Strategy And Strategic Planning

A business strategy is a set of competitive moves and actions that a business uses to attract customers, compete successfully, strengthening performance, and achieve organisational goals. It outlines how business should be carried out to reach the desired ends” ~ Business Jargons

Strategy is a term used in Chess.

Strategy in business is all about the direction the business is trying to get to in the long-run

What resources (skills, assets, finance, relationships, technical competence, facilities) are needed in order to be able to compete in the marketplace.

What factors affect the businesses’ ability to compete?

Which markets should an enterprise compete in and what kind of activities are involved in such markets? 

The 3 kinds of strategy in business

Business Unit Strategy:

It is concerned mainly with how a business competes successfully in a specific market. It deals with strategic decisions about choice of products, meeting needs of customers, gaining advantage over competitors, exploiting or creating new forums.

Operational Strategy:

This revolves around issues of resources, processes, people etc. This is concerned with how each section of the enterprise is organised to deliver the corporate and enterprise unit level strategic direction. 

Corporate Strategy:

It is concerned with the overall purpose and scope of the enterprise to meet stakeholder expectations. This is a crucial level since it is heavily influenced by investors in the company and acts to guide strategic decision making throughout the business. Corporate strategy is often stated explicitly in the companies “mission statement”

Strategy exist at several sections in any business – ranging from the overall business to the individuals working in it.

Strategy is one of those general yet amorphous words that a lot of individuals love to use and misuse, especially in a business context. When you go into business, youre working towards winning and to do that, you need a strategy. Every business owner should consider their strategy and work towards meaningful goals.

Most companies choose three to five-year goals. This allows for greater certainty than, for example, a thirty-year goal.

But why not make the time frame even shorter than five years? The truth is that strategic planning takes a lot of time and effort. Youd probably have to start working on your next strategic plan at least six months to a year before youve completed all the other goals you planned. 

Business owners with great strategies, always triumph, it is just like in Chess, the player with a better strategy wins.

As a business, you need to have a working strategy. Contact us today for your business strategy session. 

Chidimma Nwakama