We all believe we're pretty good at strategic thinking. Yet, only 3 out of 10 small business owners know how to think, plan, and excecute strategically. Eek!
Refining your strategic skills creates a treasure trove of opportunities for you, including:
- a fresh look at the business environment to identify trends and strengthen business
- establishment of a clear direction — the one you want
- smarter business decisions based on sound principles
- better and wiser allocation of resources
- improved positioning in the marketplace for better (and easier) growth
- ...and many more
How Strategic Are You?
Rick Horwath, best selling author on strategy, provides a quick quiz to test these vital skills. Are you ready for this (Answers are below — no peeking!)?
1. At the heart of business strategy is:
A. The intelligent allocation of limited resources.
B. Distributing resources across all potential growth opportunities.
C. Working to be better and faster than the competition.
2. Successful business strategy is about:
A. Being better than the competition.
B. Having the “right people on the bus.”
C. Providing differentiated value to customers.
3. The three disciplines of strategy are:
A. People, strategy, and process.
B. Customer focus, service, and product leadership.
C. Acumen, allocation, and action.
4. A goal is:
A. The current purpose of the organization.
B. The general outcome you’re trying to achieve.
C. The specific outcome you’re trying to achieve.
5. An objective is:
A. The specific outcome you’re trying to achieve.
B. The future purpose of the organization.
C. The general outcome you’re trying to achieve.
6. Goals and objectives represent:
A. How you will achieve your mission and vision.
B. What you are trying to achieve.
C. The tactical means of achieving business success.
7. Strategy and tactics represent:
A. How you will achieve your goals and objectives.
B. Long and short term goals.
C. A balanced scorecard indicating business performance.
8. Strategic thinking can be defined as:
A. Annual process for creating a strategic plan.
B. The ability to generate business insights on a continual basis.
C. Using SWOT Analysis to identify opportunities and threats.
9. Effective strategy depends just as much on:
A. Tactics as it does goals and objectives.
B. The economy as it does on your core competencies.
C. What you choose not to do as it does on what you choose to do.
10. Good strategy requires managers to:
A. Not be all things to all people.
B. Serve as many customers as possible.
C. Develop an exit strategy for the business.
Sooooo, how did you do?
Ready to Achieve More?
Being strategic means achieving what you've never achieved before.
(Answers: 1.A 2.C 3.C 4.B 5.A 6.B 7.A 8.B 9.C 10.A)