Imagine hiking into the forest without a compass, a map, or even a flashlight. Sure, you may be familiar with the trees and animals, and even the general direction of your destination. But, you will be hard-pressed to reach your destination without the necessary tools. As a leader, trying to gain success without a comprehensive strategy is much like hiking into the forest empty-handed.
Just ask Harvard Business School Professor Michael Porter. He states that strategy “explains how an organization, faced with competition, will achieve superior performance.” An effective strategy, executed well, enables you to deliver better results than your competitors because it defines your unique marketplace position. An effective strategy should answer two key questions:
- What value will your organization create?
- How will you capture some of that value for yourself?
A solid business strategy is vital to the complete leader. A strategy enables you to achieve superior performance in your business by creating unique value for your customers. A strategy keeps you focused on your target market, and makes it easier to identify the right business opportunities to deliver sustainable growth.
To be a successful leader, you must have a full grasp on where you want to go and how you will get there. You also must know how to compete, and how you fit in with and rise above your competitors. You can answer these questions once you have created a solid strategy. A sustainable strategy will help you navigate the ever-changing marketplace, giving you the means to attain success. By using the tools you have in a targeted matter, you will collectively direct your resources toward a common, reachable goal.
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