| "If you
chase two rabbits, both will escape." - Anonymous |
||
Business strategy is required to serve the organisation's mission, to enable fulfilment of its journey. The nature of the journey itself is a guide to strategy. Growth, superior financial results are measures of business success. They are outcomes of competitive advantage that result from superior customer value. Unfortunately, many firms mistakenly believe cost reduction, better quality or customer service are strategy. They are not. Strategy is the manner in which a firm attempts to achieve competitive edge on its journey to a distant destination. It involves choosing the path it would follow. Choice implies trade-offs: if you follow one, you cannot follow another. Dynamism and adaptiveness are the other characteristics of strategy. And wisdom its foundation. |