McKinsey Quarterly recently posted a useful article on testing your business strategy. The article presented 10 tests to carry out.
Among them
- 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."
Tom Gale is the president of Industrial Market Information Inc. For more information on the product line and geographic analysis IMI can provide to help you hone your strategy, pleasecontact IMI or complete an information request form.
