“A vision without a strategy remains an illusion” ~ Lee Bolman
Today, companies exist in an extremely competitive environment wherein which only those who have outlined their strategies can survive. Kenneth Andrews defined strategy as patterns of decisions in a company that unveils its goals, produces a plan to achieve those goals, defines the range of business the company is to pursue the kind of economic and human organization it is or intends to be.”
How do we achieve those defined goals?
Defining entrepreneurial success will vary based on the environment of each business however these strategies are the same across the board. Strategies should:
- Have a broad time frame
- Set clear and decisive goals implying a qualitative leap for the company and the means to achieve them
- Be consistent so that the goals and policies of the company are inline
- Be a concentration of effort. Invest your resources in the qualitative activities
- Be flexible. Society changes every day, your business strategy must be able to keep up with these changes
- Be feasible and customized for the company without exhausting available resources or creating problems that are difficult to solve
- Be based on excellent leadership. A strategy includes numerous activities and requires all management levels to act in reinforcing its implementation
- Must facilitate the creation or maintenance of the competitive superiority of the company
Let us get the answer for the definition of shareholder in the following article.