Some common mistakes in creating a business strategy are:
- Competing to be the best, instead of being unique and different from your rivals. This leads to a lack of competitive advantage and differentiation1
- Confusing marketing with strategy, or focusing only on the demand side of the equation. This neglects the importance of having a tailored value chain that delivers value to your customers and suppliers1
- Overestimating your strengths, or assuming that you are better than your competitors without having a clear evidence. This results in a false sense of security and complacency1
- Getting the definition of your business or your geographic scope wrong, or being too broad or too narrow in your focus. This leads to a loss of relevance and alignment with your market and customers1
- Failing to update your strategy regularly, or ignoring the changes in your internal and external environment. This prevents you from adapting to new opportunities and threats2
These are some of the most common strategy mistakes that can derail your business success. To avoid them, you need to have a clear understanding of your industry, your customers, your competitors, and your value proposition. You also need to have a coherent and consistent plan that aligns your goals, actions, and resources34
I hope this answer helps you learn about some common mistakes in creating a business strategy. If you want to get some feedback on your own business strategy, you can use this free online tool from Strategyzer. 😊