Business strategy is crucial because it provides a clear roadmap and direction for organisations, guiding its decisions and actions towards achieving long-term goals. Without a well-defined strategy, organisations may lack focus and risk making inefficient or misguided efforts that can lead to financial setbacks or missed opportunities.
But are you adopting the right strategy?
Your environment will dictate your strategy, and whether you need:
🔸 A classical approach to strategy: You can predict it, but you can’t change it – BIG IDEAS
🔸 An adaptive approach to strategy: You can’t predict it, and you can’t change it – BE FAST
🔸 A visionary approach to strategy: You can predict it, and you can change it – BE FIRST
🔸 A shaping approach to strategy: You can’t predict it, but you can change it – BE THE ORCHISTRATOR
🔸 A renewal approach to strategy: Your resources are severely constrained – BE VIABLE
Use the right strategy approach. It will pay off.
Reeves, M., Haanaes, K., & Sinha, J. (2015). Your strategy needs a strategy. Harvard Business School Press.