{"id":5220,"date":"2021-12-05T22:52:31","date_gmt":"2021-12-06T03:52:31","guid":{"rendered":"http:\/\/mariusbill.com\/?p=5220"},"modified":"2021-12-05T22:52:31","modified_gmt":"2021-12-06T03:52:31","slug":"business-mastery-for-entrepreneurs-part-22-what-is-the-best-strategy-for-your-business-tool-xv-strategy-palette","status":"publish","type":"post","link":"https:\/\/mariusbill.com\/de\/business-mastery-for-entrepreneurs-part-22-what-is-the-best-strategy-for-your-business-tool-xv-strategy-palette\/","title":{"rendered":"Business Mastery for Entrepreneurs \u2013 Part 22: What is the Best Strategy for Your Business? \u2013 Tool XV \u2013 Strategy Palette"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong><b><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-5221 alignleft\" src=\"http:\/\/mariusbill.com\/wp-content\/uploads\/2021\/12\/Blog-Post-29-Business-Mastery-Tool-XV-final-300x168.jpeg\" alt=\"\" width=\"521\" height=\"292\" \/><\/b><span style=\"font-size: 14pt; color: #00ccff;\"><span style=\"font-family: arial, helvetica, sans-serif;\">What <\/span><span style=\"font-family: arial, helvetica, sans-serif;\">is the best strategy to build and maintain a successful company?<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">The answer depends on your industry and environment and usually consist of more than just one approach.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">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.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">In today\u2019s blog post, I\u00b4m going to share the <strong>strategy palette <\/strong>created by Martin Reeves and his co-authors\u00b9 and explore how you can use the strategy palette to your advantage. I highly recommend reading their book. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">Overview<\/span><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">\u21d2 What is a strategy?<\/span><\/strong><\/li>\n<li><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">\u21d2 Why do we need a business strategy?<\/span><\/strong><\/li>\n<li><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">\u21d2 What are the different strategies?<\/span><\/strong><\/li>\n<li><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">\u21d2 <span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">How successful is your current strategy?<\/span><\/span><\/strong><\/li>\n<li><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">\u21d2 What is the strategy palette?<\/span><\/strong><\/li>\n<li><span style=\"color: #00ccff;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">\u21d2 How can you use the strategy palette to your advantage?<\/span><\/span><\/strong><\/span><\/li>\n<li><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">\u21d2 Summary<\/span><\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">What is a strategy?<\/span><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">A strategy is at the core <strong>problem solving and helps<\/strong><\/span><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">\u00a0to create <strong>successful business outcomes<\/strong>.<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">We usually associate it with a<\/span><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">nalyzing the situation, setting goals and creating milestones to get there. <\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">If you use the right strategy you will be able to create one success after another for your company.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">Why do we need a business strategy?<\/span><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">The main reason is that the business environment is changing faster than ever before and has become more uncertain and dynamic. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">That\u00b4s why it has never been more important to choose the right approach to strategy. <\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">What are the different strategies?<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">Martin Reeves identified five different strategies based on five environments. <\/span><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">E<\/span><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">ach environment corresponds to a distinct archetypal approach to strategy:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><strong>Predictable classical environments<\/strong> are based on position and advantage.\u00a0<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><strong>Adaptive environment<\/strong>s require continuous experimentation.<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><strong>Visionary environments<\/strong>, the company creates a new market or disrupts an existing one.<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><strong>Shaping environments<\/strong>, company can collaboratively shape an industry to their advantage.<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><strong>Renewal environments,<\/strong> a company needs to first conserve and free up resources to ensure long-term prosperity.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">How successful is your current strategy?<\/span><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Start by assessing your current situation. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">On a scale from 1-10 how successful is your strategy? <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Is it below an 8, what could you change? <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">The strategy palette will give you some ideas how you could change and adjust.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">What is the strategy palette?<\/span><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">It consists of five approaches to strategy which can be applied to different parts of your business.<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">Any business goes through a life cycle and each stage requires a different approach.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">How can you use the strategy palette to your advantage?<\/span><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">Step #1: Assess<\/span><\/strong>\n<ul>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">You need to assess your business environment. <\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">What environment are you in?<\/span><\/li>\n<\/ul>\n<\/li>\n<li><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">Step #2: Match and Apply<\/span><\/strong>\n<ul>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">You need to match and apply the appropriate strategy.<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">What is the best strategy for your company to create sustainable success?<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">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!<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">Summary<\/span><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><strong>Key Point #1<\/strong>: Strategy is problem solving and all about creating successful business outcomes.\u00a0<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><strong>Key Point #2: <\/strong><\/span><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">The strategy palette<\/span><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"> consists of five approaches to strategy.\u00a0<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><strong>Key Point #3:<\/strong> The palette helps leaders effectively combine multiple approaches to strategy across different business units, geographies, and stages of a firm\u2019s life cycle.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">Supporting you<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">I\u00b4m available to support you by re-imagine your business and propel it to the next level. The<strong><b> strategy palette<\/b><\/strong> will help you to find the right strategy or strategies to be successful.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>Contact me for a complimentary 30-minute strategy session:<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/nextlevelcoach.as.me\/schedule.php\"><u>https:\/\/nextlevelcoach.as.me\/schedule.php<\/u><\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Coming up next month<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">In my next blog post, I\u00b4ll share when to use the classical approach to strategy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Stay tuned!<\/span><\/p>\n<p>\u00b9 <span style=\"color: #000000;\">Martin Reeves, Knut Haanes, Janme Jaya Sinha, \u201cYour strategy needs a strategy, how to choose and execute \u00a0the right approach\u201d, Harvard Business Review, 2015.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">#advantages #analysis #approach #blog #blogpost #business #businesscoach #businesscoaching #businessowner #businesses #businessmastery #businessstrategy #change #company #companies #coaching #coach #entrepreneur #entrepreneurship #mindset #mindsetcoach #strategy #strategies #strategyforsuccess #system #success #successful #nextlevel #nextlevel-coach #nextlevelscoach #nextlevelcoaching #nextlevelcoach #marius #mariusbill<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Copyright 2019-2021, Next Level Coach. All rights reserved!<\/b><\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5220","post","type-post","status-publish","format-standard","hentry","category-business"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"de","enabled_languages":["en","de"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"de":{"title":false,"content":false,"excerpt":false}}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/posts\/5220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/comments?post=5220"}],"version-history":[{"count":0,"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/posts\/5220\/revisions"}],"wp:attachment":[{"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/media?parent=5220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/categories?post=5220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/tags?post=5220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}