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10 Common Strategy Mistakes
Developing a Sustainable Strategy
We often read news stories about how well a particular company is doing. It might have launched a new product, for instance, or expanded into a new market segment, or increased its share of an existing market.
So, it can come as a surprise when, just a few months later, the same company is in the headlines again. And, this time, it's because things are not going so well: the business has made a loss or announced layoffs.
Declines like these often happen because an organization has made mistakes with its strategy. In this article, we'll explore some of the most common mistakes, so you don't fall into the same trap.
10 Common Strategy Mistakes and How to Avoid Making Them
In 2011, Joan Magretta, a colleague of renowned business strategy theorist Michael Porter, published a book called "Understanding Michael Porter: The Essential Guide to Competition and Strategy," which sets out several of his main ideas about business strategy.
Our list of 10 common strategy mistakes is largely based on these ideas (with permission). Read on to find out how you can avoid them.