Knowledge before assumption – the key to delivering effective strategy
The Oxford English Dictionary describes knowledge as ‘true, certain understanding, as opposed to opinion.’
It describes assumption as ‘a thing that is accepted as true, or as certain to happen, without proof.’
In this opinion piece, we highlight the futility of strategic decisions based solely on opinion and assumption.
Examples of common assumptions include:
We know what value we bring to our customers’ businesses
Our customers understand everything we can do for them
Our employees are happy and engaged
Our customers will want the new product or service we’re developing
We’re doing everything right – there’s not much we can do to improve
We understand our customers’ business strategies and specific challenges
And many more…
But decisions based on assumption and opinion can result in:
A strategy that is not market based or externally driven – more likely to fail
A lack of confidence and certainty at board level
Your business opportunities going unrealised and unfulfilled
Failure to achieve your optimal strategic path
Wasting resources on inappropriate and ineffective marketing tools and materials
A negative impact on your business growth and profitability
Taking longer to reach your business objectives
Generally, the more important your decision or business challenge, the greater your level of risk, and the greater the requirement for knowledge on which to base your actions.
Distinction Consulting specialises in acquiring the knowledge and business truths you need to help you to make sound, evidence-based strategic decisions, quickly and with confidence.
