The Power of the Right Business Strategy
Highlights by David Willden
Our passion is to learn and share important strategy lessons. While a single blueprint for strategy success does not exist, you can gain great insight by reviewing cases and finding patterns and themes of what works and what does not.
A business strategy is the “how” a business intends to achieve their desired outcomes. The right strategy helped Apple, Google, Southwest Airlines, Amazon and others to become the most admired companies. The wrong strategies have put countless large and small companies “out of business.” Doing the due diligence needed to find and implement the right business strategy is vital in today’s growing competitive world.
While a single blueprint for strategy success does not exist, you can gain great insight by reviewing cases and finding patterns and themes of what works and what does not. Keys to finding the right answer is to ask the right questions, and to identify patterns, connections and themes. Start by asking the question “how.” You will need to ask this question several times to get to the core answers. For instance, we might start by asking the broad question of how some of the most “admired companies” are successful:
As you repeatedly ask the “how” question, look for connections, patterns and themes of what works and what doesn’t. Look both broadly (e.g., across businesses) and deeply (e.g., within your industry or business). Connections are relationships between two or more variables, ideas, people, events, etc. They help you to find and understand “cause and effect.” Patterns are approaches or models that can be used repeatedly as guides to help you succeed. 3M’s product development process might be an example. Themes are broad, recurring lessons. For instance, a theme that Jim Collins found was that all of the companies that went from good to great, had “level 5 leaders.”
1. Develop a deep hunger to learn and grow in business strategy
2. Resarch broadly and deeply
3. Continually ask key questions and think For example, as you read and learn you may want to ask yourself:
4. Capture and reviewe the essence of what your learn, helps you to think