Laying the foundation for tomorrow's success while competing to win today
Most organizations face stiff challenges in today's marketplace. Changing demographics, new technologies, aggressive competition and sophisticated consumers demand that organizations either change the way they do business or face extinction.
Core Strategic Decisions
Strategy is defined as the way an organization meets the challenges and opportunities presented by its environment. It consists of a set of conscious choices about how it will deliver value to its customers and distinguish itself from its competitors.
“If the answers to 'future' questions are not significantly different than the 'today' answers, there is little chance that a company will remain a market leader.“
- Gary Hameland and C.K. Prahalad
- Understand the challenges and opportunities present in your external environment.
- Identify assumptions about the future.
- Clarify a reason for being that motivates and inspires.
- Identify the principles by which people will conduct themselves.
- Define your future customers and how you will deliver value to them.
- Identify core organizational competencies needed to succeed in the long run.
- Create a long-term business focus that anchors and distinguishes you from your competitors.
- Set short-term performance goals.
- Establish performance initiatives and a master plan to manage your organization's long-term development
Formulating a clear and compelling strategy is one of the most important tasks that leaders of an organization can accomplish. It is not something that would be nice to do when they have more time; it is essential to their survival.