Every successful business strategy is a simple one. Avoid getting bogged down in laundry lists and endless flow charts and stick with actionable steps.
Donald Sull, professor at London Business School, discusses successful business strategy in a video from Harvard Business Review. Success, Sull suggests, rests on simplicity. “For a strategy to influence action, it must be remembered,” Sull says, and “to be remembered, it must be understood, and to be understood, a strategy must be simple.”
To help distill a successful business strategy into its simplest points, Sull poses three questions. First, Sull says, you must get “clarity on those key drivers” of economic value to your company that either cut costs or raise the price that the consumer is willing to pay for your goods or services. After that, identify the “critical few challenges” that you management team faces in driving more economic value, and pick out the “must-win battles” to focus on going forward. Watch the full video and decide where your company’s key drivers, challenges, and must-win battles lie to distill your successful business strategy into actionable steps.