What’s running your business?

By claire |

images2If your business is a car, strategy is the engine. Your business strategy is, essentially, what runs your business.  But what exactly is strategy?

In the book Exploring Corporate Strategy, authors Gerry Johnson and Kevan Scholes define strategy as:

“the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations.”

So how do you figure out if your business strategy meets all of the requirements above?  You can start by taking this short survey to find your Strategy Quotient or you can ask yourself the following questions:

What direction is our business headed?

What’s the scope of our market?

How can we outshine competition and maintain our competitive advantage?

What resources do we need?

What are the needs of our consumers?

What are the needs of our stakeholders?

Is my business a pioneer or a follower?

Is our market broad or niche?

Are our products high-end or low-end?

By evaluating the environment in which your business operates, you can better determine what strategy will work for you. But it’s important to look at your business itself.

Take another look at your mission statement and business plan. What is your value proposition? Conduct a SWOT Analysis on yourself and take stock of what your company needs to work on, as well as what your company’s strengths are. Re-evaluate your business goals and set a new plan into motion. Hop into the driver’s seat today and see where your strategy takes you.

facebooktwittergoogle_pluspinterestlinkedinmail

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>