One of the most critical elements of growing a business for the long term is knowing how to strategically plan for or make decisions about the future.
Igor Ansoff born 1918 in Russia is considered the grandfather of Corporate Strategy.
Igor identified 4 standard types of Corporate Decisions – Which I believe stand the test of time of creating a successful business.
PRODUCT:
Do you have a clear idea of what your business / product is responsible for? This will connect to your brand, not only of your product and your company but in turn you as a person.
Your brand caries you into the future. The power of your brand can create clarity in times of economic turmoil.
GROWTH:
We at times get so busy trying to keep up to daily activities that we never get around to creating strategies to actually grow our business effectively.
What plans have you created in order to excel the growth of your business for the long term. This is so critical as no business just sustains it self. It is either growing or falling behind.
COMPETITIVE ADVANTAGE:
A competitive advantage is what you possess that will enable you to compete effectively no matter how the market or economy changes.
Most think that competitive advantage is something no one has. If that was the case than everyone would be a ‘monopoly” A competitive advantage is something your business prides on and creates a brand around it.
SYNERGY:
The whole is greater than the its parts. Successful people know that greatness cannot be built alone. Surround yourself with like-minded and successful people. Learn and work with the best. And create synergy, partnerships, with other like-minded people.
Corporate Strategy can be your best friend or your worst enemy. I have seen it time and time again, how people fall into the trap of “Paralysis by Analysis”. This is where people take so much time to analyze everything and anything to a point of no implementation.
Paralysis by Analysis: Procrastination caused by over planning, leading to business failure.
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