The article emphasizes the importance of critically evaluating a business's capabilities and resources when formulating a strategy. Without a clear understanding of strengths and weaknesses, any aspirational goals—like hiring top talent—become unrealistic. The author illustrates this with a startup example, where talent acquisition was limited by salary constraints, making the strategy unfeasible. Effective strategy formulation is a labor-intensive process involving data analysis and hypothesis modeling, underscoring that real strategy development is often challenging and requires time and effort.
Your strategy needs a honest appreciation and reflection on your business, capabilities, strengths and weaknesses. If you can't identify a set of Capabilities...
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