“By deliberately seeing (new) ways to more effectively reach a broader range of customers, (businesses like)…IBM have seen significant bottom-line results” – David Thomas, Professor of Business Administration, The Harvard Business School.
It may be important to begin with a clarification of terms: What actually does ‘business strategy’ mean? What are its essential components that make it ‘tick’ and remain sustainable? Indeed, how are the ‘components’ intertwined with strategic diversity, thus ensuring the continuity of the ‘ticking process’ leading to business growth and sustainability?
There are a range of suggested ‘components’ put forward by a number of business professionals, entrepreneurs and academics, all of which are arguably key to ensuring sustainability, however I feel that those suggested by Ian Heller, and which I have adapted below, are very pertinent. Heller suggests five components of business strategy – I have added a sixth: Continue reading