What Is Strategy In Business?
Summary
- Strategy is essentially about setting priorities in business.
- It's about allocating limited resources such as time, money, and effort in the face of unlimited choices.
- Success often comes from being adept at selecting where to invest those resources.
- Improvements in areas like email deliverability are good, but should only be focused on if they're the primary obstacle for your business.
Video
How To Take Action
I would suggest focusing on what's most important for your business right now. Think about what you need to do that can help you move forward the quickest. You have a lot of choices, but your time, money, and energy are precious. So, you've got to be smart about how you use them.
A good way of doing this is by sitting down and making a list. Write down everything you think you need to do to grow your business or improve yourself. Then, ask yourself which ones will give you the biggest results for the least amount of effort and money. These are the actions you should do first.
If something like improving how many people open your emails is stopping your business from growing, then yes, work on that. But if it’s not the main thing slowing you down, choose another task that will help you more.
For example, maybe you think getting more customers is your biggest need. You could start by simply talking to people you know. Ask them what they want, and then figure out how you can give it to them. This doesn’t cost much at all, but it could help a lot.
Remember, the trick is not just to work hard. Instead, you should work smart by picking the best places to put your resources. This is how you can move faster and do better than others. Try this out, and see how it helps you grow your business or yourself with what you have right now.
Quotes by Alex Hormozi
"What is strategy probably one of my favorite definitions in business strategy big fancy word for priorities"
– Alex Hormozi
"it's how you allocate limited resources time money effort against unlimited options"
– Alex Hormozi
"you have a million things you could possibly do but you only have this much time this much money"
– Alex Hormozi
"the people who move fastest in life are just better at picking where they invest"
– Alex Hormozi
"that's strategy"
– Alex Hormozi
Full Transcript
What is strategy probably one of my favorite definitions in business strategy big fancy word for priorities it's like entire books written about prioritization they probably call probably sound less sexy if that's what it is but that's all it is it's how you allocate limited resources time money effort against unlimited options you have a million things you could possibly do but you only have this much time this much money and the people who move fastest in life are just better at picking where they invest that's strategy not to say you shouldn't improve your email deliverability but unless it's the thing holding back your business you should probably do something else