The Importance of Strategy in Business Decisions
Transcribed article based on the video above.
Strategy is one of the two most important things in all of your business decisions. The two most important things are strategy and execution. Strategy is the “What are we going to do?” and execution is “How are we going to get it done?”
Taking time up front to make sure that you’re doing the right things, working on the right things is really important and that’s the strategy component. Now one thing you want to pay attention to is that some people jump in and get things done really well but they work on the wrong things. Other people like to talk about strategy and it’s importance but strategy is a function of a result, so strategy for the sake of strategy doesn’t really help the company whatsoever and one without the other, strategy without execution, or execution without strategy, doesn’t build a successful business.
The key is to define what it is you are going to work on and compliment that with really good execution because at the end of the day the value and importance of strategy is to get to a result that is meaningful and impactful for your business.
Jason Nazar is the co-founder and CEO of Docstoc. He’s a frequent author and speaker on small businesses topics. You can read more of his posts here on Docstoc and at his blogJasonnazar.com.