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McKinsey Quarterly recently posted a useful article on testing your business strategy. The article presents 10 tests to carry out.
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- Will your strategy beat the market?
- Is your strategy granular about where to compete?
- Does your strategy embrace uncertainty?
And, perhaps one of the most important: Have you translated your strategy into an action plan?
McKinsey explains its tests: "Ultimately, strategy is a way of thinking, not a procedural exercise or a set of frameworks. To stimulate that thinking and the dialogue that goes along with it, we developed a set of tests aimed at helping executives assess the strength of their strategies."
MDM has a number of articles on the topic of strategic planning for distributors in its archives.
- Strategic Planning for Distributors: Key Components to Execute
- MDM Executive Briefing: A Roadblock to Business Plan Success
- Scenario Planning Basics for Distributors
- Market Growth Strategy Based on the Lanchester Strategic Model, part 1
- Market Growth Strategy Based on the Lanchester Strategic Model, part 2
- Diagnostics: The Missing Link – How to Get an Honest Assessment of Your Company's Current State