Devising a cohesive business strategy requires focused effort, situational analysis, and a vision of the intended destination. As a leader in your organization, you’ll need to do more than identify the goals. The presentation below outlines what a good strategy must do and why a good strategy is important to every business. (If the presentation does not load immediately, hit refresh on you browser.)
As described in Richard Rumelt’s brilliant book Good Strategy/Bad Strategy: The Difference and Why It Matters, a good strategy consists of three components. The first element, the “diagnosis”, calls out the challenges and barriers to achieving the goal. This is critical because a real strategy must offer a prescription for overcoming these challenges. The “guiding policy”, as Rumelt describes it, is the approach the organization will take to overcoming the barriers called out in the diagnosis. Finally the “coherent actions” are the specific elements of the plan that describe the details of the plan, policies that must be coordinated, and the resources that must be committed to execute the plan.1
When do you initiate various parts of the plan? How will you and your team implement each part of the strategy and what tactics will be employed? Who on your team is most suited to execute each element of the plan? Do you need to add new skills sets to the team?
Leverage Analytics helps business leaders to assemble a cohesive strategic plan that addresses these issues.
Areas of focus include:
- Target market identification and prioritization
- Identifying market dynamics
- Identifying competitive advantages
- Identifying critical weaknesses
- Resource planning
- Business development strategy
- Identifying functional bottlenecks
- Intellectual property (IP) management
- Teaming and technology partnerships
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1. Richard P. Rumelt, Good Strategy/Bad Strategy, The Difference and Why It Matters (United States: Crown Business, 2011), p. 7.