| Strategy noun: long-term plan or policy; art of war; | | | | When do business owners mostly start thinking |
| art of moving troops, ships, aircraft, etc. into | | | | about strategy? |
| favourable positions (Oxford Dictionary) | | | | - When they have to make more decisions about |
| "The important decisions, the decisions that really | | | | resources |
| matter, are strategic. They involve either finding out | | | | - When they have to decide whether to pursue new |
| what the situation is, or changing it, either finding out | | | | opportunities |
| what the resources are or what they should be. | | | | - When they need to make decisions about how big |
| Among these are all decisions on business objectives | | | | the company could be |
| and on the means to reach them." (Peter Drucker, | | | | - When growth in the business has reached a plateau |
| "The Practice of Management") | | | | - When they're in trouble |
| Strategy. A term used in the theory of games to | | | | - When they're overloaded |
| describe the set of choices a player will make in each | | | | - When they're confused |
| possible set of circumstances. (A Dictionary of | | | | - When they want to fast-track their progress |
| Economics) | | | | - When something significant changes their life |
| How an organization interacts with the stakeholders | | | | - Sometimes, it's when they have an 'Aha!' moment |
| in its business environment through its current and | | | | Challenging circumstances lead most business owners |
| planned portfolio of products in large part defines its | | | | to think about strategy, and then strategy itself can |
| business strategy. (Robert J. Thomas, "New Product | | | | be challenging! |
| Development") | | | | When you're ready to start developing you business |
| From these varied definitions we see strategy as | | | | strategy, you need to look at the process from |
| something that involves identifying where resources | | | | several different aspects: |
| are and where they're needed, and the art of | | | | - Know what it takes to build a high-value business, |
| deploying those resources favourably; deciding on | | | | and make sure you have one |
| business objectives; and above all it is certainly about | | | | - Know how to select a best-fit strategy, that's right |
| choices. | | | | for now |
| My clients have all been able to grow their businesses | | | | - Know which business model will optimise growth, |
| and in the early years, a lot of this growth is tactical | | | | suit your lifestyle & give you leverageo Know |
| and not strategic. That is, most business owners | | | | what skills & structure you need for ongoing |
| work very hard in their businesses to drive growth, | | | | growth |
| and they've been a key part of that growth. | | | | Stay tuned to BOSSMENTOR® Business and our |
| At some point though, every entrepreneur needs to | | | | website for more 'how to' information on developing |
| stop and consider if that is how they wish to | | | | your own Business Strategy Blueprint...... |
| continue working and growing their business. | | | | |