EFFECTIVE BUSINESS STRATEGY
Whenever you set off across new territory you’ll what to consult a map. otherwise, you’ll get lost.
Stepping forward into the unknown(also known as ‘the future’) is what companies do every day.
And what do they need to make sure they don’t get lost? A strategy, of course, which some may also call a roadmap.
Whether you’re looking to set new business priorities, outline plans for growth, determine a product road map or plan your investment decisions, you’ll need a strategy. coming to the realization that your organization needs one is easy. Actually creating a strategy is a little trickier.
1. IDENTIFY STRATEGIC OBJECTIVES:- At this stage, the aim is to develop a set of high- the level objectives for all areas of the business, they need to highlight the priorities and inform the plans that will ensure devilry of the company’s vision and mission.
By taking a look back at your review in step one, in particular, the AWOT and PESTEL analysis, you can incorporate any identified straight and weaknesses into your objectives.
Crucially, your objectives must be SMART (specific, Measurable, Achievable, Realistic, and Time-Related). Your objectives must also include factors such as KPIs, resource allocation, and budget requirements.
2. TECHNICAL PLANS:- Now its time to put some meat on the bones of your strategy by translating the strategic objective into more detailed short-term plans. this plant will contain action for departments and functions in your organization. you may even want to include suppliers.
you know to focus on the measurable result and communicating to stakeholders what they need to do and when. you can even think of these technical plans as a short sprint to execute the strategy in practice.
3. PERFORMANCE MANAGEMENT:- All the planning and hard work may have been done, but it’s vital to continually review all objectives and action plans to make sure you’re still on track to achieve that overall goal. managing and monitoring a whole strategy is a complex task, which is why many directors, managers, and business leaders are looking to alternative methods of heading strategies. creating, managing, and reviewing and strategy requires you to capture the relevant information, break down large chunks of information, plan, priorities, capture the relevant information, and have a clear strategic vision.
4. DEVELOP A VISION STATEMENTS:- this statement should describe the future direction of the business and it’s aimed in the medium to long term, it’s about describing the organization’s purpose and values. business gurus have debated long and hard about what comes to first-the vision, or the mission statement (see step 3) But, in practice, you could develop both at the same time.