Once upon a time I was a vice president at a small consulting firm called Creative Strategies. That was in the early 1980s–and it still exists today, due mostly to the hard work and intelligence of Tim Bajarin, who took it over after I left. One thing that struck me as I worked there is that strategy is a hard service to sell. Maybe I’m just a cockeyed optimist, but most people, it seems to me, have a pretty good instinct on strategy.
1. Strengths and Weaknesses
Strategy is about focusing on strengths. It’s about managing resources. It’s about working around the side to minimize the impact of weaknesses. And one of the hardest parts of strategy is having the discipline to say no. Focus on what’s most important.
2. The Key to Failure
My favorite quote on strategy is from Bill Cosby:
“I don’t know the key to success, but the key to failure is trying to please everybody.”
3. About Consistency
Better a mediocre strategy well-implemented over a longer period of time than a series of brilliant strategies each implemented over a short term, contradicting each other.
4. When to Stay the Course and When to Change It
And then there’s that old country song, The Gambler, that makes life into a card game, in which the secret is knowing when to hold them and when to fold them. With strategy, that comes up a lot. When things aren’t going right, do we abandon the strategy? Or do we stick to it longer because it needs more time?
There’s no simple rule for this. That’s why people run strategies, not algorithms. But it helps to look hard at whether the strategy has been well-implemented (hint: that’s why I like business planning) and whether assumptions have changed.
5. In a Nutshell
A good friend and client, Hector Saldana, who had a brilliant career with Apple Computer from 1982 to 1994, once said to me: “Management is nothing more or less than knowing when and how to say no.” So is strategy.
(Photo credit: Worktyo Pawel/Shutterstock)
This entry was posted on Wednesday, October 28th, 2009 at 6:57 am and is filed under startup advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.3 Responses to “5 Simple Obvious Truths About Business Strategy”
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October 29th, 2009 at 4:48 am
Excellent – fully agree. When I first started my company (world 50), we had a very clear mission – to get the top 50 chief marketing officers in the world together (and have them pay me 50k each). The simplicity of the proposition helped, as each member could write themselves into the story – they could complete the value proposition in their own minds.
But as we grew, many members would insist we change the value proposition in one way or another. The key is to stick to the path you decide and execute on that.
Here’s an idea – have an Anti-Mission Statement. Get your team to articulate all the things you are NOT.
Rick Smith
November 3rd, 2009 at 5:19 am
[...] A dica de hoje foi dada por Tim Berry no seu blog Up and Running. [...]
November 3rd, 2009 at 7:28 pm
Estrategias de Negocios: 5 Verdades Obvias…
Tim Berry en su blog sobre como comenzar un negocio habla sobre 5 verdades obvias y sencillas sobre estrategia de negocios.
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