NILESH WAGHELA Business Strategy
THE ELEMENTS OF GOOD STRATEGY
The Elements of Good Strategy Having a good strategy matters for any organisation. For a new business, a strategy can provide the motivation required to get off the ground. For established companies, it helps define how to remain unique and competitive compared to competitors. The journey towards developing and maintaining a strategy relies on various factors.
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Strategy Development Typically, the responsibility of developing a strategy is the work of a defined strategic unit that performs the necessary internal and external analysis while bringing all stakeholders together. For continued improvement, this exercise should not be a one-time event and should include more than just the senior management team.
Organisational Alignment Strategy execution works when an organisation aligns the individual strategies of its departments, support functions, and external partners with the broader company strategy. This alignment helps create the focus and coordination needed to identify strengths and create a shared desire to accomplish the corporate strategy.
Periodic Review While many companies and senior leadership teams are committed to strategy, not many commit the required time to review it. Companies that attain their strategic goals are intentional about reviewing their performance and adjusting accordingly, mainly with the input of the top managers.
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