This afternoon I'll be doing a talk to 35 MBA students about the value of business strategy.
I was asked to speak on a subject that I thought would be relevant, and would help the students on their career paths.
While I realize that explaining the virtues and tools of business strategy and management consulting would be like explaining what a hammer is to a carpenter; I wanted to share my thoughts on why it's going to become ( as it has begun to already) a cornerstone for all businesses.
In business, selling yourself and your education is one thing.
Being able to sell yourself, ( or your product) as a solution to someone elses problem is another.
How can you know what solution you provide, if you dont understand the problems a company is, and will be facing.
Mr Fenech explains how organizations will be more concerned with creating, managing and adapting to changes versus managing their "business as usual".
Global economies are rapidly changing, so too is the speed of innovation and technology development.
Whichever company can harness and implement those changes the fastest, will create an advantage in marketshare which will be hard for competitors to re- capture.
As businesses realize that their organizational goals encompass more than profits and resource management, they will become more concerned with the triple bottom line, underlying societal problems, and other targets contributing to their "raison d'etre"
Why is business strategy becoming more valuable in the marketplace?
Skills used to manage these organizations and creating the direction for the future will require management teams who understand how the business strategy and vision ties into the long term success of the firm.
If you are going to run a successful organization in the future, you need to understand what's going within, and beyond your competitive environment.
You need to be quick to adapt to these shifts and changes by creating organizational structures that support all levels of your organization to implement changes that align with your strategic goals .
To implement a successful business strategy you need to be willing and prepared to adapt to changes that are inline with your organizational goals.
If you dont have any organizational goals yet, maybe its about time that you got yourself a business strategist, or check out our complete strategic planning toolkit.
Without a clear business strategy: How will you know where you business is going ? How do you know what you need to do to get there?