Friday, 17 May 2013

Briefly On Business: Can You State Your Strategy Statement?

One major problem most business executives encounter is to briefly state their company's strategy statement. No company can operate successfully without having a clear statement about their strategy.

Researchers have identified three components of a successful strategy statement: objective, scope, and advantage.

Strategic Objective
This identifies the factors that drive the business over the next few years.

Strategic Scope
A firm's scope encompasses three dimensions: customer or offering, geographic location, and vertical integration.
Boundaries make it easy to identify which activities the firm should concentrate on and which they shouldn't.

Strategic Advantage
A strategic Advantage shows what makes the company unique and different in the market.

With a clear definition of your strategy, formulation and implementation become infinitely easier-the statement will be easier to communicate, and will empower your people to raise the performance of your organization.

-- I Spring 2013 I Harvard Business Review OnPoint

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