Strategic Tools to Manage Your Business

One definition of the word strategy is skill in management or planning. If you are a business owner or manager you are, by definition, a strategist. Your job description includes managing available resources and production processes to position your business to its best advantage in a competitive environment. Successful managers know how to identify and capitalize competitive advantages. Smart managers who are unable to identify competitive advantages in current production or marketing processes often choose not to compete and move on to other jobs, perhaps in other industries. The preferred alternative to moving on is to modify production and/or marketing processes to make better use of available resources and to develop budding competitive advantages to their full potential.