Talking about strategy is considered to be quite cool. It is for this reason that there are so many people these days who talk about strategy. But if you really want to plan out a good strategy, it is essential for you to know in detail about the business strategy principles. The actual fact is that a lot of people who talk about strategy many times are not aware of what a real strategy is.
In order to bring out a proper strategy for your business, it is very important that you first find out, which are the myths that have got into your organizations.
Myth 1: Strategy is only for long term:
Strategies change when someone challenges certain assumptions about the business that have existed for a very long time. It is essential for you to make the necessary changes very quickly. You have to understand that strategy is not about long term or short term. It is about the important fundamentals.
Myth 2: Strategy is about being the best:
The most common misconception about strategy is competition. Competing in business is quite complex. In business, the fact is that there can actually be a number of winners. It is not a zero-sum game like in sports where either you win or I win. Even within just a single industry, there can be a number of companies that are able to beat the industry average. Each might have a different and distinctive strategy. There can be a number of winners.
Myth 3: Strategy is not about creativity but it is about innovation:
Most people are of the opinion that strategy is mainly about creativity. But the actual fact is that creativity is just a small part of the strategy. There are a total of three steps that you will have to follow when you create the strategy. These are:
- Searching, most people are referred to as the process of innovation.
- Incubate is the testing of various
- Execution is turning the tested idea into a properly structured idea.
In order to create a successful strategy, following all three steps is essential.
Myth 4: Strategy is an activity that is constant and it is not a PowerPoint:
If there are too many strategies created, then it will finally end up in a drawer and will not be implemented in reality. Companies spend a lot of money and time and try building this PowerPoint and finally, it comes to no use. The behavior of the customer changes and new technology comes up. If you want to build a successful company, it is very important for you to predict future trends and also the evolutions.
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Myth 5: Strategy is just the point of start and not the end:
Companies do not execute plans well. That is the reason why in spite of building a strategy, they do not get proper results. It is very important for companies to focus on the execution of the strategies. The leaders have to ensure that the strategies finally turn into great performances.
Therefore it is important that a strategy is made depending on the type of business and the threats to the business. This will certainly help you to develop a successful business in the long run. To learn more you should follow experts like Bradley Fauteux and others. Brad Fauteux a Canadian executive is a seasoned business strategist with executive level and senior management experience of over sixteen years.