What’s Your Business Strategy?

20131019-135520.jpgTo often the word strategic is cheapen by applying it to everything. If everything is strategic then nothing is. In Tom Horam ‘s book “the One Page Business Plan” he states that

“Strategies should set the direction for your Philosophy, Values and Methodology for building and managing your business.”

Most things that business leaders call strategy are really just a business owners focus for the moment. Here are three check points to determine if a decision is strategic.

  1. Does the decision line up with your business objectives? Objectives are the major business items that support your mission and vision.
  2. If the issues doesn’t directly align with one of your business objectives then you should not label it “strategic”

  3. Will the implementation of this decision increase the business growth in some way?
  4. A strategic decision should grow your business in some way. It could be that it will slow down revenue loss or gain you new customers. Nonetheless you should have the potential for growth.

  5. finally, can you measure the result of the strategic item?
  6. If you can’t measure it then it’s not really important and if it’s not important then why bother.

These are just a few check points you can use as a litmus test to determine if something is really strategic. Remember many things are urgent but, that doesn’t make them strategic.