Business Mastery for Entrepreneurs – Part 22: What is the Best Strategy for Your Business? – Tool XV – Strategy Palette

What is the best strategy to build and maintain a successful company?

The answer depends on your industry and environment and usually consist of more than just one approach.

Depending on your needs you might want to adopt different strategies to be able to respond to changes in your industry and environment fast enough to maintain your success.

In today’s blog post, I´m going to share the strategy palette created by Martin Reeves and his co-authors¹ and explore how you can use the strategy palette to your advantage. I highly recommend reading their book.

Overview

⇒ What is a strategy?
⇒ Why do we need a business strategy?
⇒ What are the different strategies?
⇒ How successful is your current strategy?
⇒ What is the strategy palette?
⇒ How can you use the strategy palette to your advantage?
⇒ Summary

What is a strategy?

A strategy is at the core problem solving and helps to create successful business outcomes.
We usually associate it with analyzing the situation, setting goals and creating milestones to get there.
If you use the right strategy you will be able to create one success after another for your company.

Why do we need a business strategy?

The main reason is that the business environment is changing faster than ever before and has become more uncertain and dynamic.
That´s why it has never been more important to choose the right approach to strategy.

What are the different strategies?

Martin Reeves identified five different strategies based on five environments. Each environment corresponds to a distinct archetypal approach to strategy:

Predictable classical environments are based on position and advantage.
Adaptive environments require continuous experimentation.
Visionary environments, the company creates a new market or disrupts an existing one.
Shaping environments, company can collaboratively shape an industry to their advantage.
Renewal environments, a company needs to first conserve and free up resources to ensure long-term prosperity.

How successful is your current strategy?

Start by assessing your current situation.
On a scale from 1-10 how successful is your strategy?
Is it below an 8, what could you change?
The strategy palette will give you some ideas how you could change and adjust.

What is the strategy palette?

It consists of five approaches to strategy which can be applied to different parts of your business.
Any business goes through a life cycle and each stage requires a different approach.

How can you use the strategy palette to your advantage?

Step #1: Assess
- You need to assess your business environment.
- What environment are you in?
Step #2: Match and Apply
- You need to match and apply the appropriate strategy.
- What is the best strategy for your company to create sustainable success?

When you assess your environment thoroughly, you will gain the information and insights to be able to make the necessary changes and match and apply the right strategy. It will catapult you ahead of your competition!

Summary

Key Point #1: Strategy is problem solving and all about creating successful business outcomes.
Key Point #2: The strategy palette consists of five approaches to strategy.
Key Point #3: The palette helps leaders effectively combine multiple approaches to strategy across different business units, geographies, and stages of a firm’s life cycle.

Supporting you

I´m available to support you by re-imagine your business and propel it to the next level. The strategy palette will help you to find the right strategy or strategies to be successful.

Contact me for a complimentary 30-minute strategy session:

https://nextlevelcoach.as.me/schedule.php

Coming up next month

In my next blog post, I´ll share when to use the classical approach to strategy.

Stay tuned!

¹ Martin Reeves, Knut Haanes, Janme Jaya Sinha, “Your strategy needs a strategy, how to choose and execute the right approach”, Harvard Business Review, 2015.

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