Business & Leadership Insights
Our latest thinking on the issues that matter most in organisations.
Netflix is famous for being one of the most significant case studies for a successful business model transformation. Netflix originally began as a mail-based rental business through a subscription-based system that specifically focused on selling DVDs.
However, with the decline of the VHS in the early 2000s and the eventual decline of DVDs in the 2010s, sales for Netflix had started going toward a downward spiral.
A corporate strategy is essentially the playbook of a company. It not only defines the strategic goals, it outlines the way in which an organisation achieves those goals. Without this roadmap, organisations can stumble around in the dark.
Each corporate strategy will contain key corporate strategic components that can be referred back to at each juncture: what is our vision, what are our objectives, what do we need to invest in to make this happen, what areas need to be prioritised above others. A well thought out plan will guide an organisation through significant periods – good and bad – and give it the tools to measure its success.
In the past most organisations took a highly structured approach to strategy development known as strategic planning which involved an annual process of putting plans in place for the coming year and beyond.
However, in today’s complex and turbulent business environment, it is impossible to plan for every eventuality and strategy making needs to be a more flexible and dynamic process which reflects a way of thinking strategically about the business and the environment in which it operates. Organisations that fail to think strategically will be vulnerable to threats and ill-prepared to take advantage of fresh opportunities. A flexible but focused approach will put organisations in a better position to deal with setbacks and to respond to new opportunities as they emerge.
Strategy execution refers to the implementation of a strategic plan developed by an organisation or business in an attempt or effort to achieve organisational goals. It entails daily structures, operational objectives and systems that set up for success individuals entrusted with specific duties in an organisation. Without the proper strategy execution, an organisational strategic plan can fail. Therefore, it is an important way for an organisation to execute its strategic objectives.
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