When starting a new businesses, entrepreneurs go through the myriad of tasks to get done. In my experience around the startups I see that a critical process is overlooked and most importantly never implemented. This is strategy. By strategy I mean more forward and agile looking thought. It’s a little more crafty than a business plan. Your business plan is important in the thought process, but looks more at viability. Strategy is how you are going to accomplish marketing, develops culture and develop brand DNA. It focuses on short term [12 to 18 months] objectives.
I rank strategy as the highest weighing success factor after management. Why? Because when managers execute a well thought out strategy it develops some really cool companies. Companies that I think are really cool that had a great strategy are Chipotle, New Belgium, SmashBurger. If you look at these companies they have strong values, big brand and strong customer loyalty. So how does a start up think about strategy? Read the rest of this entry »