A business owner is responsible for many important leadership roles for his / her organization. The range covers everything from operations to finance to marketing. These roles are represented in large companies by titles such as Chief Operating Officer, Chief Financial Officer and Chief Marketing Officer. But for a business owner, these are hands-on roles that are completed in a practical results-oriented manner and without any extra titles.
One role that shouldn’t be overlooked by a business owner is that of Chief Strategy Officer. The organization naturally depends on the owner to set long term direction and it’s important that the owner can be hands-on in order to drive long term results.
Unfortunately, business strategy can be a bit fuzzy for small and medium sized companies and their owners. It can be difficult for an owner to use business strategy in a practical way that generates real results for his organization.
In simple terms, business strategy is primarily about defining what an organization will do and how it will stand out from its competitors. That focus can be used to set some long term goals and to provide clear guidance for making on-going decisions about budgets, investments and people.
Although business strategy too often is about setting a plan, the reality for business owners is that strategy needs to be dynamic and real value comes from continuous implementation. The essential element for getting results is to ensure that the whole organization takes actions / decisions which are tightly aligned with the strategic direction that was set.