Today we answered your question:
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How do you understand the business or business opportunities that can be generated from the surrounding environment?”

Intimately knowing the individual business and the environment within which it operates, both globally and locally, combined are essential to identifying ‘good fit’ opportunities that will strengthen and drive the business forward.

The surrounding environment comprises of PESTLE or STEEPLE, that is the politics, economy, social, technologies, legislation, environment, ethics. Researching this environment regularly highlights potential business opportunities.
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Knowing the specific business comes from having clearly defined business capabilities as strengths and weaknesses, which highlight which opportunities would strengthen the business and overcome weaknesses.

Today we answered your question:

A business usually has more than one strategy but for the purposes of this article the focus is on a strategic (business future) perspective.

Regardless of whether your goal is to grow your business into something or is simply a means to earn a monthly income for yourself, without knowing which you are aiming to achieve getting there will be a hit and miss affair, decision-making weak and difficult, resources may not be available when you need them, and it could take longer than necessary to get there with a trial and error approach rather than strategic. The trial and error approach historically provide other businesses with the opportunity to get to your customers before you do.

I will use the popular analogy of going on a journey to explain further.

Let’s say you decide to go on a journey. Would you immediately jump into a car and start driving? Or would you first decide on where you were going, the best route to take, the type of transport required to get there, how long it will take, do you need overnight stays, rest stops, will fuel be needed along the way? And so on.

Most of us would do the latter, that is, before setting off, decide on a destination (the goal/purpose/problem to solve), determine our preferences such travelling at low congestion times to reduce carbon emissions (guiding principles). We would precisely plan the roads to take, the required rest and fuel stops, book hotels to stay at along the way, all from the start of the journey to the destination and back (actions).

Of course, there are many analogies like the journey analogy. For example, I could have used another well-known analogy of  a general planning and managing an army to win a war without fighting as compiled in “The Art of War” by Sun Tzu.

Whichever analogy is used any good strategy has these 3 key elements: a clearly identified goal/purpose/problem to solve or ,destination, guiding principles, and precise planned actions required to produce the desired ‘destination’. These three elements transformation the current situation to where it should be, what inputs are required, when, to obtain desired outputs.

But why is it so important in business? Here are five simple reasons.

Today we answered your question:

"What is a CTO in residence?"

ToodGlobal are an innovative example of 21st century CTO’s in residence. In residence means business owners and leaders take on CTO’s for a specific project requiring a special set of capabilities rather than on a full time salaried basis.

 1.      What is a CTO?
From his research Roger Smith (2007) describes CTO’s as “c-level executives who make important strategic decisions that impact the competitive position of the company” so is neither an IT Director or Technical Director.
In other words, A CTO’s aim to make decisions about the business that drive the business forward into the future, to achieve continuous growth by effectively using science-based technologies, knowledge, and the business’s capabilities in unique ways to provide customers with more value and out-manoeuvre the competition.
 
 2.      Why is a CTO so important?
Today, competitors are global and unknown so the demand for specialists able to continuously create a competitive advantage is rising significantly.  

Figure 1 IT job Watch (2020) CTO’s in demand.  ​

​CTO's are able to identify...