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October 26, 2020

Business Strategy: The Foundations

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Business strategy is a set of actions or decisions taken by the management of a company that will help in achieving desired business objectives. These set of actions are laid out to provide guidance to all the people in the company and prevent them from losing direction in the process of achieving these goals.

Why is strategy important?

Having a well-planned business strategy is of extreme importance for any business to achieve long term goals in the most effective manner. Business strategies provide multiple benefits to an organisation.

  • Vision and mission - It involves converting a business’s mission into short term strategies which will later assist in successfully achieving long term vision of the company.
  • Business strategies also work as a controlling measure that ensures employee’s interest aligned with the firm’s objectives. It provides a blueprint to the managers that can be used to monitor employee actions and performance.
  • Competitive advantage - Since these strategies are planned with the intention to achieve long term goals by improving company performance and attracting customers, it involves developing strategies to effectively compete in the market.
  • Prepare for uncertainties - In addition to strengthening performance and attracting customers, business strategy also includes analysing and forecasting uncertainties that arise in the business environment which in turn helps the firm maintain its competitive advantage.
  • Supports expansion - Business strategies are developed with the motive to support goals set by the top executives of a firm. The intention is to provide enough room for future growth, expansion, diversification, or merger of the firm.

Mark Bouw Group Strategy Foundations.

Data is the foundation element to developing strategy.  Critically, obtaining clean data in real time to ascertain the types of problems being faced will determine how to respond. Whether timid, wicked or crisis problems, Mark Bouw Group has the tool kit.

Many business owners jump to conclusions, pick one option and later find out that the strategy has failed. A broad approach to creating options is required to ensure that a business taps into the creative collective of the ecosystem it operates in. Mark Bouw Group advisors businesses how to generate the ideation to ensure no option is left off the table.

Failing to plan is planning to fail. In a world with multiple project and business planning software, how does a business effectively redline its plan into action? Mark Bouw Group has tried and tested tools and experience to ensure that any business plan is simple, budgeted for and doable to drive a focus towards true economic profit.

Mark Bouw Group stands in the trenches shoulder to shoulder with its clients. This is where the hard work is done and the winning happens. Being “live” means facing multiple judgment calls that can literally change the course of your business in minutes. Knowing which data to automate the decision making or when you need to step in a different course is where Mark Bouw Group trusted advice is there with you-anytime, anywhere, anything.

But is your strategy executed the way it was planned?

Although many firms manage to create a strategy that might help them achieve their objectives, some firms fail during execution of the strategic plan. A research conducted by Harvard business review provides some common reasons as mentioned below:

  • The research revealed that around 95% of a company’s employees are either not aware or fail to understand its strategy. Which means companies limit their execution at the management level but fail to focus on validating if the majority of the firm’s employees understand the strategies developed to guide their actions.
  • It was also found that companies failed to align strategies of each department with one another. If departmental plans of HR, IT, finance, and others are not aligned with that of the firm’s overall strategy, the failure in execution and achieving company objectives is certain.
  • Incentives and compensations- the compensation packages of around 90% frontline employees and 70% middle managers had no link with the success or failure of strategy implementation.

The reason behind this failure may differ from one business to another but the consequence remains the same. Our team of experts at Mark Bouw Group have successfully helped many firms in identifying such problems and developing a strategy to tackle such problems.

For more support, contact the Mark Bouw Group for your free 1-hour consultation.

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