Strategy – you have heard the word bandied about in many business scenarios, probably including your own.
But what does strategy mean?
The dictionary definition states:
“a plan of action designed to achieve a long-term or overall aim”.
“the art of planning and directing overall military operations and movements in a war or battle”.
Your firm, every firm, needs good strategy.
A well outlined good strategy is essential for the success, sustainability, and survival of your firm.
Without a good strategy you will lack direction, purpose, efficiency and ultimately profitability.
However, good strategy is not a shopping list of desirable goals and objectives – even if they are supported by smart sounding words.
And how can you be sure that the strategy you decide on for the future direction you want your firm to go in is absolutely the best strategy? How can you know that the strategy you want to implement will work?
Good strategy starts with identifying the biggest and most important challenge your firm is facing. When you understand this challenge, you will make the right choices, have the right focus and decide on the right actions to ensure your firm survives, even the most turbulent of times.
Click here to learn more about how diagnosing the most significant challenge to your firm is the first step to implementing good strategy.