Strategy, Your Business, and You

Did you realize that there are at least partners who should be running your business? Did you also know that if one of these partners is not included that it could affect your business? Let me introduce you to the three partners: (1) You, (2) Your business, and (3) Your strategy plan.

Image: SXC.hu

Now that you have met all three, let me share with you the importance of having all three doing their part. Let’s start with Strategy. According to Webster.com, the definition of the word “strategy” is “a careful plan or method”. This can be applied to the partnership as the key components that helps give your business direction and processes. Just as in chess when you have to always have a strategy in mind to win, the same is true for managing a business.

The next member of the partnership we will look at is your Business which is a necessity since it would be the cornerstone for the whole partnership. The last member is not the least at all but is the glue that keeps everything together and flowing smoothly which is You. Your purpose in this partnership is to provide the brains, the brawn, and the backing to make sure that all members of the partnership fit together perfectly.

To help you understand the importance of Strategy, I have included an interview video that was developed by Harvard Business School to help you understand the “The Five Competitive Forces That Shape Strategy” which is the brainchild of Michael E. Porter, Professor, Harvard University.