How is your organisation tracking? Surviving or thriving? Well, think about this … applying the principles of strategic management to any size business or organisation will improve performance.
Also consider this: ‘‘Small businesses that engage in contemporary strategic management practices tend to outperform those that do not.’’
This comes from a Brighton University (UK) study conducted several years ago (2007). Even though it is not a recent study, the conclusions those involved in the research are still relevant today. One startling one was that “strategic thinking is an essential ingredient in enterprise survival, performance and growth“.
Thus, what is your view on survival, performance & growth? Do you look for new, are you just hanging on, are things going well & will they continue to go well? The theory and practice strongly suggests that it is a matter of how you treat strategy. Of what your view is of the future. Its whether or not you plan sufficiently.
Now, when it comes to defining strategy, there are three broad areas to consider:
- what are the products & services to be offered?
- what markets are to be targeted?
- how is competitive advantage secured and maintained?
And the process of strategic management does not need to be overly complex, but it does need to be done. The mindshift that needs to be made is moving from working in the business to working on the business.