An Effective Business Strategy Is A Must For A Companys Progress
Sound Business strategy forms the basis of every successful business
. It constitutes of a business plan that is further made up of companys vision and mission, corporate strategy, goals and objectives. Though formulating strategies is far bigger than defining vision or making forecasts or planning, so it may not be the prime recipe for the success of a business but without their formulation businesses are likely to fail. A sound business strategy must consist of the following:
It must serve to be the framework for securing support as well as approval.
Business strategy must also work as the basis of detailed planning.
It must also help in benchmarking as well as in monitoring the performance.
Business strategy must not be in any case mixed with the business plan. A business strategy is likely for a shorter span of time, whereas business plans are defined for the time span of three to five years.
Business strategies are the rules, regulations as well as policies that help in the accomplishment of mission, goals and objectives. The use of effective business strategies also help in the realization of companys vision. Business strategies are thus the set of various plans that are knit together and all the strategies when formulated with regards to the business needs help in the accomplishment of their goals. The business strategies are timely reviewed and are changed in accordance to the needs. SWOT analysis must be done and the strategies must be changed or up-graded in accordance to the company needs. It will not assure overall success of the business but will surely help to combat some failures.