With rapidly changing global economies, today's businesses are faced with new and constantly evolving challenges. The ever-changing trends in the marketplace, speed of innovation and technology development affect industry, organization, networks, and customers in today’s business environment. This requires new thinking by organizations in order to create a competitive edge that competitors find hard to recapture. The key to success lies in harnessing and implementing those changes first, and fast. It is therefore essential for organizations to develop and implement carefully crafted business strategies. So, what does this mean for today’s business leaders? Simply put, they must not only set and define the organizations destination, they must also set out the best route for the journey as well as provide the best means to travel. An effective business strategy should clearly identify where the organization is headed, develop clear goals, as well as create focus and synergy to enable everyone within the organization to move cohesively towards a set target goal. In developing an organizations strategy, business leaders should be able to clearly identify:
A successful strategy, like any journey, however starts with the first step. Business leaders need to be cognizant that while leadership is critical in developing strategy, they must be backed by actions like these:
To ensure the success of business strategies, business leaders must look ahead and prepare accordingly. They must lay out a strategy that employees will buy into, and put in place actions that will get everyone working towards the successful achievement of this strategy.