The significance of strategy to turn organizations during indecisive times in unchartered regions could not be exaggerated and the present predicament proves it. The role of business leaders is elementary in strategy development and implementation and key provider to a flourishing strategy implementation.
Whilst one of the major roles of business leaders is to place and converse mission, vision, and premeditated objectives, many fall short in the execution process as they get sucked into the details of commonplace tactics. Whilst the premeditated vision remains the same, the direction to reach the destination might follow different game plans and tactics.
In business, the term strategy is frequently inconsistently and badly defined. Business individuals involved in formulating the stratagem comprehend it well, while the majority others do not, predominantly if they are not engaged in its strategy or development is not communicated down to them. Others mix strategy with tactics and vision. Strategy is an actual differentiator, usually perceived as the secret for durable success and one of the leadership qualities. It fuses the whole workforce, develops and nurtures opportunities and makes sure endurance during tough times or crises.
Although strategy represents a firm and solid direction, it should not be fabricated into stone. In its place, it should be flexible to replicate changes in the environment, whether it is economically, politically, socially, technologically or lawfully related. Business leaders like Steven Rindner are brave and flexible and have patent business goals and to constantly recalibrate their strategy. When visibility is not so clear and times are tough, leaders must have the resilience to be adaptable and pragmatic, as in the mist of disorder comes mammoth opportunities. Unproductive companies are those which do not broaden their thinking, embrace new ideas, or are totally ignorant of changes in their setting. Changing state of affairs may require an alteration in stubbornness and direction and fixed ideas can recurrently be the adversary of business leaders.
Business strategy is all about developing a feasible plan for continued business development, possibly expanding into new markets or cross selling to present customers. Adequately competent senior executives are likely to have lucid views of what their business strategy means. Good strategies are not polished documents produced to be piled on shelves to collect dirt, but rather to be executed, communicated, and monitored.
The strategy can be analysed as the story of how a business plans to expand in the next few years; markets to address, investments to make, products to grow, territories to compete in, alliances and partnerships, etc. According to Steven Rindner , a good strategy is clear, simple, credible, fascinating and reflects the characteristic features of the business. Whilst strategies may finish up looking the same, the culture and the brands of the organizations will be diverse.
Business strategies thrive only when they are formulated and well-developed, well communicated to the whole personnel, business functions are associated to the corporate strategic objectives, incentives are adjacent to individuals’ performance, and most significantly when the leadership is involved in the strategy formulation and implementation process.