STRATEGY

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How to be a leader and stay ahead of your competition

In business, corporate strategy refers to the overall strategy of an organization that is made up of multiple business units, operating in multiple markets. It determines how the corporation as a whole supports and enhances the value of the business units within it; and it answers the question, "How do we structure the overall business and the supporting business processes, so that all of its parts create more value together than they would individually?" Corporations can do this by building strong internal competences, by sharing technologies and resources between business units, by raising capital cost-effectively, by developing and nurturing a strong corporate brand, and so on.

Our approach to developing your strategy is a common-sense step-by-step approach to strategy development, which you can apply to developing a corporate, business unit, or team strategy.

We have a range of skills, techniques and tools that help you understand your competitive environment; the disruptive technologies; identify the options open to you; set strategic priorities; deliver your strategy; and work intelligently in areas like purchasing, marketing, operations, and manufacturing that will enable you to develop strategic insight in your business

What are the Benefits of having a Business Strategy?

Clarity, focus and direction. If you have a business strategy in place you will be clear on where your business is now, where it is going and what you need to do to get there. This will give your business clarity, focus and direction as you can align the business to achieving the business strategy. You will be making your business strategy happen rather than letting your business drift along without purpose.

Drive and impetus. Developing your business strategy will give you and your team the drive and impetus to perform at your best and take the business to where you want it to be.

A better understanding of your current business. To develop a business strategy you need to understand where your business is now. This involves looking at your business overall, including the key internal drivers such as financial performance, customer satisfaction, staff turnover, sales and marketing trends, conversion rates etc. You will also need to consider the strengths, weaknesses, opportunities and threats associated with your business and understand the external business environment, your competitors and the market you are in. This will all put your business in a much better place to move forward.

Agreement on the longer term future of your business. In developing the business strategy you will agree on the longer term vision and what you want your business to achieve. You may be looking to increase your profitability by x%, to create value in your business for a future sale or keep your business at the size it is now. By working on your strategy and debating the issues you will come to an agreement in your business as to where you want your business to be in the longer term.

Identifying the key steps needed to achieve your strategy. Working on your business strategy will enable you to identify the key steps and milestones to move your business from where it is now to where you want it to be. This will be invaluable for informing your planning and day to day business activities.

Promote discussion, debate and alignment in your business. To arrive at a business strategy that everyone in the business supports you will need to have a lot of discussion and debate within your business and amongst your senior team about where the business is now, where you want it to go and how you are going to get there. By getting to an agreed strategy as a team this will align everyone on the same track and wavelength giving you more chance of success.

Identify New opportunities for the business. Reviewing and working on your business strategy involves a lot of creative thinking which is likely to generate new ideas and opportunities for the business which you may not have identified otherwise.

Better business results. Developing a business strategy is likely to lead to better business performance as you are focused on taking the business to where you want it to be. You are less likely to get distracted and waste time on areas that are not moving you towards your long term objectives.