If life throws you lemons, make lemonade!*
For a SME company to survive in these difficult times, #agility to change, #disruption of business models to include #sustainability and create precious #partnerships are fundamental.
Professor Challagalla from IMD, lists the 7 tests of a good strategy, that include agility and sustainability, those buzz words!
Here are the questions that you should ask yourselves.
- Do we have a vision or purpose that provides clear direction?
- Do we have the right portfolio of businesses to achieve our purpose and goals?
- Do we have a strong differentiator and competitive advantage?
- Do we have the core capabilities to win today and the right investment in future capabilities?
- Do we have new business models to drive sufficient growth?
- Are we leveraging the entire ecosystem to drive growth?
- Does our strategy have enough flexibility?
*The phrase about lemons and lemonade was initially coined by writer Elbert Hubbard in a 1915 obituary. Many modern authors attribute the expression to Dale Carnegie who used it in his 1948 book who credited Julius Rosenwald for giving him the phrase. For more information check out the wikipedia article.