How To Develop a Great Business StrategyKeywords: Business StrategyBusiness strategy development is key to growth and profits. Here are 10 ways to help you devise a powerful business strategy. As you may know, in management there are 3 main levels: strategic-, middle-, and first line management. Strategic management is the top level of an organization. Therefore, strategic management does strategic planning. Sounds logical so far? Good! Now, strategic planning pertains to the company’s performance over the next 5 or 10 years: long term, in other words. It may be best to start out by trying to explain what a strategy is in simple terms: If you are now at point A, and you want to go to point B, then the road you choose to go from A to B is your strategy. A ---strategy---> B
But just like everything else in management, strategies are also things that non-managers deal with all the time. After all, we are always deciding how we will go from one point in our life to the next, isn’t it? Well, those are all strategies. We just don’t call them that. An important thing you may want to remember is that strategies, too, are subject to change. But unfortunately, a lot of companies seem to forget that. They blame everything for the company’s declining performance, as long as it’s not the dead horse they’re riding on: their good old strategy. But as you know: if something has worked for 25 years in a certain way, it may be time to alter it, and that can very well happen to a strategy, especially in these fast-changing times! Here are 10 simple points that may help you develop a good strategy, whether you are a manager at work, or just the manager of your life: 1) Formulate for yourself where you currently stand. 2) Formulate for yourself where you want to be. 3) Formulate your vision statement 4) Formulate your mission statement 5) Make a SWOT analysis Strengths Weaknesses Opportunities Threats Above you see a simple representation of what your SWOT analysis could look This tool will give you an immediate and clear overview of the points the things to focus on (Strengths), the things to work on (Weaknesses), the Opportunities to seize, and the Threats to be careful with 6) Discuss it with those involved 7) Write the plan 8) Discuss the plan 9) Cascade the strategy 10) Keep a copy of the main plan at hand Dr. Joan Marques, About the Author: It is better to live in serene poverty than in hectic affluence. Everything has a price. The price for nurturing your soul is turning away from excessive stress, destruction of self-respect, and the constant strive in lifestyle with the Joneses. But it’s worth it. |
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