Three steps to setting business strategy

10 Mar

winning cover

I recently finished reading former General Electric CEO, Jack Welch’s book Winning. Although much has changed since the book was published in 2005, it still has some great insights.

Regarding strategy, Jack suggests we “ponder less and do more.” This was music to my ears. I don’t like getting bogged down in endless analysis without clear outcomes. Data has its value but too much can be stifling.

Here are Jack’s three steps on developing your strategy:

1. Come up with a big aha for your business — a smart, realistic, relatively fast way to gain sustainable competitive advantage. To find this “aha” try Jack’s “Five Slides” questions.

2. Put the right people in the right jobs to drive the big aha forward.

3. Relentlessly seek out the best practices to achieve your big aha, whether inside or out, adapt them and continually improve them.

Watch for follow-up posts on “The Five Slides.”

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