If a strategy meets a goal: It's working. If a strategy meets a target: It's a success.
Michael PorterRead
In the vast majority of businesses, there is simply no such thing as “the best.”
Interpretation
Perfection in business is unattainable; every company has strengths and weaknesses.
Michael Porter highlights the reality that in the competitive landscape of business, the concept of 'the best' is often subjective and unrealistic. Businesses must continually adapt and find their own strengths rather than striving for an unattainable ideal, as every organization operates in a unique context with different goals and challenges.
In practice
During a business presentation when discussing competition.
If a strategy meets a goal: It's working. If a strategy meets a target: It's a success.
Health care historically has been a very siloed field that's organized around medical specialties - urology, cardiac surgery, and so forth - and around the supply of these specialty services. The patient is the ping-pong ball that moves from service to service.
As a multisport athlete, I was always fascinated with competition and how to win. At HBS and later at the Harvard Department of Economics, I was drawn to the field of competition and strategy because it tackles perhaps the most basic question in both business management and industrial economics: What determines corporate performance?
In a period of economic downturn, the overwhelming instinct is to pare back, cut costs, and lay off. If you do that, do so with your strategy in mind. The worst mistake is to cut across the board. Instead, reconnect and recommit to a clear strategy that will distinguish yourself from others.
I think that, too many times, business has been seen as acting in its narrow self-interest rather than, essentially, contributing more broadly to society. I think a lot of that is unintentional; I don't think that many managers are deliberately trying to be unethical or are not trying to be sensitive to social needs.
If your goal is anything but profitability - if it's to be big, or to grow fast, or to become a technology leader - you'll hit problems.
Every business is a monarchy with, not a man, but an idea as king.
Ultimately, what any company does when it is successful is merely a lagging indicator of its existing culture.
If customer ignorance is a profit centre for you, you're in trouble.
Business is not just doing deals; business is having great products, doing great engineering, and providing tremendous service to customers. Finally, business is a cobweb of human relationships.
Business plans are the tool existing companies use for execution. They are the wrong tool to search for a business model.
Each individual should work for himself. People will not sacrifice themselves for the company. They come to work at the company to enjoy themselves.
Subscribe for the occasional hand-picked quote. No noise.