There are three essential elements to a good corporate strategy:
1. Know yourself. You have to know who you are and why your company exists. Everyone needs to be part of a bigger purpose and reason to come to work for you. It’s the DNA of your company. As Shakespeare said, “To thine own self be true.” You can always tell when someone – or some company – is trying to be something they are not.
2. Know your market. Understand why your customers choose to buy from you and what makes you unique. In today’s market, they have choices. What makes them decide to do business with you?
3. Decide what you have to do to win. Set the goals and activities that will get you to where you want to go.
Companies often think that step 3 is their strategy, but by itself it is incomplete. It takes all three elements to define your strategy and let it drive your operations.