From the course: Strategic Thinking
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Measure your success
From the course: Strategic Thinking
Measure your success
- How do you know if your strategy is on the right track? You developed it with a best of intentions taking into account all the facts you had at the time, but circumstances change and evolve, and it's possible your strategy should too. Here's a three-step system you can put in place to keep yourself moving forward successfully. First, clarify your goals and metrics. You can't really know if your strategy is working if you're murky on what success looks like. Yes, you want the new product to be a hit, but what does that mean? How many units sold, by when? How many mentions in the press or new wholesale partners? It's only when you identify and write down your assumptions upfront that you're able to realistically discern how you're doing and know whether it's time to change your approach. Second, evaluate your progress at regular intervals. It's common in business life to create annual plans. Though research by Rita McGrath of…
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