Welcome back to Business English Pod for today’s lesson on making strategic decisions. This is the second of a pair of lessons on business strategy.

According to the old saying, good ideas are a dime a dozen. There’s no shortage of possibilities in business. But not all those ideas and possibilities are equal. You have to be able to sort out which ones are the right fit for your business. Given limited time, resources, and capacity, you can’t chase after every shiny new thing that comes along.

This is where strategy comes in. Strategy helps you separate the excellent business opportunities from all the merely good ideas. Strategy allows you to say yes to the right ones, and no to the rest. Without a strategic perspective, companies are doomed to go the way of Blockbuster.

Strategic decision-making involves asking whether your company is the right company to pursue the idea. That means assessing whether it plays to your strengths and fits with your brand. It also means discussing the opportunity costs, or the things you’ll be giving up to pursue the new idea. And any new opportunity has to have long-term potential. It can’t just be a flash in the pan.

In today’s dialog, we’ll rejoin Paolo, Adrian, and Michelle, who work for a solar panel company. The company has traditionally focused on commercial projects. Now they’re discussing whether it’s a good idea – strategically speaking – to get into the residential market.

Listening Questions

1. Why is Adrian concerned about the opinions of residential customers?
2. What does Adrian say is the focus of their company’s brand?
3. What is Michelle’s concern about the idea of providing energy audit services?

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Welcome back to Business English Pod for today’s lesson on strategic decision-making. This is the first of a pair of lessons on business strategy.

Every day, business leaders face tough decisions that involve difficult trade-offs. Should we put our time and money into a new opportunity or build capacity in our current operations? Should we partner with company X or company Y? Should we expand east or west?

These decisions are often informed by an overall corporate strategic plan. But that plan can’t account for all possible futures. Big picture plans don’t make the decisions but rather support decision-making. And when the world seems more uncertain, complex, and volatile than ever, the stakes are high for every decision.

There’s lots to consider when making a strategic decision. For starters, we need to think about how the decision aligns with our main goals. For new opportunities, we need to think about growth potential, costs, and profit margins. And we need to be sure we have the right competitive advantage to pursue the opportunity.

In today’s dialog, we’ll listen to a conversation between Paolo, Adrian, and Michelle. They work for a solar panel company that has focused on commercial projects and corporate clients. Now they’re debating the strategic merits of a possible move into the residential market.

Listening Questions

1. After talking about overall goals, what does Paolo get very excited about?
2. What topic does Adrian have many questions about?
3. At the end of the conversation, why does Paolo believe they will be successful in the residential market?

Premium Members: PDF Transcript | Quizzes | PhraseCast | Lesson Module

Download: Podcast MP3