How can you apply the concepts from business strategy books to your own situation?

I rarely read any types of books regardless if related to business strategy or not because by the time a book is published the concepts have been superseded by more advanced techniques in articles. While I was obtaining my Masters in Economics, my PhD friends advised me to always read articles and avoid books and I have followed their advice ever since. In addition, YouTube videos are a great continual educational source for obtaining knowledge to achieve your business strategy goals.

One of the most useful books that will guide you strategically into shifting from where-you-are to where-you-want-to-be is Blue Ocean Shift. This book will enable you to move from a Red Ocean(a highly competitive market) to a Blue Ocean(where competition becomes irrelevant). The tools in the book enable you to provide higher value products and/or services without the extra costs but rather with reduced costs albeit without jeopardizing the level of the quality of your offerings. And you will still be reaching to your customers and non-customers with an experience that they value most.

I agree that books can be helpful. However, I always learned more by talking with my employees and my current and potential customers. I found both to be very useful and more relative to my business.

Obviously, it depends on the book. Business strategy is a major subject area. IF your goal is to understand business strategy holistically (from corporate strategy to line-of-business strategy to shared-activity alignment) read Michael Porter's book "Competitive Advantage" and use it like a food recipe book. Repeat as often as you would in making a complex full-course meal for the first time. The concepts from most other business strategy books are typically few in number and design to simply a process beyond recognition. PS - IF you really want simple, THEN go for the common approach and use a SWOT analysis and pretend you understand business strategy.

I think it's important to reread the books as well. So many people will read a book and say they have found it useless. When, in fact, how many things have you become great at after one use? Therefore, go deep into certain books linked to your purpose. Also, in the comment below, articles are a great way to understand an aspect quickly. I recommend the Harvard business review.

Strategy is fundamental to the formation, growth and sustained results of any business. It’s been my experience that strategy gets thrown around as a term. Often authors might be better served to frame the value they’re adding through their book, differently. There are a handful of truly impactful business strategy books and they’re written by people that have acted as practitioners of strategy and execution over decades. The concepts are more or less timeless as they are fundamental regardless of the evolution of technology or business process.

In my experience, I would advise you to avoid books that appear to be too good to be true, such as game change your business in 30 days! These tend to have only surface-level thinking and don't add anything. I would instead ensure that the person who has written the book goes deep into a topic and has credentials to back it up.

I would definitely agree with the above statement and would actually go even further by saying. The key here is to do research on the authors and to really understand whether what they are suggesting has been implemented in real life. If it has, what was the out comes of these solutions and where exactly they were used. As for me, it's one thing talking about a potential strategy or plan, but it's another understanding where it was used and what was the outcome. This will usually let you know, whether the strategy or plan, has a real life value proposition that is worth pursuing.

Measuring the impact and value of data-driven innovation and strategy is indeed a continuous process that requires ongoing review, adaptation, and learning. It's crucial to stay agile and responsive to changes in business needs and the evolving data landscape. I agree with the notion that staying up-to-date with the latest trends and developments in data science and technology is crucial. The field of data science is dynamic and constantly evolving, with new tools, techniques, and methodologies emerging regularly.

Evaluating the quality of books and reference materials is crucial in ensuring the strategies you apply are effective and reliable. As a management consultant, I often turn to Michael Porter's "Competitive Strategy" as a benchmark for quality. Porter's thorough analysis, clear frameworks, and the timeless relevance of his theories exemplify what to look for in high-quality reference material. It's important to assess an author's expertise, the depth of the research, and how the concepts presented can be applied to current business challenges. Books like "Competitive Strategy" provide not just theoretical knowledge but also practical tools, making them invaluable resources for anyone looking to enhance their strategic approach.

In my experience, extracting key ideas from business strategy books through skimming can be a valuable approach to gain insights efficiently. Skimming allows you to quickly grasp the main concepts and frameworks presented by the author, enabling you to relate them to your own context. In summary, by skimming the key sections of a business strategy book and extracting the main ideas, you can efficiently gain valuable insights. Relating these ideas to your own situation allows you to apply relevant concepts and frameworks to drive strategic thinking and decision-making. It's a practical approach that enables you to leverage the knowledge and experiences shared by the author and adapt them to your specific context.

I have found reading some books help me; specifically those that provide a conceptual framework and tools that can be used in real business situations. I try to get a grip on key insights and takeaways that I can use at work.

One way i do this is to read the conclusion first, then the introduction and I find I take 90% of the learnings from the book and this gives me a good grounding for when I read the rest of the book.

Extracting key ideas is a very efficient and effective way to learn, especially so where books can sometimes take alot of time to read, as they may be quite long. And as we usually do not have that time available, it is definitely advisable to know what you are looking for and then to concentrate your time in finding them exact solutions you are looking for. I would definitely suggest people should read the Introduction and summary at the very least, this not only allows you to understand what the purpose of the peice is, but also gives you the key outcomes, or the points that are actually most important to know.

While skimming for key ideas in business strategy books might be efficient, it often overlooks the crucial depth and nuance of understanding. As a management consultant, I've found that the real learning lies in the detailed exploration of case studies, models, and arguments. A thorough read, rather than a quick skim, provides the comprehensive insight needed to effectively and innovatively apply these strategies in your own context.

I agree that simply reading a business strategy book is not enough to drive results. It is crucial to actively apply the concepts and ideas from the book to your own situation in order to see tangible benefits. Here's an example that demonstrates how to apply these: Review Key Ideas: After reading the book, review the key ideas and concepts presented by the author. Identify the ones that resonate most with your purpose and align with your goals. These key ideas will serve as the foundation for your strategic application. Analyze Your Situation: Evaluate your current situation by conducting a thorough analysis of your organization or project. Identify your strengths, weaknesses, opportunities, and threats to gain a clear understanding

We will learn much more from doing this. I think that action is necessary. Even if you haven't got a project that you can apply these too, look back on past experiences and see if they help you understand that in more detail.

Apply concepts from business strategy books to your own situation by selecting and implementing specific strategies that align with your business goals, understanding the nuances of your industry, and adapting proven principles to your unique circumstances.

The book is not by one of the big name gurus, but I swear by Streetcorner Strategy: Winning Local Markets by Robert Hall. I first found it on an office bookshelf 30 years ago. It is in my mind literally a blueprint for becoming the most profitable bank in a market. Applying his principles, we grew our portfolio massively to dominate my market. I use it in other industries too. It also teaches the shifting nature of industries--what was once profitable no longer is; what once had no value is the cornerstone of value. This book is genius.

Applying of what you have learnt and understood, is a very important yet very intricate matter, to say the least. It must be done in conjuction with other departments, teams and other resources. Additionally it needs to be planned properly and slowly. It's definitely a good idea to look at the worst case scenario and the best case scenario, of implementation. As once you understand this, then you are able to make choices based upon what could go wrong, as usual plans do go worng. Also, it's important to note that plans are not usually one size fits all, you will usually need to find solutions that fit your exact problem. This can take time, headache and alot of changes. Key this is not to give up.

I agree; in my experience teaching the subject accelerates the learning. This doesn't have to be formal, but it could be via social media sharing, blog posts and podcasts. Although the thing to consider is to give your opinion, don't just copy the content. Add your value to it, some people may disagree, but that's fine, and it creates dialogue.

In my experience, I agree that sharing your insights with others is an excellent way to deepen your understanding and retention of the concepts from a business strategy book. In conclusion, sharing your insights with others through book clubs, discussion groups, online communities, and written reflections is a powerful way to deepen your understanding and retention of the concepts from a business strategy book. By engaging in collaborative learning and exchanging ideas, you can gain new perspectives, challenge your thinking, and further apply the book's concepts to real-world scenarios.

Business is a constantly changing and evolving landscape, what is today may actually become totally irrelevant tommorrow. They important thing is to keep learning consistently and to look at new developments that are happening today, as well, what may actually happen tommorrow. Definitely be curious but its very important to keep focused on reality.

I completely agree that business strategy is a dynamic and evolving field that demands continuous learning and adaptation. Here's an example to illustrate the importance of broadening your knowledge: Read Widely and Diversely: Business strategy encompasses a wide range of topics and approaches. By exploring various books, articles, research papers, and publications, you expose yourself to different perspectives, theories, and case studies. Seek Different Perspectives: It's crucial to seek out diverse perspectives and opinions to challenge your thinking and avoid confirmation bias. Engage with thought leaders, experts, and practitioners in the field of business strategy through conferences, seminars, webinars, or networking events.

I find my best strategies for business in real life examples with my children and children's fables. You can find insight for business anywhere if you are open-minded.

I once read in a book that if you wish to be the CEO of your life then you need to read books. Each author can be on your mental Advisory Board. And you can have as many as you want and you got to pay them only once, for the price of the book. You can go to them for advice as many times you want depending on what level you are at each time you read their book! Books can be that silent friend who makes you talk sense to yourself and the guide that is always by your side!

What worked very well for me in the past is to start with a top-down summary of the book. Usually it delivers the key thoughts and ignites your own thought process. Then I can decide whether I’m intrigued to dive deeper or whether I find it too theoretical to apply in reality. As a second step, I start engaging friends and co-workers in a discussion about what I’ve learned and gather their feedback to push my own thinking. It usually results in a totally different perspective on the ideas and the book “comes to life”.

I usually begin by reading the conclusion, followed by the introduction, and I've found that I gather around 90% of the book's insights this way. Moreover, it's essential to stay open-minded towards diverse topics. For instance, consider the implications of subjects like artificial intelligence on your business and innovation strategy as you read.

More importantly than reading about strategies, is setting your business goals. Then using the OKR or similar framework, drive organizational alignment to focus on what has been identified as the most important goals/objectives. After you’ve pointed the whole ship in the right direction, it’s easier to search, read, learn, and apply specific business strategies to increase likelihood of success that relate to your specific business needs. Without focusing everyone on the same outcomes, the strategies applied in each role, team, and department compete.