Are You a Master Strategist? Test Your Strategic Skills with This Quiz

Do you see yourself as a strategic genius? Think again. Only three out of ten small business owners truly grasp strategic skills. This implies that many entrepreneurs could miss crucial growth and scaling opportunities.

Surprised? Don’t be!

Developing strategic skills is a challenge for many small business owners. The constant juggling of daily operations, customer service, and financial management often leaves little time for long-term planning and strategic thinking. This lack of time and focus ultimately hinders growth and innovation.

Enhancing your strategic skills, however, opens up a world of possibilities, such as:

• Identifying emerging trends to strengthen your business and stay ahead.
• Establishing a clear direction with a well-developed roadmap to align everyone towards the same outcome.
• Making smart business decisions based on sound principles to navigate challenges effectively.
• Allocating resources wisely ensures time, money, and effort are directed where they have the most impact.
• Improving marketplace positioning for easier growth and sustainable success.

Ready to see how strategic you really are? Rick Horwath, best-selling author on strategy, has created a quick quiz to test your vital skills. Are you up for the challenge? (Answers are below—no peeking!)

How Are Your Strategic Skills?

1. At the heart of the business strategy is:
   
   1. The intelligent allocation of limited resources.
   2. Distributing resources across all potential growth opportunities.
   3. Working to be better and faster than the competition.
2. Successful business strategy is about:
   
   1. Being better than the competition.
   2. Having the “right people on the bus.”
   3. Providing differentiated value to customers.
3. The three disciplines of strategy are:
   
   1. People, strategy, and process.
   2. Customer focus, service, and product leadership.
   3. Acumen, allocation, and action.
4. An objective is:
   
   1. The current purpose of the organization.
   2. The general outcome you’re trying to achieve.
   3. The specific outcome you’re trying to achieve.
5. A goal is:
   
   1. The specific outcome you’re trying to achieve.
   2. The future purpose of the organization.
   3. The general outcome you’re trying to achieve.
6. Goals and objectives represent:
   
   1. How you will achieve your mission and vision.
   2. What you are trying to achieve.
   3. The tactical means of achieving business success.
7. Strategy and tactics represent:
   
   1. How you will achieve your goals and objectives.
   2. Long and short-term goals.
   3. A balanced scorecard indicating business performance.
8. Strategic thinking can be defined as:
   
   1. The annual process for creating a strategic plan.
   2. The ability to generate business insights continually.
   3. Using SWOT Analysis to identify opportunities and threats.
9. An effective strategy depends as much on:
   
   1. Tactics as it does goals and objectives.
   2. The economy as it does on your core competencies.
   3. What you choose not to do as it does on what you choose to do.
10. Good strategy requires managers to:
    
    1. Not be all things to all people.
    2. Serve as many customers as possible.
    3. Develop an exit strategy for the business.

So, how did you do? (Answers at the end)

Ready to Achieve More?

Being strategic involves consequences. It means achieving what you’ve never achieved before. It involves careful planning, foresight, and a deep understanding of your goals and resources. And it most often involves giving something up to obtain something better.

Take these insights to heart and transform how you approach your business strategy. By doing so, you can identify new opportunities, mitigate risks, and ensure sustainable growth for your organization.