Stay True to Your Strategy

How to consistently outperform your competitors? The most enduringly successful companies -- those delivering a 10-fold return to investors over a 10-year period -- excel at specific management practices.

One of these practices is strategy management. To excel in this arena, build your strategy on deep knowledge of your target customers and company's capabilities. Clearly and consistently communicate that strategy to employees, customers, and shareholders. Stay true to your strategy, unless you see important marketplace changes, such as new technologies. For example, Dollar General remains laser-focused on its strategy, year after year. It sets rock-bottom prices and selects only merchandise appealing to its core customers at the low end of the market.

By washingtonpost.com Editors  |  September 4, 2008; 9:00 AM ET  | Category:  Management Tip of the Day
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