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Business Strategy


24 Minute CIO

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Unit Video

Unit Summary

This course will provide you with 3 key considerations to setup a Strategy:
  • Define your mission as a business.
  • Identify a few goals for the coming 1 to 3 years
  • Break up the goals and set monthly key performance indicators (KPIs)

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In this video we will learn the essential aspects of setting up a strategy for your business. A solid Strategy helps a business focus the energy of its staff and make use of its resources to ensure long term success and growth. Without a good strategy companies loose focus and end up failing in the long run. To setup a strategy, you need to keep in mind 3 key considerations:
  • Define your mission as a business. What do you do, how do you do it and for whom do you do it? The key here is to determine what sets you apart from the competition
  • Identify a few goals for the coming 1 to 3 years that if met, would ensure that you are delivering the right services to the right clients and are maintaining a healthy business
  • Break up the goals and set monthly key performance indicators (KPIs) that you need to track and cascade to each department and employee so everyone is clear about how they contribute to the overall goals.
By following these 3 key considerations and continuously tracking progress of the KPIs across departments and individuals, you can ensure that you would be on your way to reaching your goals and fulfilling your mission. Remember, what gets measured gets done!
In this video we will learn the essential aspects of setting up a strategy for your business. A solid Strategy helps a business focus the energy of its staff and make use of its resources to ensure long term success and growth. Without a good strategy companies loose focus and end up failing in the long run. To setup a strategy, you need to keep in mind 3 key considerations:
  • Define your mission as a business. What do you do, how do you do it and for whom do you do it? The key here is to determine what sets you apart from the competition
  • Identify a few goals for the coming 1 to 3 years that if met, would ensure that you are delivering the right services to the right clients and are maintaining a healthy business
  • Break up the goals and set monthly key performance indicators (KPIs) that you need to track and cascade to each department and employee so everyone is clear about how they contribute to the overall goals.
By following these 3 key considerations and continuously tracking progress of the KPIs across departments and individuals, you can ensure that you would be on your way to reaching your goals and fulfilling your mission. Remember, what gets measured gets done!

John is heading a consulting services business and wants to create a new strategy for the organization to guide it for the next 3 years and align his team. Being a consulting business, they get requested to do many different kinds of tasks, but in order to grow, John knows that they need to focus. He then identifies that his strategy is to focus on the areas of customer service improvement where the company has had good successes and in-house expertise.
Mission: Our company helps organizations improve their customer service to increase loyalty, repeat business and long-term sustainability of businesses.
Goals: 1- Be positioned as a leader in this space by getting publicity for our work. 2- Coming up with a proprietary framework for our services. 3- Win projects from the best brands in the industry.

The biggest risk is not taking any risk… In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks. Mark Zuckerberg