30/06/2021
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STRATEGIC PLANNING
10 steps to building a killer business strategy you can execute flawlessly
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ďżź
Marc Emmer
July 1, 2020
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ďżź
I have had the honor of helping over 60 Vistage members craft their best business strategies.
A couple years ago, I worked with the management team of a member who was contemplating the companyâs growth plan. Based on instincts alone, most of the sales team thought the strategy should focus on expansion into new geographic markets.
After collaborating with the CFO to create a financial model, we illustrated that the company was far better off investing in its existing markets, albeit with a slightly different offering and message. In this particular case, strategic thinking, market research and depth triumphed over simplicity.
Our appetite for simplicity should not override our need to be thorough, especially when the future of a company is at stake.
Void of research and planning, many companies make hasty and ill-advised decisions that adversely impact their enterprise value. Our appetite for simplicity should not override our need to be thorough, especially when the future of a company is at stake.
In a world where CEOs are overcaffeinated, stressed and time-starved, many have been romanced by easy-to-use strategic templates that yield a quick-and-dirty business strategy. However, downloading a template tends to promote short-sighted thinking and poorly-executed strategies. The result is often something closer to a short-term operational plan than a true strategy.