Management Tip of the Day: 3 Classic Strategy Mistakes to Avoid

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Are you having trouble viewing this email? If so, click here to see it in a web browser. HOME   |   BLOGS   |   THE MAGAZINE   |   BOOKS   |   AUTHORS   |   STORE RSS   |   Mobile MAY 5, 2010 3 Classic Strategy Mistakes to Avoid With the recovery under way, many companies are starting to feel less defensive and more strategic. As you gear up for what's next, be careful to avoid these common strategy mistakes that have hindered many a company in good times and bad: Keeping underperforming businesses. Most companies have businesses that they should not be in. Put these underperformers out of their misery so you can focus on more promising prospects. Pushing growth. More promising prospects, however, may not mean new businesses. Rather than focusing on expansion and growth, think about how you can shore up your existing business and strengthen your position. Cutting back on cost-cutting. When things improve, many companies start thinking less about the economy and some even raise prices. Don't stop being frugal just because it's no longer necessary to survive. Simplicity is an asset in any market. Today's Management Tip was adapted from "Stand By for the Same Old Strategy Mistakes" by Walter Kiechel. Read the full blog post and join the discussion » Share Today's Tip: RELATED PRODUCT Need Speed? Slow Down NEW! Harvard Business Review Article Organizations spend lots of time and resources trying to pick up their operational pace, in hopes of gaining a competitive edge. But when they work at warp speed, they end up lagging rivals in terms of strategy and performance. ADVERTISEMENT Follow the Tip: BEST SELLERS Financial Intelligence Collection 10 Must-Read Articles from HBR HBR's Must-Reads on Managing Yourself Guide to Better Business Writing How to Get the Right Work Done PREVIOUS TIPS Motivate People by Participating in Their Stories 3 Tips for Asking Better Questions 3 Steps to Exiting a Conversation Gracefully Use the Three-Minute Rule to Better Understand Your Customers Enjoy Trying on the Way to Achieving 3 Things to Assess Before You Back Down 3 Ways to Keep Good Employees in a Bad Economy Ask for Immediate Feedback Be a Better Leader by Building Your Self-Awareness 4 Things Your Employees Want from You HBR Online Trial Access HBR's in-depth business archives FREE for 14 days. Register today » UNSUBSCRIBE   |   UPDATE YOUR PROFILE   |   MORE EMAIL NEWSLETTERS   |   PRIVACY POLICY Was this email forwarded to you? If so, sign up to start receiving your own copy. ABOUT THIS MAILING LIST You have received this message because you subscribed to the "Management Tip of the Day" email newsletter from Harvard Business Review. If at any point you wish to remove yourself from this list, change your email address, or sign up for other email newsletters and alerts, please visit the Harvard Business Review Email Newsletter Preference Center. ADVERTISE WITH HBR This enewsletter is read by thousands of decision makers every day. Learn more about connecting your brand with this audience. Copyright © 2010 Harvard Business School Publishing, an affiliate of Harvard Business School. All rights reserved. Harvard Business Publishing | 60 Harvard Way | Boston, MA 02163 Customer Service: 1-800-545-7685 (617-783-7600 outside the U.S. and Canada)