MODULE 1: BUSINESS STRATEGY SUCCESS FUNDAMENTALS

“With the level of uncertainty, we see today, more people are asking, how can you develop a strategy in a world that keeps changing so fast?  They are afraid that a set of rigid principles will hinder their ability to react quickly.  I argue that it is precisely at such times that you need a strategy.” – Orit Gadiesh

INTRODUCTION

Years ago, I was introduced to the world of wine. I was intrigued and disgusted at the same time. I knew it was meant to be an acquired taste but ‘gee-wiz’ I could not understand why so many people loved it! Nevertheless, I was determined to learn and understand the mystery surrounding the fermented juice of the gods, so I joined a local wine club. Now, I must be honest, being a young person of colour in a wine club filled with elderly white people was initially intimidating and I felt completely out of depth however, it turned out to be an amazing experience with a group of amazing people. 

We met once a month to taste and to be taught on the different types of wines, how they are made; different varieties, age of wines, the smells and a host of other things that were in essence the Fundamentals of what constituted good wines. Being part of a wine club also afforded me the opportunity of tasting expensive wines that I typically would never have dreamt of buying for myself.

It took me awhile, but within a few months I got to learn and understand the fundamentals of good wine. However, what seemed to allude me was that I could almost never agree with the “Wine Experts” in the club on which of the wines were better than others.  I almost never liked the extremely expensive wines and could never taste certain flavours that the “Experts” apparently did.

This made me doubt whether I was good at wine tasting and whether I really understood the fundamentals of good wine. That was the case until the day we had what’s called a blind tasting.  This is when the wine facilitator hides the wine labels and gets the club to taste a variety of wines and scores them without knowing the wines by their names and perceived prestige.

What happened was fascinating, all of a sudden, the “Wine Experts” where picking up the same flavours that I was, and many of them where giving similar scores to me for the wines that were being tasted. Even more interesting was once we had tasted all of the wines and scored them, the facilitator then showed us the brands. To my and many others in the clubs surprise the “average priced” wines faired better than the more prestigious expensive wines that the “Experts” knew about and had researched, which is why they could taste “spring grass” in a chardonnay……I mean really.

Regardless, I learnt an amazing lesson that day and that is that Wine is all about personal CHOICE. Since then I’ve learnt that like Wine, Business Strategy is really about CHOICE.  Choosing the destination for your business, then choosing the path that you want to take to get there and based on that path you, then choose the resources needed to get there.  Simple Business Strategy is about CHOICE. You might be saying “If only it where that simple, I would have done it already but I’m not sure how to make the right choice or if it’s the right choice” I totally get you. That’s why in this module we will be teaching you the fundamentals to think about when developing a strategy and sharing with you some easy to use frameworks that helps you clearly articulate your choice. Before you know it, you are going to be a Business Strategy connoisseur 😉.

PURPOSE OF THE MODULE

Do you remember the first glass of red wine you ever tasted?  The bold fermented grape flavours most likely felt like shock therapy to your tender taste buds didn’t it? Well, in many ways that’s how business owners feel regarding the subject of BUSINESS STRATEGY. Like the complex flavours of any good wine they find business strategy to be daunting and overpowering for their mental palate. It’s for this very same reason this module exists…to help you understand the importance of strategy and how a good strategy can lead you to the proverbial “Promised Land” whilst a bad strategy can result in you and your business staying in “No Man’s Land”.

MODULE LEARNING OUTCOMES

At the end of this module you, the entrepreneur, should be able to:

• What is Business Strategy
• The Importance of Business Strategy
• Good vs Bad Business Strategies
• The four primary question every Business Strategy must answer
• Introduction to tools to build a Business Strategy
• Strategy Execution – Bringing your idea to reality

KEY CONCEPTS

Below are some key concepts that will be mentioned throughout the course of this module.

Strategy Definition	The word Strategy comes from the Greek word “STRATEGOS” which means “The Art of the General” This alludes to a series of decisions and choices a General in war would make to beat his opponent
Strategy is about CHOICE	Generals in war make a series of choices which determines if he/she wins the battles and ultimately the war. Similarly, you being the general of your business need to understand the Art of Choosing and choosing correctly in order to win the commercial war
CHOICE means saying NO	In order to choose something/ a path or a direction you have to say no soothing else, another path or direction. A Good Business Strategy is as much about what you are saying and no too as what you’re saying yes too.
Strategy Models = Hidden Treasure	Strategy models like the One Page Strategic Plan are like maps to the hidden treasure of your business. When used correctly, they guide you on the right path to commercial success in your business.

MODULE FRAMEWORK

The framework of this module is visually represented below:

MODULE STRUCTURE

The structure for this module will comprise of the following:

• Pre-Course Knowledge Assessment
• Live Theory
• Class Activity through recorded videos
• Post-Course Knowledge Assessment

Watch the recorded lesson for Module 1: Business Strategy Success Fundamentals below: