Back to basics with strategy

Monday, 11 July 2022 00:00 - - {{hitsCtrl.values.hits}}

Members Opinions

By Thushan Perera

This is perhaps the one of the most important components in any business to achieve its objective. Strategy is somewhat broad-based; therefore, one needs to emphasise its importance and relevance in the normal context and certainly in the situation we are in now.

It evolves around three important questions as to where we are now... Where do we wish to go…? And finally, how are we to get there...

The first question must relate to evaluating the market and industry conditions, secondly naturally relates to the vision and mission of the organisation, and thereby create and execute a strategy that would assist the organisation achieve its vision. The importance of developing a strategy in any organisation is the basic principle of the business in a competitive environment, and the right formula for improving performance.

One can easily draw a parallel of organisations developing strategies as indeed in a country! The importance of strategizing, whether in an organisation, sport or country is similar when clear identification is made of the three very relevant questions.

Unlike in the past, strategies can rarely be meant for the long term, as technology and market conditions pose different and difficult challenges at a much faster pace. The road map needs to be both flexible and agile.

In the circumstances, addressing, evaluating and understanding the answers to the three relevant questions would be the “way forward” for success in any organisation.