Strategy is the key factor that makes or breaks a business. Before you indulge in strategizing, one should know the priorities of the business. It requires you take a complete account of your business’s vulnerabilities, objectives and resources at hand. One should also take into consideration the competitors and their possible advantages over one’s business. When devising a strategy, along with objectives, one always must take into consideration organizational capacity as well as the capacity of it’s leadership.
The areas of leadership deficit must be identified and a plan should be put in place to make up for those shortcomings. A common sense approach will be to create teams of people with diverse strengths, to complement their efforts. A business strategy is like playing a game of chess with multiple players without fully knowing their countermoves. One is constantly challenged with internal and external challenges that may cause diversions and prevent the organization from achieving its goals and objectives. At this juncture, it is a must that the leadership keeps a clear vision and focus on the organizational mission.
It is highly recommended to have defined values by which the organization is going to meet those challenges and overcome difficulties. Once the vision is clear and well defined, with values in place, long term and short term goals can be effectively achieved. Defining these goals again will require a sound and practical but ambitious strategy to be in place. The confidence of leadership is tested through the strategy that they choose to lead their organizations with.
Mistakes and difficulties and at times failures do not necessarily reflect on the abilities of the leadership. However it requires for them to keep their mind open about tweeking and adjusting the strategic plan for the organization.