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Setting a Business Strategy

Leadership Essentials


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Unit Video

Unit Summary

The 3 essential considerations to keep in mind when putting a strategy are:
  • Define your mission
  • Identify short-term goals
  • Create KPIs

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In this video we will learn the essential aspects of setting up a strategy for your business.
A solid Strategy helps a business focus the energy of its staff and make use of its resources to ensure long term success and growth. Without a good strategy companies loose focus and end up failing on the long run.
To setup a strategy, you need to think about 3 key key considerations:
  • Define your mission as a business. What do you do, how do you do it and for whom do you do it? The key here is to determine what sets you apart from the competition
  • Identify a few goals for the coming 1 to 3 years that if met, would ensure that you are delivering the right services to the right clients and are maintaining a healthy business
  • Break up the goals and set monthly key performance indicators (KPIs) that you need to track and cascade to each department and employee so everyone is clear about how they contribute to the overall goals
By following these 3 key considerations and continuously tracking progress of the KPIs across departments and individuals, you can ensure that you would be on your way to reaching your goals and fulfilling your mission.
Remember, what gets measured gets done!

The biggest risk is not taking any risk… In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks. Mark Zuckerberg