Business Strategy Viewpoints
The purpose of this site is to draw together views from analysts, seasoned professionals, business leaders and academics on the subject of business strategy. Whether you’re just starting a business, or you’ve been in business for a long time, in can be easy to get overwhelmed by all the different areas of your business. Going back to basics, and reviewing all the different areas of your business, can help you feel less overwhelmed and see the wood for the trees.
Your Strategy is Your Conscience
Business strategy is the conscience you need for effective decision-making as you wade through the ambiguous waters of entrepreneurship. It is not about being the best, but about being unique. Competing to be the best in business is one of the major misconceptions about strategy.
Strategic Principles
Strategy principles are the fundamental rules and guidelines that serve as a foundation for reasoning and decision making about the longer-term direction for an enterprise. There are only two ways to get an advantage. Your prices must be higher or your costs, including the cost of your balance sheet and the cost of taxes, must be lower.
Strategic Planning Tools
Managers and other business professionals may use various tools in order to create an effective and productive work environment. One technique is to create a list of fundamental business principles in order to outline the company's core values and expectations.
Robust Business Planning
Businesses must have a robust business strategy to survive in a competitive environment. Effective business strategies merge the idealism of the mission statement with the realities of everyday operations. Bounded rationality suggests business decisions are rational, however bounded by the ability of the human decision-maker. It suggests knowledge and capabilities are limited and imperfect. Interestingly, bounded rationality has some consensus in strategy knowledge.
Strategy is Simple
At its heart, and in principle, Strategy is enormously simple. It’s only when you lose sight of that it becomes complicated. But it’s worth reminding ourselves of its fundamental simplicity from time to time, to make sure we focus on answering the most useful questions and spend our time on the tasks that add the most value and insight.
A Coherent Strategy
A coherent strategy should include four separate and distinct components: long-term goals, a defined scope, a description of your competitive advantage and, finally, the logic by which you plan to achieve your goals. When the business environment has high levels of uncertainty arising from either complexity or paid change, it is impossible to develop a single view of who environmental influences might affect an organisation’s strategy. Therefore it is necessary to build several scenarios.
Looking at Objectives
Objectives represent your goals for the business overall and typically centre on a problem you aim to solve by providing your services or products to consumers. Creating a strategy to deliver on your objective can be achieved by understanding available resources, setting timelines and budgets, looking at current and past activity, and assigning ownership of activities and KPIs to team members or stakeholders.
Strategic Groups
Strategic groups are organisations within an industry or sector with similar strategic characteristics, following similar strategies or competing on similar bases. There are many characteristics that distinguish between strategic groups but these can be grouped into two major categories. First, the scope of an organisation’s activities. Second, the resource commitment. This strategic group concept is useful
Corporate Strategy
Corporate Strategy takes a portfolio approach to strategic decision making by looking across all of a firm’s businesses to determine how to create the most value. In order to develop a corporate strategy, firms must look at how the various business they own fit together, how they impact each other, and how the parent company is structured, in order to optimize human capital, processes, and governance.
Looking to the Future
Strategy, in simple terms refers to the plan one has to achieve his/her objective, its about how we would get "there", its futuristic and with the aim of attaining defined goals in the future. Organisations have to think ahead, plan ahead and move forward but not forget the past experiences - reflection on the past is a great source of learning. Strategists working in either incumbent companies or startups ultimately and systematically aim at outperforming rivals, by creating and sustaining what is traditionally called a competitive advantage.
Business Strategy Articles
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