The best business strategies must steer a course between the inevitable internal pressure for business continuity and the demands of a rapidly changing world.
Andrew Grove, who led Intel to greatness, first answers the question 'what is business strategy?' with a clear distinction between strategic action and strategic plans. He believes that business strategies should not:
• just be statements of intent;
• come across like a political speech;
• have concrete meaning only to management;
• concern themselves with events far in the future or have little relevance to today.
To formulate a basic business strategy, try this as a simple exercise:
• Take a piece paper and at the bottom, write a brief account of where the business is now.
• Then at the top, write where you want the business to be in ‘x’ amount of years (you decide the period).
• Next, in between the two write what you need to do and when you to do it to get from the bottom of the page to the top.
This exercise shouldn’t take more than an hour.
You can read more about different types of business strategy and examples in the articles listed below.