19 Jan Avoid the business pitfalls of no strategy or bad strategy
Avoid the business pitfalls of no or bad strategy in your business
It’s a sad fact that in business, a good strategy is rare.
For example – 26 CEOs of some of the world’s largest electronics companies were asked about the strategy by Anderson Consulting. They were less than clear on their strategy:
“They were making alliances, they were doing 360-degree feedback, they were looking for foreign markets, they were setting challenging strategic goals, they were moving software into firmware”
Not really a coherent set of actions and possibly a business pitfall…
A long list of ‘things to do’ or ‘objectives’ can often get called a strategic plan, but they are normally written down at planning meetings and most of the time do not identify or deal with the biggest and most important challenges facing the business.
In business, in battle, in sport and in a game of chess having no or bad strategy means losing.
In his book ‘Good Strategy Bad Strategy’ Richard Rumelt stated:
“The term ‘strategy’ should mean a cohesive response to an important challenge”
Have you ever sat down with your team and identified the biggest challenge facing your business and then focused on actions to overcome it?
Remember good strategy can see your business survive and thrive, bad or no strategy puts your business at risk, so be sure to avoid the 3 major hallmarks and business pitfalls.
Click here to download the ‘Good Strategy’ report and learn what the 3 major hallmarks of a bad strategy are and how to avoid them and give your business an edge over your competition.