When I started working with a new large client last year I was introduced to Michael Porter’s HBR work on strategy. I found his findings challenging to understand at first but later realized just how critical his principles are to every organization. To put it simply being a mile wide and an inch deep is not a good place to be in any market. This post by Ann Latham is excellent:
“A good strategic framework provides focus by limiting the number of directions the organization runs. You’d be foolish to try to extend all your products while simultaneously expanding all your markets while also ramping up capacity or shifting your business model to include new types of production, sourcing, sales, delivery, and partnerships.”