3 Classic Strategy Mistakes to Avoide

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:
1. 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.
2. 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.
3. 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


Source: Harvard Business Review