Forget the hype. Do these.

Trying to understand the different business strategy models out there is like trying to handcuff the wind. Each corporation has its own models and the buzzwords and trends come and go.

I have worked and still work in multinational companies in the food and pharmaceutical industries; I am a director of a multinational food company in my present position.

Through the years, I have seen different models applied and different strategies in various corporations. I am going to short-circuit it all and give you the common threads of all the business strategies I have encountered.

Step 1 It starts with a vision, a reason for being

What is the problem we are solving for people? Defining the problem is the company’s vision. Sometimes the vision can lead to understanding the problem, too. It works both ways, but mostly someone sees a way to make a difference and solve a problem. We know this as a ‘market gap.’ An existing gap in the market, looking for someone or something to fill it. Unfulfilled needs or wants.

At this stage, we also need to know how many people have the problem we have defined and whether our solution applies to them.

If we believe the relevance of our solution is high, we begin with information collection and analysis of how to tackle the problem.

This also opens up clearer thinking and possibly other opportunities along the way. We find other ‘market gaps.’

The overall aim becomes a single-minded guiding principle for the company, for instance.

‘We make candy healthier, without compromising on taste.’

The problem we defined was children love candy and parents don’t enjoy giving them candy, because it is bad for their health. If we could combine the love of candy with health, then we could hit the ‘sweet spot’ excuse the pun.

Step 2 Tactics to achieve the vision and solve the problem

I mentioned above about the ‘why’ and the ‘what.’ That is why we exist, and what we want to do. Now the next step is…