Business Strategies

Marine Institute Ireland, Strategic_Planning_S...

Formulation of an effective business strategy requires detailed planning to consider the three major functions of the business: the company itself, its customers and the competition It is also important that strategies include only a few main concepts in order to maintain clear operational objectives.  Every strategy should be related to every tactic in a functional business model; this is called “linking.”  You want the strategy to be clear and streamlined.

Business strategies should attempt to build a strong yet flexible position for the company so that it may achieve its goals whatever the reaction of external forces.  External forces will change!  The strategic choices available to a company are not unlimited; rather, they depend upon the company’s capabilities, resources and its position in the marketplace.

A strategic plan is a tool by which a business owner can ensure that their business is constantly growing and excelling at the level they desire.  You should plan out tasks and also plan out the way they should be done.  Involving the employees in this process is critical; you obtain important feedback and employee buy-in.  Moving forward with a strategic plan and clear business strategies will help position your business for success no matter what external forces may throw at you.

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One Response to Business Strategies

  1. Pingback: The Way of Strategy | Your Favorite Milk

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