by Fred Stuvek Jr. | Jul 15, 2019
Successful companies have two inextricably linked characteristics in common. First, they have good people. Second, strategy is not given lip service. These companies place a high priority on developing a strategic plan. The benefits of having a well-conceived business strategy are numerous and affect the entire organization. The strategy should home in on what the company is good at doing and how it can leverage its strengths into a sustainable competitive advantage. Having a strategy in place accomplishes the following things:
1. Clearly defines the purpose of the company and sets the direction
2. Provides guidance to the entire management team and employees
3. Establishes realistic goals and objectives
4. Creates metrics and timelines for evaluation
5. Provides focus
6. Determines accountability
7. Sets prioritization of resources
8. Provides the basis for development of financials
9. Enables the company to take advantage of opportunities and respond to threats
10. Provides for more efficiency and better decision making
The essence of any company strategy is how the company’s offerings compare to the competition, how to gain an edge, and how to sustain this edge or difference. The topic of the next blog will be on the basic types of strategy.
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by Fred Stuvek Jr. | Jun 11, 2019
“Strategy” a word of Greek origin, was initially used in the context of warfare. The term, however, is also applicable to other areas such as business, sports, and your personal life. While you may never have thought about putting together a personal strategy, it is essential to achieving success both personally and professionally.
Ask yourself the question, “Five years from now, if my life were exactly the same as it is today, would I be happy?” If the answer is “No,” and you do not have a personal strategy in place, now is the time to do it.
A personal strategy is a road map for what you want to accomplish within a specified period of time with goals, objectives, and timelines associated with them. This road map is not fixed; it is dynamic. As you evolve and grow, so will your goals. Periodic review of this road map for success is mandatory, and as you check off some goals, you will add others to reflect future ambitions.
A personal strategy should encompass a number of goals that can be divided into three main areas. The first is personal, the second is professional, and the third, which is commonly ignored, is fitness. “Personal” goals should reflect your values and what you see as your mission. “Professional” goals relate to what you want to accomplish in the workplace and can encompass any number of areas. “Fitness” goals refer to you. There are many benefits to exercise: it alleviates stress, promotes a positive attitude, makes you more energetic, improves your self-image, and projects a better you to your family, friends, colleagues, and acquaintances. Personal-fitness goals should never be optional.
If you do not have a personal strategy in place, don’t put it off. This strategy, developed by you, will help ensure that your goals and actions are aligned, will provide focus and direction, and it will help you become more effective in all areas of your life. Moreover, this strategy becomes a source of motivation and helps you lead a balanced, happier, and healthier life.
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