The Three Pillars of a Robust Business Strategy

A clear, robust strategy is one of the best shortcuts to sustainable business success. Here are three key ideas to remember when drafting or updating your business strategy.

1.      Concentrate on Your Best Ideas

A solid strategy involves identifying your best opportunities and focusing on them.

When you identify a clear path to success, focus on giving it your all instead of dividing your attention among too many ideas.

2.      Read the Tea Leaves

Your strategy should be forward-looking. Two significant priorities on which to focus are:

·       Anticipating future trends, and

·       Identifying factors that probably will not change.

Warren Buffet and Charlie Munger built great fortunes by focusing on the idea that it might be easier to predict the things that won't change rather than those that will. For example, customers will always want excellent service.  

3.      Keep Your Head on a Swivel

A good strategy keeps you alert. It's not just about setting and forgetting. Clear benchmarks are essential to evaluate if your strategy is effective and progressing as planned or if a fundamental flaw needs addressing.

Remember, in business, it's not about always being right. It's about making significant gains when you are and minimising losses when you are not. A good, effective strategy provides the framework to achieve this.

Please contact us if you are ready to advance your business and need assistance developing a robust strategic plan for your path to success.