Things to consider first when developing a business strategy
When developing a strategy try and reflect on the following questions:
- Suitability – does the strategy close the gap between where the organization stands and where the organization wants to go? Does it really meet the long term strategic objectives of the business?
- Acceptability – is the strategy scceptable by key stakeholders of the organization. A strategy would usually involve a trade off between efficiency, equity, sustainability which needs to be carefully balanced.
- Feasibility – is the strategy feasible given the organization’s available resources?
A strategy which scores high in all of these axis can be pursued with an appropriate plan of action.