Business Strategies

Posted by Paul Scott Thompson in Apr, 2016

What are business strategies?

Business strategies are a set of goals that outline a procedure to reach a conclusion. Usually they are defined as an extended organisational goal. They can be used as a process to analysis the projected outcome, advising a clear and direct insight for future growth planning, and giving a clear direction on whether another place of operation is advisable. A business strategy will ensure that any increase or decrease in revenue has a clear directive and a possible solution. Business strategies can have a set time frame, or will have an approximate run time of up to 5 years.

What is the purpose of business strategies?

A business strategy is to ensure that the business always has its hands on the wheel, and keeps all the workers turning the cogs, so therefore it is important to maintain a strategy. A business strategy will have a number of directives that are followed to achieve successful outcomes, and to make profit. The business strategy will insure that the business controls the structure of its workforce, and that the business strategy will outline important procedures to maintain organisational order. A business strategy will be used in a variety of industries such as hospitality, sales, corporate and government. The strategy will outline if the business is weak in some areas and if it has a strong market hold in others. The purpose of the business strategy is simple really, to keep the organisations finger on the pulse at all times.

What are the different types of business strategies?

There are a number of different types of business strategies. But to name a few there is a growth strategy, and this is when you bring in new and existing products to a business, this will ensure that you keep the business a fair playing field with other similar like minded organisations. There is cost strategies that keep the costs down so the business can profit and stay a foot ahead of its competition at all times. Then there is a focus strategy, and this is about finding a small area of a market, and focusing on a small group or number of customers to provide direct marketing skills that will insure sales, that are profitable for the business’s projected outcome.

What are business strategies like?

A strategy for a business is a particular set of written documented text that will outline a number of key important steps and procedures on how the business will maintain its share in the market, and how the organisation will ensure that it stays ahead in business. It will also have an important step by step guide on the processes and procedures that is expected of all the employees from the ground up level, to stay a profitable organisation. Just as in the same way a soccer team on the playing field will have its own set of gameplays.

When do businesses typically develop a business strategy?

The creation of a business strategy helps in the development of new products, and will target the right market for the sale of its goods and services. It will also help in the growth and development of the organisation, and make the business a successful profitable organisation that grows within the projected market that it ventures in.

Where can I find more information about business strategies?

http://www.entrepreneurship.org/resource-center/defining-your-business-strategy.aspx
http://businesscasestudies.co.uk/business-theory/strategy/business-strategy.html#axzz46LxryTlz
http://pestleanalysis.com/what-is-a-business-strategy/