How can you find the one strategy you need now from the different types of business strategies? The word ‘strategy’ seems to have many uses and meanings, causing confusion. You read about strategy, strategic planning, strategic growth, strategic acquisitions, strategic hires. Are they just variations on the one concept of strategy or are they truly different types of business strategies?
There are four different types of business strategies: 1) growth, 2)stability, 3)retrenchment and 4) combination. At any given time, a company is pursuing one of these. Over time a company may pursue a sequence of strategies, such as growth, which then leads to combination (acquisition or sale). Or the current strategy may be stability which provides a foundation for growth. Or retrenchment leads to stability. Within each of these types of business strategy there are specific strategic components.
Extreme clarity about a company’s current strategy is critical for success. We urge you to achieve clarity with these questions:
• What are the company’s 1 year goals in terms of profit, market share, cash and growth? Two year goals? Does it make sense to think beyond this? In industries with heavy infrastructure, longer term goals are necessary. In many services and IP-based industries, 1-2 years out is the right time frame.
• What does that success look like? Organization, revenue and margin, cash on hand, customer/client profile, sales cycle, service? We describe the ideal in each of these areas.
• What do we have to have in order to achieve that success? You’ll compare the current state in each area to the goal and describe and identify what is needed to fill the gaps.
Then the company creates the plan to achieve the goals.
Trivers Consulting Group works with owners to articulate their current needs and goals, identify which current strategy is applicable, and then helps the owner and executive team answer the questions. We’ll work together to create the plan. When desired, we will work with the company on implementation. Your company deserves a customized approach and support that fits and that’s what we offer. No exceptions. Schedule a complimentary Discovery call: 703-801-0345.