Strategy

Developing an effective strategy for business growth requires companies to deepen understanding of the way their business works and their position relative to competitors in target markets.

Classically, companies start by asking  these  three questions:

Where is our business now? Understanding as much about your business as possible, including how it operates internally, what drives its profitability, and how it compares with competitors. Distinguish between the cause and effect of how your business operates

Where do we want to take it? Top-level objectives. What is vision, mission, strategy; objectives, values, techniques and goals. Plan for three, or five or ten years? What do you want to be the focus of your business and your source of competitive advantage over rivals in the marketplace?           

This step should be the foundation for  business  change.

What do we need to do to get there? What changes will need to be made to deliver the strategic objectives? Identify the best way of implementing those changes - what changes to the structure and financing of your business will be required and what goals and deadlines will you need to set for yourself and others in the business? Think about the business as a whole, for example consider diversification, existing growth, acquisition plans, as well as company functions and organisational structure.

The Missing Question? At Fishbone we believe there is another key question that many companies miss. What is it? Asking the question: "What are our Customers’ needs, views and values?" Answering this question really does help define effective strategy!

Bill Gates:  “Only a few businesses will succeed by having the lowest price, so most will need a strategy that includes customer service.”