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Unformatted text preview: World Strategy In 30 years of working with businesses of all sizes, I’ve come across several of what I would call general principles of strategy. These don’t necessarily apply in the academic world, or for larger corporate enterprises, but they do apply to small and medium businesses everywhere: • Strategy is Focus. The more priorities in a plan, the less chance of successful implementation. • Strategy Needs to be Consistently Applied Over a Long Term to Work. Better to have a mediocre long-term strategy consistently applied for years than a series of brilliant but contradictory strategies that never last long enough to matter. • Strategy Needs to be Tailored. There are no standard strategies. Every company is different. A given strategy must always be tailored for a specific company. • Strategy Needs to be Realistic. You have to deal with your company as it is at this point in time, understanding what choices you really have, what knobs you can actually turn. • The Best Strategies are Market Driven. When possible, it’s not “how to sell what we have,” but rather,“how to make what people want or need what we offer.” • Good Strategies Understand Displacement. Displacement in business refers to the undeniable fact that everything you try to do rules out many other things that you therefore can’t do. You have to choose carefully, because one project displaces many others. HURDLE: THE BOOK 18.2 ON BUSINESS PLANNING The Strategy Pyramid Imagine a pyramid made of three levels. The top of the pyramid is a single box, which contains a strategy. Strategy is an area of resource focus. In the middle level, you have three or so boxes which contain tactics. In the third level, you have four to six boxes that stand for programs. It would look something like this next illustration. THE STRATEGY PYRAMID Don’t get lost in defining strategy and tactics. Make the strategic view work logically. Strategy is a main focus, which might be on a specific target market, product opportunity, positio...
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This note was uploaded on 01/26/2014 for the course BUINESS 102 taught by Professor Unknown during the Winter '09 term at University of Phoenix.

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