I recently gave 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 one that would help the students on their career paths.
While explaining the virtues and tools of business strategy and management consulting to a group of MBA students might be like explaining what a hammer is to a carpenter apprentice, I wanted to share my thoughts on why it is becoming a cornerstone for all organizations to grow and succeed. How can you continue to grow and provide the best solutions, if you don't understand current issues and trends in the marketplace that might affect your industry, organization, networks, and customers?
Global economies are rapidly changing, and so too is the speed of innovation and technology development. Whichever companies can harness and implement those changes the fastest, will create an advantage in marketshare which may 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 on both 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 and your team need to be willing and prepared to adapt to changes that are in line with your organizational goals. If you don't have any organizational goals yet, it's not too late to get started!
Learn to lead the strategic planning process with our complete starter kit: