When To Change Strategy
The ability to modify strategy at the right time can literally save or destroy a business. This episode, we hear from our special dead guest, Rod Serling, and his narration of The StrategyLight Zone. We’ll review a checklist of five moments when it’s critical to reevaluate your strategy, how to look for evolution in customer needs, the distinction between strategy and tactics, and what we can learn from Chipotle on increasing the perceived value of a product or brand. You’ll also learn about the five steps to a solid strategy process.
What You’ll Hear In this Episode:
- Research published in the Harvard Business Review showed that 43% of managers couldn’t state their own strategy and 67% of managers believe their organization is bad at developing strategy. Both of these dismal numbers may be in part due to the fact that only 19% of managers say their companies have a distinct process for developing strategy.
- A checklist of five moments when it’s critical to reevaluate your strategy.
- Goals are what you are trying to achieve and strategy is how you’re going to get there.
- As you accomplish goals and new goals are established, changes in resource allocation are often required to meet them.
- The signs indicating an evolution in customer needs.
- The distinction between strategy and tactics was articulated even as far back as 2500 years ago by Chinese general and philosopher Sun Tzu.
- Expertise in any domain is the result of deliberate practice, not natural born talent.
- How the Contextual Radar tool helps us determine when to change strategy.
“Goals are what you are trying to achieve and strategy is how you’re going to get there.”
“All the men can see the tactics I use to conquer, but what none can see is the strategy out of which great victory is evolved.” Sun Tzu
“The end game of business strategy is to serve customers’ needs in a more profitable way than the competition.”
“Your organization’s success or failure is a composite of your managers’ strategies and the strategic thinking skills used to develop those strategies.”
“Competitive advantage is not about beating the competition. Its intent is to create superior value versus rivals.”
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