Strategic Planning for Business Success

What is the purpose of a business?

According to management theorist Peter Drucker, the purpose of a business is to create a customer, which can lead to the development of a market and, subsequently, a business.

Consequently, business value and owner wealth are a function of the extent to which management can effectively and consistently achieve customer satisfaction. In order to realize these objectives, management must devise a business strategy.

There are four standard business strategies that have proven viability:

Cost Leadership
Differentiation
Focus and Integration
Blue Ocean Strategy

The guiding principle of each of these strategies is to satisfy the customer by beating competition.

Conversely, Blue Ocean Strategy eliminates the competitive focus in the creation of customer value.

Business strategy is the raison d'etre of the strategic planning process.

Without an effective business strategy, there is minimal opportunity to create a sustainable, valuable enterprise that generates wealth for its owners.

What's your business's strategy?

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Presented by:

Michael A. Mobley is a Founder and Managing Partner of Impetus Solutions, a firm that works with small and medium sized organizations to facilitate growth and value creation for the enterprise. Mike has extensive experience in increasing the profitability and value of large and small businesses, strategic planning, financial planning, analysis, business exit strategies, leadership development, and executive coaching.