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We’ve all been taught things that are myths, rather than fact. This holds true even in our ideas of how to run a business. There are 3 myths that many people teach and believe when it comes to strategy. If you still believe in these myths, it’s time you make a mental change.
1. Having The Competitive Advantage is no Longer Relevant
It seems like a true statement, because there is some evidence that suggests that competitive advantage has shortened. However, when you look at companies like Apple, Facebook, Amazon and others, you can see clearly that they have the advantage in the market.
Getting to the place where you are a large competitor like these brands means that you have to rely on several different outlets. For example, Amazon dominates in their market because they are comprised of thousands of smaller businesses along with their own products. They’ve been innovative in the market and continue to stay in the lead because of the way they constantly change.
2. Forget Strategy- Agility is All You Need
Many Agile firms seem to have no strategy at all. They are highly responsive and change their way of doing things on a dime. It is easy to assume that means they don’t have a strategy. However, agility is a capability, not a strategy.
Unless an Agile firm has a strategist in place, they would not know which decisions they need to make. Don’t think of strategies as a plan, rather, see it as a way to make decisions. Successful startups actually put a lot of thought into the fundamentals and challenging everything.
3. Digital Strategy is Enough to Make a Successful Business
Business owners are being sold on the myth that having a good digital strategy is all that is required to have a successful business. Of course, investing in your digital marketing is a good way to see growth, but it’s not the be all end all of a successful business.
When you are strategizing for your business, you must see it as a full organism, rather than parts. You need a plan in place for the company and how it will function, rather than each sect of the business.
Challenge your understanding of strategy and stop believing the myths. Instead, work to create short and long term strategies that will position your company in a place of authority in the industry. Make sure all decisions you make are in line with the plan you have in place.
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