BUSINESS STRATEGY – A SIMPLE PROBLEM SOLVING APPROACH
We have all heard the wonderful word “strategy”. But what does it mean for your business? What does a business strategy entail? Richard Rumelt puts 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 strategy is designing a grand vision for the company. Designing a grand vision is not determining the strategy for the company. Determining the steps in between the current state and the vision 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 the measuring sticks to determine whether your strategy is working or not. Strategy, while being extremely important, is much simpler than these concepts.
As an entrepreneur, you must define what it is your business will become. It is difficult to determine the right strategy for your business if you are unsure of your vision or goals.
If you think that a Business Strategy process might be the right process to get your business back to profitability, please complete the contact form below so that we may contact you directly with more information: