All businesses face three distinct challenges at a strategic level.
- Financial
- How the company is maintaining or improving its financial results, e.g. improving the margin on each sale, keeping costs under control, improving overall profitability.
- Efficiency
- How the company performs in its various activities, e.g. the ability to meet delivery schedules on major contracts, the ability to respond to customers’ requirements with a proposal in a given time period.
- Reputation
- How the company is perceived internally and externally, e.g. to be seen as a caring company by the employees, to be seen as a professional outfit by the city.
These three groups inter-relate and influence each other.
The video discusses how they manifest themselves in business, and that the difference is in the detail of how they manifest themselves.