Evaluating your Options

In reality, your range of strategic options is likely to be very wide...

Many managers develop a sixth sense for the market, and make strategic decisions based largely on instinct. However, even after you have worked in a particular industry for many years, you should always evaluate any decisions you make with a degree of objectivity.

When you create or review your strategy, it is likely that you will have many preconceptions about where the business should go, and it is all too easy to believe that your first solution is the right one. In reality, your range of strategic options is likely to be very wide--from continuing with business as usual, through to fundamental and revolutionary changes.

You will already have gathered information about your organization and its environment. Start by developing a number of options based on this information--some innovative and adventurous, some more conservative. Include the "do nothing" option as a base line. These options should be based on your sound research--the key threats and opportunities you face; your strengths and weaknesses; and the expectations of management and other stakeholders.

ACTION POINT: Work hard to identify your options--you may discover a less obvious opportunity that could be successful after a careful evaluation of the possibilities open to you.