{"id":5476,"date":"2022-03-30T20:20:14","date_gmt":"2022-03-31T01:20:14","guid":{"rendered":"http:\/\/mariusbill.com\/?p=5476"},"modified":"2022-03-30T20:20:14","modified_gmt":"2022-03-31T01:20:14","slug":"business-mastery-for-entrepreneurs-part-25-what-is-the-best-strategy-for-your-business-tool-xviii-renewal-business-strategy","status":"publish","type":"post","link":"https:\/\/mariusbill.com\/de\/business-mastery-for-entrepreneurs-part-25-what-is-the-best-strategy-for-your-business-tool-xviii-renewal-business-strategy\/","title":{"rendered":"Business Mastery for Entrepreneurs \u2013 Part 25: What is the Best Strategy for Your Business? \u2013 Tool XVIII \u2013 Renewal Business Strategy"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-5477 alignleft\" src=\"http:\/\/mariusbill.com\/wp-content\/uploads\/2022\/03\/Blog-Post-32-Tool-XVIII-final-300x169.jpeg\" alt=\"\" width=\"520\" height=\"293\" \/><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">In today\u2019s article I will share\u00a0a brief introduction to the<strong><b>\u00a0renewal\u00a0approach to<\/b><\/strong>\u00a0<strong><b>strategy <\/b><\/strong>and show\u00a0when you should use this strategy.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\">Why do we need a renewal approach to strategy?<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Because we live in a world of faster change, raising the likelihood that a company\u2019s approach to strategy will become mismatched to the changing environment. <\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">It is so important to be vigilant for change. Leaders must ensure that their strategies don\u2019t get out of step with their environment.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">In their book, Your Strategy Needs a Strategy, Martin Reeves and his co-authors,<sup>1<\/sup>\u00a0emphasized the importance of the renewal approach to strategy for business environments that became harsh.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">A great summary of their work can be found in the Harvard Business Review <sup>2<\/sup>\u00a0or in the Boston Consulting Group publications.<sup>3<\/sup><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Overview<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b><strong><b>\u21d2 What is a <\/b><\/strong><strong><b>renewal<\/b><\/strong><strong><b>\u00a0approach to strategy?<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b><strong><b>\u21d2 <\/b><\/strong><strong><b>When is the renewal approach to strategy the right choice for your company? <\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b><\/strong><strong><b><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What are the right steps to create a successful company again?<\/span><\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b><strong><b>\u21d2 Summary<\/b><\/strong><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What is a renewal approach to strategy?<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">The renewal approach helps your company to conserve and free up resources to ensure its viability.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">There are two steps a leader must take to be successful in using the renewal approach:<\/span>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><strong style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\"><b>Step #1: Free up resources<\/b><\/strong><\/li>\n<li style=\"text-align: justify;\"><strong style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\"><b>Step #<\/b><\/strong><strong style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\"><b>2<\/b><\/strong><strong style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\"><b>: <\/b><\/strong><strong style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\"><b>Use one of the other four approaches<\/b><\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">These other approaches will rejuvenate growth and ensure long-term prosperity.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What are the indicators that you should consider the renewal approach?<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">For example, your industry or company<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">displays low or negative growth and is losing money or<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">is subject to restricted access to capital.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>When is the renewal approach to strategy the right choice for your company? <\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">When your company faces harsh circumstances that are caused by<\/span>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">either a mismatch between your companies strategy and its environment, or<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"> because of internal or external shocks.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Such a mismatch can come about, either because<\/span>\n<ul>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">your company chose the wrong strategy or<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">the environment has changed.<\/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: #00ccff;\"><strong><b>What are the right steps to create a successful company again?<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>Step #1: Notice<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b>A company must first notice <b><\/b>and react to the deteriorating environment as early as possible.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>Step #<\/b><\/strong><strong><b>2<\/b><\/strong><strong><b>: <\/b><\/strong><strong><b>Economize<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">The company needs to economize to decisively address its immediate impediments to financial viability or even its very survival.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">To do so, it focuses the business, cuts costs, and preserves capital while also freeing up resources to fund the next part of the renewal journey.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>Step #<\/b><\/strong><strong><b>3<\/b><\/strong><strong><b>: <\/b><\/strong><strong><b>Pivot to Growth<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">The company needs to pivot to one of the four other approaches to strategy to ensure long-term growth and competitiveness, by resetting the strategic direction of the company in line with its environment and innovating strategically.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>The steps are<\/strong>: <\/span>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Defining a new strategic approach<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Investing in the strategic innovation to support and communicating the new strategy.<\/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;\">A successful renewal strategy executes the plan to focus and economize and then pivots to a new strategy for long-term prosperity.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Summary<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b><strong><b>Key Point #1: <\/b><\/strong>A renewal strategy helps to renew the vitality and competitiveness of your company when it is operating in a harsh environment.\u00a0<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b><strong><b>Key Point #2: <\/b><\/strong>For example, s<\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">uch difficult circumstances can be caused by a protracted mismatch between the companies approach to strategy and its environment.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b><strong><b>Key Point #3<\/b><\/strong><strong><b>:<\/b><\/strong><b><\/b>The company needs to act decisively to restore its viability &#8211; economizing by refocusing the business, cutting costs, and preserving capital, while also freeing up resources to fund the next part of the renewal journey.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Supporting you<\/b><\/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> renewal strategy<\/b><\/strong> will support you to rejuvenate your company and ensure long-term success.<\/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 the shaping strategy<strong><b>.<\/b><\/strong><\/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<ol>\n<li>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.<\/li>\n<li>https:\/\/hbr.org\/2015\/06\/navigating-the-dozens-of-different-strategy-options<\/li>\n<li>https:\/\/www.bcg.com\/publications\/collections\/your-strategy-needs-strategy\/classical<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">#blog #blogpost #business #businesscoach #businesscoaching #businessowner #businesses #businessmastery #businessmodel #change #challenge #company #companies #coaching #coach #entrepreneur #entrepreneurship #empower #empowering #leadership #leadershipcoaching #leader #leading #mindset #opportunity #potential #solution #strengths #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 2019-2022, Next Level Coach. All rights reserved!<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>In today\u2019s article I will share\u00a0a brief introduction to the\u00a0renewal\u00a0approach to\u00a0strategy and show\u00a0when you should use this strategy.\u00a0 Why do we need a renewal approach to strategy? Because we live in a world of faster change, raising the likelihood that a company\u2019s approach to strategy will become mismatched to the changing environment. It is so [&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-5476","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":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.9 - aioseo.com -->\n\t<meta name=\"description\" content=\"In today\u2019s article I will share a brief introduction to the renewal approach to strategy and show when you should use this strategy. Why do we need a renewal approach to strategy? 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