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Strategy is one of the most used words in Business-Startups-Entrepreneurship. Well, it is one of the most important too.
The word Strategy has it's own history attached with it. It was most used in Wars. The strategy to win the war. Isn't Business-Startups-Entrepreneurship one type of war where a group of people come into one community which we call as Industry, to prove their products and services as the best. Definitely helping people solve their real life problem is one of the agenda, but to really survive in the industry with profits, you always devise a competitive & sustainable strategy.
A set of questions before you read further:
1. Does your Business-Startup-Entrepreneurship has a strategy?
2. Do you really know the strategy?
3. Does your strategy have a strategy map?
4. Is your current strategy competitive enough and sustainable?
Further, once you have the answers ready for the above questions, map all the answers with the profits you are earning. If your position is not a profit position, it is a clear sign that your Strategy needs a Strategy.
Your business strategy is in direct align with the profit position of your business. If the profit position is negative then it is important to check the business strategy.
So, allow me to share some facts here, most of the people who use the word Strategy actually do not know what exactly it means. Strategy word has been generalised and now is being used as general term while communicating. Whereas Strategy is so wide and such a sophisticated term in it's own that it has it's own framework, structure, identity and meaning which will actually help you turnaround your business not just operationally but financially too.
The way I see it is Strategy Design - Strategic Choices - Strategy Execution - Strategic Operations - Strategic Profits.
"Strategy is a Choice, Choice which will help you churn or burn profits"
- Rohan Arote