![]() “It started with the feeling that, for communities, we could do a better job,” says Kevin Havelock, president of refreshment at Unilever, in Sustainable Business Strategy. One example of a company that formulated its strategy using purpose is Unilever’s Lipton brand. “The leaders and firms who are driving real change and often reaping the benefits of being first-movers are motivated as often by the driving desire to make a difference as they are to make money.” “We see this pattern in a wide range of firms,” Henderson says. In the online course Sustainable Business Strategy, Harvard Business School Professor Rebecca Henderson discusses the importance of starting with purpose when building your business strategy. To solidify your own approach to strategy, start by asking, “What’s my organization’s purpose?” When setting out to create a winning strategy, organizations need a clear understanding of their mission and core values. Related: Why Is Strategic Planning Important? 5 Tips for Successful Strategy Formulation 1. Here are five tips to leverage when formulating a successful strategy for your organization. This process is used for resource allocation, prioritization, organization-wide alignment, and validation of business goals.įormulating an effective strategy can allow your organization to share one clear vision, catch biases by examining the reasoning behind goals, and track performance with measurable key performance indicators (KPIs). Strategy formulation is the process of using available knowledge to document the intended direction of a business and the actionable steps to reach its goals. According to a survey by Bridges Business Consultancy, just two-thirds of business leaders believe their organization is good at crafting strategy.īefore diving into tips from real brands that can help you formulate a successful strategy for your organization, here’s a look at what strategy formulation is.įree E-Book: How to Formulate a Successful Business StrategyĪccess your free e-book today. A successful strategy can set your organization on the right track for years to come, but creating one is often easier said than done. ![]()
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