Strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfulling stakeovers expectations*.
STRATEGIC DECISIONS ARE ABOUT :
- The long term direction of an organisation
- The scope of an organisation’s activities
- Gaining advantage over competitors
- Addressing changes in the business environment
- Building on resources and competences
- Values and expectations of stakeholders
THEREFORE THEY ARE LIKELY TO :
- Be complex in nature
- Be made in situations of uncertainty
- Affect operational decisions
- Require an integrated approach
- Involve considerable change
THE 10 COMMANDMENTS WHEN IT COMES TO CORPORATE STRATEGY :
- YOU MISS 100% OF THE SHOTS YOU NEVER TAKE.
- BETTER TO ASK TWICE THAN TO LOSE YOUR WAY ONCE.
- YOU NEVER GO WRONG DOING THE RIGHT THING.
- DON’T BLAME OTHERS FOR YOUR ERRORS. IF YOU ARE RESPONSIBLE, TAKE THE HIT.
- GET THE WHOLE STORY BEFORE MAKING A DECISION.
- AVOID SHORTCUTS. THEY ALWAYS TAKE TOO MUCH TIME IN THE LONG RUN.
- KNOW WHEN TO CUT YOUR LOSSES AND MOVE ON.
- KNOW WHEN TO HOLD. KNOW WHEN TO FOLD.
- THE BEST TIME TO SELL A HORSE IS BEFORE IT DIES.
- KEEP TO BOTH THE LETTER AND THE SPIRIT OF YOUR AGREEMENTS.
* Gerry Johnson, Kevan Scholes, Richard Whittington.