Strategy

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A Guide to Making Strategic Business Decisions

The dynamics of business strategy has evolved over the years. Today, businesses are shifting away from “one size fits all” solutions, and instead focusing on discovering the approach that works for them. A common mistake companies make today is to base their decisions entirely on data. Data is a useful tool, allowing you to gain an insight into different aspects of running a business. However, strategic planning for a business goes beyond just counting on the data they gather. Here is a brief guide to crafting the perfect business strategy.

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Aligning Your Corporate Culture with Strategy | Extraordinary Business

The harmony between corporate culture and its wide reaching implications to strategy and output has become central in all successful companies. There is a very particular correlation between  people that make things happen and your company’s financial performance, as explained by author and keynote speaker Brent Gleeson. Gone are the days when employees were just supposed to follow orders from “up top”.

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Successful Strategy Made Simple | Extraordinary Business

strategy
The first step towards making good decisions is simply to stop making bad ones. The same principle can be applied to developing business strategies. In order to stop following bad strategies, you must recognize the absence of good strategies. Richard Rumelt gives a great example of how to define a good strategy. He states that a good strategy has “coherence, coordinating actions, policies, and resources so as to accomplish an important end.” (Rumelt, 2011, p.11). Fortunately, business has provided countless examples of good and bad strategies that provide unofficial guidelines for the do’s and don’ts of strategy making. The following are examples of tools and methods that any company can use to identify, build, and sustain good strategy development.
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New Steps for New Year: Prioritizing Steps for Growth in 2016

2016 Calendar Target Showing Year Planner And Schedule

Over the past few years, you have committed a great deal of time and money to developing your small business. By reinvesting your business’s profits back into the company and keeping a close eye on the often unstable US economy, you have made strides in creating a profitable enterprise.

However, as a seasoned entrepreneur you are also aware that the only way to persevere is to continue to grow. The question is not whether you will grow; it is how to grow without overextending your investments or making other costly mistakes. Having a clear understanding of the landscape in which you intend to increase your business will clear the path for successful growth in 2016.

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Grow From Here to Success

How to make sure your business has everything it needs to grow

When I was a younger guy, whenever I would get a gadget, while I might have enjoyed it, I always thought about what the toy will be like in the future, perhaps with the same anticipation as many people have about the next generation of mobile technology. One of the things that always bothered me was the question of why things weren’t designed to be used with the next generation of products.

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Taming the BEAST

How to make sense out of the chaos of running your company

One of the challenges that I see with small business owners, especially very small organizations, is getting and keeping control of the business and everything that it takes to do so. As a business leader, activities tend to take on a mind of their own, pulling us in every direction at once, challenging both our tenacity and mental stability at every turn. It seems as though everything is precarious at best; one misstep could take us plunging over the cliff into the abyss!!

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Taming the BEAST | Extraordinary Business

How to make sense out of the chaos of running your company

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One of the challenges that I see with small business owners, especially very small organizations, is getting and keeping control of the business and everything that it takes to do so. As a business leader, activities tend to take on a mind of their own, pulling us in every direction at once, challenging both our tenacity and mental stability at every turn. It seems as though everything is precarious at best; one misstep could take us plunging over the cliff into the abyss!!
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Process and Strategic Advantage | Extraordinary Business

How strategy and process engineering will help you create strategic advantages in your company.

imageIf you know the fast food industry, you probably know that they go through great stakes to ensure that everything is done the same way, every time, no matter what store you go to. While you might encounter various personalities and different store layouts, for the most part, the cashiers greet you the same way, they ask you if you would like to try the special, they get your order, try to upsell you, ask you if you would like anything else, let you know how much your order is, etc..

Now, if you go to a McDonalds, for example, it is not going to be the same experience as going to a Chick-fil-a, although the two are competitors and serve fast food items. Surely, there is some overlap, but while McDonalds puts a lot of emphasis on getting people fed, you might assume that Chick-fil-a might focus more on the experience.

You can see this looking at the dining room: often, in the dining room at McDonald’s, if you see employees, they are typically cleaning something and don’t pay much attention to the diners except to offer a friendly greeting. On the other hand, at Chick-fil-a, you will probably find that the staff typically roams the dining room in a very friendly way, speaking with guests and answering each request with, “it would be my pleasure.”

With respect to price, you will probably pay a bit more for Chick-fil-a’s over-the-top service, (plus you cannot get a burger).

What is the difference? What is the point?

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Process and Strategic Advantage

How strategy and process engineering will help you create strategic advantages in your company

If you know the fast food industry, you probably know that they go through great stakes to ensure that everything is done the same way, every time, no matter what store you go to. While you might encounter various personalities and different store layouts, for the most part, the cashiers greet you the same way, they ask you if you would like to try the special, they get your order, try to upsell you, ask you if you would like anything else, let you know how much your order is, etc..

Now, if you go to a McDonalds, for example, it is not going to be the same experience as going to a Chick-fil-a, although the two are competitors and serve fast food items. Surely, there is some overlap, but while McDonalds puts a lot of emphasis on getting people fed, you might assume that Chick-fil-a might focus more on the experience.

You can see this looking at the dining room: often, in the dining room at McDonald’s, if you see employees, they are typically cleaning something and don’t pay much attention to the diners except to offer a friendly greeting. On the other hand, at Chick-fil-a, you will probably find that the staff typically roams the dining room in a very friendly way, speaking with guests and answering each request with, “it would be my pleasure.”

With respect to price, you will probably pay a bit more for Chick-fil-a’s over-the-top service, (plus you cannot get a burger).

What is the difference? What is the point?

 [···]

Read More