Bosses fail for many different reasons. Some are just unlucky. Some are sunk by their lack of ambition. Many settle for muddling along rather than going all out for victory means that a company “will inevitably fail to make the tough choices and the significant investments that would make winning even a remote possibility.” Many are brought down by making a strategic error.
A good strategy has five components all designed to shorten the odds of success by helping managers make the right choices. The first two are closely intertwined: figuring out what winning looks like and which markets to play in when seeking that victory. The next component is figuring out how to win—the company’s distinctive strategy in any market it is trying to dominate. This in turn will be heavily influenced by the fourth and fifth components: identifying, and playing to, the company’s unique strengths relative to its competitors, and identifying those things that need to be managed for the strategy to succeed. The mirror image of the fifth component is deciding what not to manage.
PetroKnowledge’s highly-anticipated training course titled “Strategic Thinking, Analysis and Planning: Mapping-out Your Best Possible Direction” ensures that delegates are focused on the most important questions – remember: “no strategy lasts forever”. This course will be held in London, two exciting places to visit and stay.