We believe the Management Fixes are common and typical so every description is created and adapted from articles, blog posts and definitions from other sources and authors.
This week’s MngtFix is…
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This week’s “Company Strategy Definition” is a sure solution for many organizational problems.
By definition, company or business strategy is a combination of all the decisions and actions performed by the business to accomplish the business goals and to secure a competitive position in the market.
(Extracted and adapted from https://www.feedough.com/business-strategy-definition-levels-examples/#What-Is-Business-Strategy)
A company strategy is a master plan that the management of a company implements to secure a competitive position in the market, carry on its operations, please customers and achieve the desired ends of the business like:
- Achieving effectiveness,
- Perceiving and utilizing opportunities,
- Mobilizing resources,
- Securing an advantageous position,
- Meeting challenges and threats,
- Directing efforts and behavior and
- Gaining command over the situation.
(Extracted and adapted from https://businessjargons.com/business-strategy.html)
Some of the reasons why having a strategy is important are:
- Serve as Guide
- Identify Trends
- Vision and direction for the whole organization
- Competitive Advantage
(Extracted and adapted from https://evolve.ie/q-and-a/business-strategy-important/)
Without the strategy, a path to achieving goals is not clearly defined, and the business will hit roadblocks without any immediate solutions to move forward.
(Extracted and adapted from https://smallbusiness.chron.com/importance-business-strategies-4630.html)
This MngtFix has been mentioned with many MngtBugs such as…
“Lack of Management Support”,
“Lack of a Strategic Overview”,
“Lack of Sales”,
and of course “Lack of Company Strategy”!
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Human Managers should be open to being inspired and inspire others!