Chris McCall of Touch Business Consulting, in his post What Is Strategy?, tries to answer that question by examining the words of business strategy gurus such as Bruce Henderson, Michael Porter and Peter Drucker. He then goes further and boils the practical approach to corporate strategy development and execution down to answering three fundamental questions:
- What business are we in? This is an examination of your firm’s strategic principles, its core competencies and its business model.
- What business should we be in? This question examines the structure of the industry or industries in which you compete, how your products and services stack up against the competition and what are your available growth strategies.
- How do we get there? In this question, you define how to translate the ‘possible’ into actionable plans, devise a clear path for growth, create an environment for execution and measure results.