Does a perfect business strategy really exist?
For budding businessmen, there are several terms and concepts that seem overwhelmingly complex, and one of them is strategy. In your own experience and opinion does a perfect business strategy is really exist? If so, how are the businesses coping up today.
The perfect business strategy absolutely exist; Hence, compare (Apple to Facebook) they share very similarities in their business strategy. They've figured out a way to make endless revenue. Whereas, They represent an unlimited money supply by taking over the General public.
Your business strategy has to be native to your industry. A combination of tradition and re-inventing the wheel.
Wall Street 101.
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Ooooo I'm actually glad I came across this thread as I've been wondering this myself (particularly as I feel mine is most definitely not perfect) The thing is I know it sounds like something every business owner should have a handle on, but as my business is so new (it’s only been around properly for a few years) there’s still a lot that I’m quite shaky on! Hence why I’m here googling away! To be honest I was actually considering biting the bullet and getting some advice from a business consultant and sorting out a strategy, but I’m not sure if I should do it or not. Do you, or does anyone reading this in fact, have any experience using a consultant? My friend said at her workplace, her boss saw one under a company called Keystone ( this is the link she sent me: https://www.keystonetrainingltd.co.uk/ ) has anyone used them before? They look good but I’d ideally like a second opinion if I did go for them! Any advice or suggestions here would be massively appreciated! Thank you for the help everyone! (And I really am very sorry for babbling on!)
A strategic plan is a living document that is used to guide the company forward. The only way to know if it is performing and meeting the goals and objectives is to measure against it. The strategic plan should be updated on a regular basis. Most strategic plans have a shelf life of around 3 to 5 years before needing to be looked at again. The plan may have goals for as far into the future as 20 years.
To answer your question, while a perfect strategic plan may not fully exist, strategic plans help to keep an organization moving forward and hitting their targets.
Perfect business strategy? No.
Most of the time, the problem isn't the strategy, it's the execution.
YES!!!... there's literally over 6 Billion perfect Business Strategies........ one for each human being on Earth..... it's just up to them to discover it and dig it out of theirself and eventually understand it...
We all have our own arsenal of strengths that allow us to do particular things on a miraculous level.... while we also have "non-interests" that we haven't focused on and therefor haven't gotta all that good at.... this varying range of expertise in different areas gives each of us a slightly different perspective on what we're able to do and what we need help with..... From there we do what we can and find clever ways to fill in for what we can't whether it be hiring employees, bringing in a partner or outsourcing to somebody outside the Business....
So overall we thrive to make a solid and sustainable mechanism rooted within our own being and built according to what can come from us and what needs to come from others and smoothed over into a fluid system... Trying to mock another's system is the same as trying to wear one of their custom tailored suits..... it just isn't going to fit you perfectly even if you're the same height, width, weight and muscle/fat ratio.... they could have longer legs that you.... you could have a slightly thicker neck... their shoulders might be more squared than yours... there's just too many minor differences for it to work out right. So it's all on you taking a personal journey within yourself and finding your own tricks to capitalize on what you're able to see that nobody else can see because they're not you..
Every business strategy has that possibility with the right tweaking. For example a lemonade stand that has a realistic expectation of it's reach, could theoretically achieve a "perfect strategy." Most businesses stay too enamored with whatever doesn't work once they get it in their heads that it "should" and stay attached to the bitter end.
Yes perfect business strategy really exists. If planning is not perfect then execution is also not perfect. So we have a strong plan for execution. In every kind of business a proper work strategy plays a vital role.
I think not.
Let’s face it: strategy is exciting. Strategy is fun. Strategy gives us a chance to be creative. In fact, when CEOs are frustrated that they’re not growing fast enough, consistently enough or profitably enough, they tend to focus on their efforts on debating which new strategy will take them where they want to go.
• Should we modify our business model?
• Are we playing in the wrong sandbox?
• Should we focus on new products? New markets? New geographies?
• Is our value proposition strong enough?
These are all great questions. I work with my clients to answer all of these strategic questions and more.
The problem is that traditional strategic planning happens once a year or once every few years. A smart, dedicated team spends a few months analyzing their business, discussing key strategies and setting goals for the organization. Then, the beautiful document they’ve created sits on a shelf and gathers dust. Why is that?
Because 3-5 months after the plan is created, the world has changed and the plan is out of date. Leaders stop holding each other accountable for the plan - as they should.
So does that mean strategic planning is a waste of time?
No. In fact having a set of strategies and plans that provide focus, clarity and alignment within the organization is more important than ever.
But here’s the truth about growing your business…
A great strategy with the wrong people and/or undisciplined execution will fail EVERY TIME.
A mediocre strategy with the right people, executing with discipline will blow away your competition.
Because without effective execution, nothing happens.
Strategic thinking and long term planning are important processes in any organization, but things aren’t accomplished in five years or three years or even a year. Things get accomplished in 90-day sprints. Things get accomplished when a sense of urgency and a high level of accountability are combined with a strong, passionate team.
A strategy is nothing more than a commitment to a set of coherent, mutually reinforcing policies or behaviors aimed toward achieving a particular competitive goal. smart strategies promote alignment among numerous groups among an organization, clarify objectives and priorities, and help focus efforts around them.
I won't write a long answer....but:
There is no such thing as a perfect strategy, because the discipline of strategy is not like math with exact or absolute answers. However, there is good strategy and bad strategy. Good strategy is what you should go far....and for that you can establish some guidelines leveraging existing framework.
Let me know, if you want to discuss further.
It depends on how you are defining 'perfect'.
Does perfect mean never have to touch it again and it works forevermore?
No, that strategy doesn't exist - but you probably already knew that, with business in general being such a fluid environment after all. It's close to being impossible to create infinitely true perfection in most anything humans create. We're constantly being reminded of how little me know and when we learn something new, it can change everything that came before it.
Do you think Christopher Columbus in his wildest imagination ever considered even the vaguest the possibility of GPS? Maybe? How would that effect us today? But it was so far out of his reality and he was so used to thinking within the scope of his awareness and environment at the time, that it was probably little more than a fleeting thought - if that.
So any exceptions to everlasting perfect strategy probably won't apply to a business that's asking that question.
But...Can you create a strategy that incrementally moves toward perfection and may even seem like it's perfect or almost so from time to time - until you make another breakthrough? Hell yes, it's possible. Businesses do it all the time.
It takes planning, insights, awareness, forethought, afterthought, inbetween-thought - in other words, a good amount of continuous critical thinking and more.
It requires the assumption that anything you do can be done better and maybe by a different way or method. Baselining, monitoring results, testing and more is crucial to the process.
It builds understanding. As I've pointed out in other answers, understanding leads to higher awareness and control. At some point it all becomes predictability.
And when you can predict the future results of your marketing, you have a perfect strategy. Then in the next second something changes and it's imperfect again - but you're still close. All the variables make it impossible to maintain.
It's like an element with a half-life - or less.
There are many things to consider and reconsider from time to time. Again, you're wanting a 'perfect' strategy, but it's not something where you just snap fingers or look for ways to do as little as possible.
As for a template or concept to base a 'perfect' strategy on, consider this: most businesses think in linear lines of activity. They assume that A + B = C. This is like looking at an industry, seeing how business is conducted and marketed in general, and trying to figure out a new way to do the same things everyone else is doing, but better, faster, cheaper, etc. - that's linear.
A 'more perfect' strategy is to improve that norm, but also look at things outside the norm for what you do. Don't think just within the constricts of what's comfortable for your type of business. Analyze the strategies of slightly different, related, or even completely different types of business and use what can be applied to leverage what you do in a different direction, to a higher level, or with more value or far-reaching effect.
This creates a different, compounded equation: A x B = C or maybe even A x B x C = D because it introduces ideas, concepts, opportunities and alternatives that you'd never realize exist by operating with blinders on.
It can produce an exponential result and redefine paradigms moving you closer to perfection. And sometimes perfection might be doing so well in your business that your competitors can't imagine ever even seeing you on the horizon, much less catching up and surpassing you.
One more thing - you mentioned complexity. Complexity is often nothing more than not understanding or seeing - and accepting - simplicities. Many people want to claim something (everything?) is overly complicated when it's really little more than their viewpoint and unwillingness to embrace change or a new/different idea.
There's a direct correlation between how difficult and complicated something is compared to one's ability to confront and deal with it. If you can't face it, you can't solve it. The more you face it, deal with it, learn about it, figure it out and take responsibility for it, the more able you are to reduce the complexity and handle it.
So many times a client has told me that a system or process or relationship or opportunity I've explained is overly complicated. The effort required is often in direct proportion to the value of the ethical reward. Yes, if you want something easily duplicated, with no effort and that is impossible to defend or protect as a business advantage, that's easy.
And you may further commoditize your business, hurt your brand, break your value proposition and more while doing it. It's also stupid and lazy and insults business owners everywhere who are willing to work hard for success and struggle with it every day.
Maybe that's not important to some in a dog-eat-dog world. But our world is kinda crapping out right now with many potentially devastating downward trends. The time has long since passed when we needed to start caring about others as much (and in some ways more) than ourselves. When are we going to catch up?
No one should have to work too hard to be successful (obviously a relative concept), but when there's little effort, little is learned, retained, respected and available to do better next time. Without striving for a perfect strategy, what do you have to build on in recovering from a crushing blow to your business? Nothing more than what most of your competitors have, too?
What kind of perfect strategy doesn't have a way to protect or rebuild a business quickly in the event of various types of disasters?
The things you learn and continually apply from constantly creating/recreating and perfecting your perfect strategy is what makes it a perfect strategy.
Yes. It's called having YOUR business strategy aligned with GOD'S business strategy. That's the perfect strategic partnership. But ask most business owners, and they have no idea how or why to align their business with God.
No, not in my opinion. That is unless you are fortunate enough to be navigating "blue ocean". Even then, however, your strategy should be agile enough to cope with changes to market structure and the owners of the strategy brave enough to continually review to cope with such. This should not, however, be confused with panic and lack of direction. The world crisis of the last few years has meant that revenues have needed adjusting, staffing levels adjusted accordingly, investment and infrastructure plans re-defined and so on. There is no point ploughing on and producing for stock.
Before interning in business home work is very essential ,good strategy with realistic approach reduce your fall chance to only 5 percent
Creating a perfect business strategy is difficult and not reasonable to obtain due to changing technology and customer’s motive. Your business has to be flexible and learn from your customers as they also have to adjust to changing times. Your business will continue to change and re-invent itself in order to keep up with the business climate.
You will measure your business success based on how your business partners, vendors and customers needs’ change. Follow the direction of the market, align your strategy and leverage the strength of your relationships to meet your goals. If your current business partners and vendors do match your goals for your business, change them as often as you need to until you have the proper products for your customers. This is a constant changing process but that is what needs to be done to succeed in your business.
not really but i think experts do create strategies to suit various businesses
Strategy needs to fit the need i.e. steer away from stereotyped formats that corporations may need when comprehensive data is required. Example: redesign the strategy document into simpler form to fit the smaller entities. A small business strategy needs to embrace the aspirations of the owner by planning ways to create value in the entity derived from the resources and competencies of the owner. The strategy will need change as the organisation grows. There are six 'strategy schools' and this can become complex for beginners so providing a strategy they can execute is a good start - from there on in all strategy needs to be refined as it must remain dynamic as no strategy can control the external forces at work. It must therefore be dynamic and should be reviewed at least every time a direct competitor does something that could affect your business. Its like a roadmap which changes at the roadways are upgraded and redesigned to fit match growing levels of traffic. In my view that's about as perfect as you could expect because static strategies are inevitably doomed to failure by the passage of time.
In my view they do ,
1. What is a real strategy
A strategy is a moving plan , like in sport a strategy is only valid if the execution is of quality and it achieves the desired result else you have to strategically adapt