Print this pageAspects of effective strategy
Strategy is ultimately about business organization evolution. This evolution must bring about renewed advantage in order for a business organization to thrive. Effective strategic management solves the paradox of the exploration and exploitation that creates new potential while employing existing technology to produce wealth. The essential aspects of srategy include...
- Strategic thinking -- the capability to see opportunities for advantage and produce viable strategies and business models
- Formation and Execution -- For all the publicity strategy execution gets, strategy formation has more impact on success.
- Competitive Advantage Creating value requires advantage. Just 10% of companies demonstrate an advantage for even ten years.
- Strategy AND Business Design Strategy and business design are two sides of the same coin.
- Deliberate AND Emergent Organizations have circumstances where they need to deliberately form strategy. They also need emergent strategy in order to explore -- inventing, learning, and adapting.
- Context The approach to strategy does not come in a "one-size-fits-all" package. The strategy which best serves and organization depends on its environment, life-cycle stage, organization type, and the path it has been down in the past.
- Complexity Complexity continues increasing. Understanding complexity leads to practical solutions. Assumed simplicity leads to naοve solutions.
- Competency A dynamic world calls for a management competency in strategy and continual attention to strategy development -- not a strategy event.
- Knowledge Knowledge requires a framework to guide the effective development of strategy and build competency.
