THREE
Five Questions in Strategic Planning
Many management fads come and go, with greater or lesser success. But one management skill is always the most valuable, and that is the ability to develop a clear, workable strategic plan that gives you a competitive advantage in your marketplace. There are four basic reasons why you set strategy for your business:
1. To increase your return on equity. It is to earn more money on the equity, or the amount of money that you have invested in your business. Equity represents ownership. It is different from return on investment (ROI) in that it represents out-of-pocket funds. The first goal of strategy, then, is to increase the amount of money you are earning on the resources that you and others have personally ...
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