A Good Business Strategy
Your business strategy provides the basis and framework for your marketing strategy. Before you do a deep dive into marketing strategy, your business strategy has to be well-defined and understood throughout your organization.
Having clear objectives is critical. The Collis Model1 clarifies and focuses the work that you need to do in developing a business strategy. When you think about it, it’s fairly definitive. This model allows an organization, or even an individual, to only spend their time and effort on what’s important—objective, scope, and advantage. It gets rid of the peripheral “nonsense” in which businesses get caught up and which causes them to lose both effectiveness and efficiency.
- The objective should specific, measurable, and time-bound.
- The scope defines the boundaries of where you will focus your resources.
- The advantage is the power of an effective value proposition that has advantages over your competition.
Mapping out the elements of your strategy and the framework for its execution is the ideal connection between the strategy and the work of the organization. It is the foundation of a strategy-focused organization where there are only a few vital performance drivers. Everyone’s work is aligned with the critical success factors—the things that must be done in order to achieve an objective.