission is what a company stands for, its purpose for existing.  The plan is about execution, tactics and specific initiatives to achieve specific goals. –  Strategy is imperative to long term success because it defines what makes your company distinct, why customers would buy from it, and what is required to maintain that distinctiveness over time. Strategy has to be well thought out — how a company sustains itself in its marketplace or how it makes strategic moves into new markets, or introduces new products/services, or takes existing products to new customer segments. Michael Porter states, in his famous “What is Strategy?” paper for Harvard Business Review in 1996, “Strategy renders choices about what not to do as important as choices about what to do.” Once it is clearly articulated, a strategy stays relatively constant unless there is major change going on in the company’s industry. The intention...

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The Strategic Process Simply Put

Posted by on Mar 4, 2014 in Insights

Core to running your business is your strategy.  The word is often used synonymously with mission, vision or plan.  However, the strategy is not the same as a mission, vision or plan.  Vision is necessary as it imagines a future for the business which, if well stated, provides inspiration and aspiration for the team.  Mission is what a company stands for, its purpose for existing.  The plan is about execution, tactics and specific initiatives to achieve specific goals. Strategy is imperative to long term success because it defines what makes your company distinct, why customers would buy from it, and what is required to maintain that distinctiveness over time.  Strategy has to be well thought out — how a company sustains itself in its marketplace or how it makes strategic moves into new markets, or introduces new products/services, or takes existing products to new customer segments.  Michael Porter states, in his famous “What is Strategy?” paper for Harvard Business Review in 1996, “Strategy renders choices about what not to do as important as choices about what to do.” Once it is clearly articulated, a strategy stays relatively constant unless there is major change going on in the company’s industry.  The intention of strategy development is to clarify the unique...

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