Listen now to this episode on Inside LaunchStreet:
Good strategy, bad strategy, and where to begin with creating a strategy
Strategy — it’s one of those big words that gets thrown around a lot, but everyone has a different idea of what it means. Even more importantly, strategy is something that a lot of us get wrong. Personally and professionally, we often set goals and objectives — a strategy is what helps us get there. The challenge most of us face is that we are approaching strategy in a way that takes us further from our goals and objectives. So where do we begin creating a strategy?
Derrick Kuhn, serial entrepreneur and owner of Brillity Digital, a digital marketing and business strategy company, joins me on the first of this two-part series to do a deep dive into strategy. We deconstruct what makes strategy good or bad, and the types of people you need at the head of a strategy to implement it. The thing is, strategy is not about achieving a broad objective. It’s about painting a path forward that has methodology and an action plan that can be identified and prioritized to get to the objective.
Missed growth and lost opportunities are the results of bad strategy. Derrick and I explore why it’s so important to take into consideration the dynamics of the marketplace when creating a strategy, and why a strategy that has worked in the past may not be suitable to move forward. Ultimately, we need to diagnose before building strategy; how do we figure out what the right things are to be thinking about? Derrick shares some insight on that, as well as some of the fundamental issues in the business that could optimize and/or hinder its ability to get to the next level.
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