Tag: strategy management

Strategy manager

How do you know the financial health of your counterparty and why should you know it? Part 2

Author: Florian Wierzchowski To find out about the situation of your potential counterparty, you have a whole spectrum of possibilities and means at your disposal. From white intelligence – simple, free, publicly available data – to business intelligence, which will provide detailed albeit paid information. I will discuss a few of these below. The first, although not obvious to many entrepreneurs, method of verifying our counterparty’s situation is to ask them directly for their own information on their current financial

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Strategy manager

How do you know the financial health of your counterparty and why should you know it? Part 1

Author: Florian Wierzchowski When you run a business, you establish relationships with many market participants. You sell products and services, but you also buy them. Sometimes you enter into long-term cooperation contracts that shape complex mutual obligations. Does it matter who you sell to and who you buy from? Is it relevant with whom you enter into cooperation? It’s even very relevant in most cases, and in the next few sentences I’ll explain why. Let’s first assume that your perspective

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Strategy manager

What is a company’s mission statement and how do you determine it? Part 2

A week ago I described what questions a company’s vision statement should answer, and then what a company’s mission statement is – it should contain statements that condition a company’s credibility, at least in theory to be verified by customers or the environment. Today, I will show you 3 principles to follow if you want to formulate a mission statement that you can understand yourself and that will help you in the months or years to come in business. First,

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Strategy manager

What is a company’s mission statement and how do you determine it? Part 1

If you go back to the article from a few days ago about a company’s vision, you’ll see how useful it is to flesh out what you really want to achieve. One step further in detailing the dream is the mission statement. Most often we talk about the company’s mission, but there can also be a mission for a project or some larger undertaking within the company, sometimes called an SBU – strategic business unit. Let’s start with what a

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Strategy manager

Why should you have a vision for your company?

Surely you have heard of such a thing as a company vision. Of course, you’ve heard that there is such a thing, that it would be appropriate to have one, to arrange it, to formulate it. Just what is it actually and why does anyone need such a “thing”? On top of that, we are often confused about the difference between vision and mission, and mission is confused with strategic goals, so let’s start from the beginning. Do you realize

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