I'm rereading the book 'Good Strategy, Bad Strategy' again right now.
It's a great book for Entrepreneurs and business owners.
One of the key points is that a good strategy should have a kernel (an underlying thesis or idea) that has three prongs:
- It clearly identifies a core challenge that you need to overcome.
- There is some sort of guiding principle that you can leverage to overcome the challenge
- There are clear action steps that you can take to realise the guiding principle.
Most (bad) strategies are just a series of goals or objectives. They are largely just 'fluff' and buzzwords. Rarely do they define the key problem or challenge in their industry.
Strategies don't have to be bold or grandiose. They might involve downscaling or cutting costs until a new opportunity arises - this was the exact strategy that Steve Jobs executed when he rejoined the (failing) Apple in the late 1990s. He drastically cut their product range, supply chain and distribution. This strategy saved the busines from bankruptcy until he could "find the next big thing..." (and boy did he find it!).
It's a great book. I'm really enjoying it and highly recommend it.
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That book seems like a good option to grow our businesses. It's worth reading to have optional strategies.
Sounds interesting, the title is catchy been a long time I read a book.