Benefits of a corporate strategy

There are successful businesses that exist today which have a strategy or strategic plan, and many which don’t.

Is it any wonder why most start up businesses fail within the first three years? Or why prominent companies and brands which do not innovate, leverage opportunities, predict threats or adapt – could potentially die. A success story could be Apple. A story of surprising failure is Kodac.

Does having a strategy or strategic plan make a difference?

Here are some important benefits of having a strategy:

  1. Gives direction
  2. Imagine new realities, and not remain content with past success or bemoaning past failures
  3. We have vision and this generates motivation
  4. We find it helpful to lead others, and manage resources
  5. We get others on board and contributing
  6. We get focused on implementation and measurements
  7. We define success clearly
  8. We get out of our comfort zone; we become dissatisfied the status quo
  9. No more running on the tread mill. Same actions, same results
  10. We have competitive advantage

With a strategic plan, you get to make informed and better decisions about your company future. Consider this popular and thoughtful poem below:

The Road Not Taken

Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;

Then took the other, as just as fair,
And having perhaps the better claim
Because it was grassy and wanted wear,
Though as for that the passing there
Had worn them really about the same,

And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads on to way
I doubted if I should ever come back.

I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I,
I took the one less traveled by,
And that has made all the difference.

– Robert Frost
Anil Salick

Anil Salick

Strategist, Facilitator, Coach, Writer. Shares about inspiration, leadership, critical thinking, fun, sports and current events.