Wednesday, April 20, 2016

Can You Say What Your Strategy Is? - Sarah Thomas

David J. Collis and Michael G. Rukstad brought up some really thought provoking ideas in their article,Can You Say What Your Strategy Is?”. I agree with the idea that it is essential for executives to have a well thought out and easy to articulate strategy in place for their organization. It is a major issue when employees can not define the organizations value proposition to their customer base. Similarly, an issues exists when the scope of whom the organization is trying to serve is unclear. This creates confusion for the employees as well as the customers. Ultimately, this confusion will negatively impact your business on a number of levels.
Additionally, I found it very interesting that the competitive advantage really helps shape the overall strategy. As highlighted in a previous lecture, knowing who you want to serve is just as important as knowing who you do not want to serve. I think this idea can be applied to this case too. Knowing what your competitive advantage is, and showcasing that through a well defined strategy will help your business flourish. Employees will be able to clearly understand what the direction is for the company and what steps they need to take to help reach those goals.  Whether it is growth through garnering market share or a focus on profitability, having a strategy in place will help guide your team to success.
The concept of having a solid strategy in place is just as important has having a clear vision for your organization. Like we read in the article, “Building Your Company’s Vision” by James C. Collins and Jerry I. Porras it is important to understand how to craft a vision and how it differentiates from the future goals your organization establishes. This holds true for having a good strategy in place as well. Knowing how to craft a good strategy and ensuring that all of the executives are on the same page is vital to the business. When you have some executives focusing on profit while others are more interested in market share, this creates a major divide. This divide needs to be mended in order to be able to deliver value to the customers.

Overall, I think a well thought out strategy can really help position your business for success. It allows your team to move away from operating in a state of confusion, to functioning as a cohesive team of individuals who are accomplishing organizational goals. It is important for executives to take time to understand and craft  a mindful vision statement and overall strategy for their employees. Without this guidance from the executives, organizations often waste a lot of time, money, and energy.

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