A business’s overall strategy defines its purpose for being, what it will do to achieve that purpose, and how it will perform these tasks. The long-term strategy begins with the organization’s vision, mission, and goals as codified within a long-range (5 – 10 year) strategic plan. Annual business plans translate the long-term strategy into projects, initiatives, and milestone goals that are more tangible to employees and for which distinct daily activities can be planned.
Developing a business strategy requires a measure of both art and science. Organization leaders must understand the various marketplace environments within which their business operates and balance the often competing factors of each to achieve an optimal solution representing a viable economic opportunity. As the marketplace changes, the balance achieved will become upset; presenting leaders with both opportunities and obstacles to future success and necessitating adjustment and possibly replacement of the business’s strategy.
Materials in the Strategy Topical Area are dedicated to discussing the principles and best practices, best practices, and warning flags associated with successful strategy formulation. A StrategyDriven Strategy Topical Area Subscription provides access to all of the materials contained within the following forums:
- Strategic Planning
- Strategic Analysis
- Alternative Development
- Alternative Selection
- Resource Management
- Resource Projection
- Succession & Succession Planning