The 15-Minute Guide to Strategy for Small to Medium Enterprises

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The 15-Minute Guide to Strategy for Small to Medium Enterprises (SMEs)

INTRODUCTION
What is a ‘Strategy’ and why would you need it?
Well, Lewis Carroll in “Alice in Wonderland” makes a good case for it as this quote shows:-

“Would you tell me, please, which way I ought to go from here?” said Alice.
That depends a good deal on where you want to get to,” said the Cat.
“I don’t much care where….” said Alice.
“Then it doesn’t matter which way you go,” said the Cat

So, like Alice, without a strategy or strategic framework to guide decision making, then an organisation can drift aimlessly, just surviving and making little profit.
A strategy helps you determine the future direction of your business, and your current and future position in the marketplace.
The concept of strategy is often confused with operational excellence when a ‘strategy’ is seen as focusing on just delivering goods or services to the customer on-time and at the least cost. Whilst that is no bad thing it is not a strategy.

In this short publication we will clarify the meaning of strategy, understand why it is important, and look at some strategic planning activities and worked examples.

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The 15-Minute Guide to Strategy for Small to Medium Enterprises (SMEs)

CONTENTS
1. INTRODUCTION
2. STRATEGY DEFINED
2.1 STRATEGIC PLANS & BUSINESS PLANS COMPARED
3. WHY IS STRATEGY IMPORTANT?
4. WHAT DOES IT LOOK LIKE?
4.1 WHAT IS A VISION STATEMENT?
4.2 WHAT IS A MISSION STATEMENT?
5. CREATING VISION AND MISSION STATEMENTS
5.1 THE MISSION STATEMENT
5.2 THE VISION STATEMENT
6. STRATEGIC PLANNING
6.1 PESTLE ANALYSIS
6.2 PORTER’S 5 FORCES
6.3 TRANSLATING STRATEGY INTO ACTION
6.4 DEVELOPING THE STRATEGIC PLANS
6.5 STRATEGY MAPS
6.6 EXAMPLES OF OBJECTIVES, TARGETS, MEASURES, INITIATIVES
6.7 MAKING STRATEGY ‘COME ALIVE’
6.8 SCORECARDS
7. SUMMARY
7.1 SUMMARISING THE PROCESS
8. ABOUT THE AUTHOR

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