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Strategic alternatives

n What alternative strategies would enable us to achieve our
mission?
– What is the fastest, most economical way to create our ideal
future?
– What is our evidence that any alternative will work in the real
world?
– What has been tried in the past?
– What worked?
– What failed?
– What has changed since they were tried?

n What are the levels of risk associated with each alternative?
– Are we seeking low risk?

n Which alternative is likely to lead us to a position of market
dominance?
– Do we really desire market dominance?

n Which alternative is most consistent with our desired company
image?

n Which strategy is most likely to appeal to our current most
worthwhile customers?

n Which will be most feasible, attractive and novel and appeal most
strongly to us?

n Which will excite and motivate our people?
n Which will we pursue?

Summary

I There is always more than one path that leads to where you want
I to be. Choose the one that is the shortest route that offers novelty,
I because the market and those who will make it work respond to
I novelty; feasibility, because unless a strategy is feasible it is
I nothing but hand-waving argument and dreaming; attractive,
I because you and all who are involved in making it work will do
I better if you enjoy the process; and economical, because achieving
I the same goals with greater economy leads naturally to greater
I profit. You need to ensure that everyone who plays a part in
I achieving your strategy asks not, “how can we do this?” but
I always, “how can we do this at the lowest possible cost?”

18 Key management questions