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Do you have a good strategy? These seven tests will help you turn confusion into clarity.

“Keep it simple and don’t get caught up with buzzwords like ‘ecosystems’ and ‘platforms’,” says IMD Professor of Strategy and Marketing Goutam Challagalla.

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From ancient sailors in search of new lands to Elon Musk in pursuit of passenger space travel, the North Star has served as both an inspiration and a guiding light.  

Your company’s North Star should be its strategy – allowing it to deftly navigate the ups and downs of today’s rough economic seas.  

“A good strategy can make or break a company, particularly in times of crisis or disruption,” says Professor Challagalla, who is leading the session “Do you have a good strategy?” at OWP liVe. By asking yourself seven important questions, Challagalla believes you can “cut through the noise” and determine whether your organization’s strategy is sound enough for success.  

Challagalla shares the first two questions in this preview to his OWP liVe session as a head-start on tackling your strategy: 

  1. Do you have a vision or purpose that provides clear direction? 

Determining the right course requires profound thought and careful planning, says Challagalla: “Why is it so hard? Because strategy has become way too complex.” Your organization’s mission, vision, and goals and objectives are the key drivers, so map them clearly and methodically.  

  1. Do you have the right portfolio of businesses to achieve your purpose and goals?  

There is no one answer, but for some companies, a complex, wide-ranging portfolio of businesses can provide the support they need at each step along the way.  

“If you have a definitive answer for these two questions, then you’re ready to move on to questions three through seven,” says Challagalla. 

For a complete look into what makes a stellar strategy, learn more by enrolling in Challagalla’s session “Do you have a good strategy?” at OWP liVe today. 

 

 

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