Those who think winning and success is only a question of good luck might be tempted to take their company for a lottery ticket. True, a successful company has always to deal with a certain level of risk. But within the field of entrepreneurship risk becomes risk management.
Developing and formalizing a strategy is essential and mandatory when risk needs to be transformed into success and not a nightmare. No doubt, developing a formalized strategy provides tangible and indispensible information for optimized risk management such as:
- Knowing
the key success factors in your strategic domain as well as assessing your ability to execute them
- Understanding
your positioning with regard to your competitors
- Analyzing
the environment in which your company evolves and identify the opportunities and traits for your companies growth
- Acting
according to a complete action plan
- Measuring
to which degree your action plans are effective for the development of your strategies
Winning companies systematically and continuously work around these axes, as they know that strategy is indispensible for transforming risk into success.
Developing a strategy can be simple, pragmatic and fast. The SST or Strategy Short Track has been conceived to allow everybody to develop a strategy and action plan. You can download this open source method for free here.
