What Is Strategy? - NofWeb

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Tuesday, August 2, 2022

What Is Strategy?

I recently met with a very successful business owner who informed me that his growth strategy was to collect referrals from pleased clients and centres of influence. While this is an excellent method or tactic for corporate growth, it is not a strategy.

We describe strategy as the coordination of three elements:

The outcomes or goals you wish to attain.
The capabilities and resources you have at your disposal to achieve your goals.
The environment's potential and difficulties.

It is critical to address each of these factors as you design your business plan. Your business plan is the expression of your strategy. The business planning methodology we utilise is intended to handle each of the three critical parts of strategic planning.

Your business strategy is made up of four interconnected components.

A. Planning - This section of the business plan begins with a description of your Business Definition: Vision, Mission, Values, and Business Opportunity. Your business plan should clearly express your vision for the company and the direction you intend to take it. The vision statement provides a response to the question "Where are we going?" The mission statement defines your goal and provides a solution to the question, "Why are we here?" Your value statement responds to the inquiry, "What matters to us?" Values are the items or situations that you desire to represent on a consistent basis. The business opportunity is the final component in defining your business. This section of your company plan will answer four questions: 1. How do you make a living? 2. What do you do with your free time? 3. To whom do you sell? And, finally, what do you sell them?

You should define targets when you have properly articulated your Business Definition. An objective is a definite, measurable result that must be achieved within a specific timeframe. The first step in goal-setting is to determine your five-year major objectives. Then you work backward to determine your one-year goals. The final step is to assess where you are now. This is referred to as a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats). After defining your business, setting objectives, and conducting a SWOT analysis, you may now conduct an issues analysis to identify the issues that must be addressed in order to match objectives, systems, and capabilities with the opportunities and challenges presented by the environment.

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