Do you ever wonder why some companies are successful and better than others? Or why is some difficult to win and other not? Well, if a company wants to stay competitive in the industry, it must create and execute a good and viable strategy.
For example, companies like Amazon have been successful for years because their strategy is firmly tied to their vision. Amazon is known as the largest buyer in the world. Its products and services provide an impeccable experience where people can come to the site, find, discover and shop online.
Strategy is a long-term plan you create for your business to achieve the desired, future state you imagine. Strategy covers the goals of the company, the types of products/services you intend to build, the customers you want to sell and the markets you use to make a profit.
The strategy is good/solid when all of the assumptions you have made at the time of its creation are varified and tested for accuracy, and the decisions made can be presented with clear facts and evidence. It is important to align your strategy with company goals, the type of work your organization performs, and it is consistent with the environment in which you are planning to progress. For example, Google’s vision is to provide the best experience for internet users. This concept is known to the public as Google Search. All the additional/other products and services that Google builds are aligned with the core goals.
A good strategy will help you make good investment decisions, for example, how and where you would like to spend money. It also helps to provide guidelines on project priorities and other activities within your organization. Assigning and optimizing resources and generating profits that produce above average returns.
Izvor: Forbes (2018)