Bill Canady argues that strategy is the engine for profitable growth and value creation. A successful strategy answers four questions: where to compete, how to compete, what actions to take, and what resources to allocate. Strategy should be shared across the organization, not locked away as a secret document.
Today we talk about critical functions of the strategy. The long-term strategy guides profitable growth that will create value above the expectations of all stakeholders, including shareholders, customers, employees, vendors, and the community in which the business operates. Also includes its competitors. A successful strategy will produce value exceeding even their expectations. A competent strategy guides 4 critical choices: where to compete, how to compete, the actions that must be taken to execute the strategy, and number 4, the investments and allocation of resources which to use to execute the strategy. The strategy is not a secret document. It's not a 5-year constitution subject to yearly amendments, and it's meant to be central to the organization and shared by its leadership across the organization. It's a product of collaboration among the company's leaders and thus represents the shared senior view of how the company will go forward and earn the right to grow and win within the marketplace.
