Nigeria-Entrepreneurship Success – Business Strategy (II)

  • 28 March 2023 / News / 396 / Admin-23

Nigeria-Entrepreneurship Success – Business Strategy (II)

We commenced this series last week by defining a few terms that are often confused with strategy in business. We also gave examples of what values, mission and vision are before going ahead to define what strategy in business is. Today, we will take up the features and principles of strategy.

It must have a goal: The first point of any strategic conceptualisation and development exercise is to establish strategic goals. Every planning activity will then revolve around the strategic intent in terms of actions to be taken, timing, sequence, resource allocation and deployment, etc. It is imperative that a strategic goal is achievable, even if it should also be a stretch.

It is executable:  As mentioned above, the ultimate purpose of a strategy is to achieve some goal. This means strategy must be executable by those responsible for seeing it to fruition. The implication of this is that the people charged with the responsibility must have the capacity and resources to do what they need to do to sustain the required levels of strategic drive at every point in time.


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