A business strategy must take into account a number of factors including the market, competitors, and the business environment, as well as the company’s structure, strengths and weaknesses. It should also be flexible enough to handle change. Planning and preparing a business strategy therefore requires strong skills in strategic planning and business analysis, as well as a good understanding of functions like marketing, sales, and distribution.
What you need: a changing business strategy for a changing world
Business strategy involves covering off the basics, as listed above, but what is needed to formulate a successful business strategy? Today’s world is in continual change.
Business is not the same today as it was yesterday – or what it will be tomorrow. So any business strategy must be:
- Anchored in up-to-date research
The 6 key elements needed to devise good business strategies
Devising good business strategies involves a number of key elements: