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 Development of a business strategy

business strategy

It is not easy to develop a Business Strategy because you have to make decisions based on what can happen in the future.

This problem is further complicated by the fact that a lot of people are ready to give advice to the submitted topic: everyone has an opinion on this account because everyone sees the future in his own way. Moreover, even in the working environment, various methods can be used, and the development of a single plan becomes something almost impossible.

Even if you use the best method, you can not do without additional information from the very beginning. And every step you take must be calibrated so that you can eventually get something really valuable.

Do not let yourself be confused; actually, you need a single and effective process – this is the main thing.

It is more rational to begin by determining the situation which you have now (situation analysis). However, you can start with the definition of the goal that you intend to achieve. You can also start from the top (most general), consider general high-level topics, or from the lower level, that is, from exploring opportunities to improve performance.

The procedure itself is not decisive, but it is very important to conduct the entire procedure from start to finish.

The more often you do it, the more instinctive and confident you are. Increasing the level of strategic thinking (essential for those who want to accelerate their careers), you accumulate knowledge, based on what you got, doing step-by-step planning of this kind.

So, what is the essence of the recommended process? After studying books and scientific articles about the Business strategy and implementing many successful strategic plans for many companies, the specialists propose the following steps.

[4/10, 8:55 PM] Mariam: ■ The beginning of the process. At this stage, the team meets and decides what to do in the near future. There is a desire to coordinate actions to start strategic planning and successfully conduct it, and you should strive to become a participant in the process at this stage.

■ The highest level of strategic decisions. Analyse the overall situation and set goals and objectives for the top level of planning, depending on the situation.

■ Develop, if necessary, business plans for individual units of the organisation.

■ Combine the individual plans together, optimise their content and, on this basis, create a common action plan.

■ Make a plan in the form of an official document and report it.

■ Analyse and correct it based on regular reviews.

The above stages of work on the plan correspond to 10 steps in this article.

Think a little about how you can create a business strategy that would compete with your current business. What products would you release? How easy or difficult is it to do? Use these arguments, imagining that you are acting as an independent organisation.

Do not forget that a business strategy is something that is directed to the future, but it is based on the realities of the present, and the knowledge that you have will never be absolute. Do not try to treat strategy as a mathematical problem with the only true solution.

Making a strategic choice, you have a range of options. Even the right decisions are taken today, tomorrow may require revision due to the actions of your competitors or changes in the market. The most important thing is that the business strategy should not be seen as finished. The business strategy should be monitored and updated with time.

However, the matter can also be viewed from a different angle. After making a strategic decision, it often takes the time to get the desired result.

Companies that constantly review their business strategy often start sending messages that are confusing. Workers in a similar situation make a conclusion for themselves that when the business strategy begins to change, the best thing for them is to do nothing and wait until everything is settled.

Now let’s have a look at the ten steps for a successful business strategy. This scheme facilitates the life of a team aimed at strategic decisions and increases the efficiency of its work.

Each direction will take time and effort to master but be sure that you are able to determine yourself what to focus on, and with the right approach to the matter, your team will earn more.

1. Start the process: agree on the scheme of work with shareholders.

2.Take stock: analyse what is going well and what needs future changes.

3. Make an overview of key topics: mission, main objectives, competitive advantages, the vision of the future.

4. Agree on high-level objective and the goals of the highest level of planning.

5. Target key product and markets:  launching new products, prospects for entering new markets, pricing policy, increasing market share.

6. Establish a breadth of boundaries for the development of internal capabilities and planning at the functional level.

7. Generate risk register. Develop a procedure for registering risks and a plan for “confirming the future”.

8. Integrate all corporate-wide projects and key activities at the level of conceptual understanding.

9. Organise and introduce an effective information exchange system in the company.

10. Control the development and overall management of the company.

Read also: Advantages And Disadvantages Of Buying A Ready-Made Business

The post  Development of a business strategy appeared first on Business Studies.



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