Factor 1: A Continuing Downturn.
What's the strategy? Decide what your business is about: why should people buy from you, why are you special, how do you offer excellent value even when people do not want to part with their money? In essence: get it right, then work hard.
Factor 2: A Changing World.
What's the strategy? Decide how your business is being affected by continued globalisation, low-cost outsourcing, increasing ambiguity. Create a plan and regularly review it. In essence: get it right then work smart.
However you look at it, excellent businesses:
- Know what they are doing.
- Work smart.
- Work hard.