Most businesses have a core strategy that has been very successful in the past and where so much of their capabilities and strengths are centered. Every business also needs to move into adjacent areas just outside the core. These adjacent areas tend to be derived from the core, but hopefully those adjacencies strengthen the core in some way.
In order to add value to any business, you need to have a plan, and at least, renew the corporate strategy every five years, which will allow you to change with the company’s needs and recognize threats. Management should work out an updated strategy, enlist the help of experts, identify the company’s strengths, and help the organization weather the existing problems.
It’s not so much the plan, but it’s all the planning that goes into it. It’s the thinking through the various scenarios and understanding the business and what are the value drivers of the business. Where is value derived? Where is value created? Then it’s deciding what is the core that you want to build on for the future?
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Dickie Aguado, Executive Director – Magna Kultura Foundation
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