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February 24, 2010

In a recent Syracuse Post Standard  article the headline read, “Hungry to end slump, BK teams with Starbucks.”  The article discussed how the nation’s number two burger chain will add Starbucks Corporation’s Seattle’s Best Coffee to all its United States restaurants in hopes of boosting its slumping business. Their strategy is to deliver a better cup of coffee in order to enhance their breakfast business.

Besides admiring the fact that two giant brand companies are willing to collaborate with each other to increase market share and revenue, I also like the fact that strategy was a key motivation in this decision.  Sometimes when women entrepreneurs have been in business for awhile, we forget our core strategy, we become less strategic as we are consumed with managing details or we ignore the fact we need to be more calculated about certain business decisions as we grow our companies. We rest on our laurels sometimes for too long before something ignites a fire and gets us thinking about innovative ways to improve our companies. It might be a new competitor, a changing economy or slumping sales that finally forced us to analyze our positioning, placement and purpose in the market.

Strategy is defined as a carefully devised plan of action to achieve a goal, or the art of developing or carrying out such a plan. How strategic have you been with your business lately? Do you have a devised plan of action, a list of achievable goals, and the drive to carry out the plan? If not, mid-winter is the perfect time to develop one. February tends to be a month when the Central New York business climate is still quiet which allows for contemplation about strategic plans, observations about potential business partnerships and implementation of new ideas.

Today’s blog is to remind you now is the perfect time to start strategizing for your future. Turn a quiet business period into a fruitful one by forming new action plans, meeting with potential strategic partners and creating a year long strategic map to guide your company towards more success.

 If you need some extra incentive, stop by Burger King and grab a new Starbucks coffee and ponder how two large corporations came together to form a strategic alliance that will intentionally make their companies stronger by the end of the year.

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