In simple terms, strategy means,
– a plan of action designed to achieve a long-term or overall goal.
The word strategy had been used heavily in the military before and later adapted in business. As we know, both armies and companies need strategies to use their resources most effectively and to establish a favourable position.
Now, with the arrival of the internet into our lives, the business world is becoming more and more versatile each passing day. It is continuing to evolve at lightning speed. Worldwide communications are happening in seconds, innovations and opportunities are breaking through the national barriers. So many new and exciting things are popping up around the globe with the help of the internet.
With all this happening, the world is becoming less predictable than ever before, making analytical reasoning and strategic positioning even more significant today.
Businesses need strategies the most in today’s time to compete worldwide and grow fast in a particular direction. Every successful strategy has four elements in common,
- They are based on goals that are simple, consistent and long term
- The goals the company wants to achieve have been formulated after a deep analysis of the competitive environment
- They objectively consider a company’s resources and exploit them in an effective manner
- The people responsible for achieving these goals are strong-willed and have solid decision-making capabilities
Strategy is all about making conscious choices. It is about deliberately choosing to be different and purposeful. It is quite straightforward and yet so difficult to achieve.
Each day, thousands of companies compete for a place under the sun. But only a few come up with strategies that help them deliver and achieve.
