How to Implement a Business Strategy in Your Organization

Ask any successful business owner and they will tell you their success was not based on luck. The success – and failure – of a business is dependent upon the strength of their business strategy. A successful strategic plan employs cost reduction, development, and sustainability techniques to ensure a bright future. You need to know your business inside and out in order to create a comprehensive and realistic plan.

Your strategy should help you achieve the objectives of your business. A business strategy is the driving force behind any organization, and takes the form of an official report. Businesses are self-sustainable systems, when you change one thing in the system; it has a positive or negative chain reaction. Like an organism, businesses learn how to adapt to the change if it is positive, and rectify the situation if it is negative.

Organizations have several phases of development, including creativity, direction, delegation, and consolidation. A company may start out with lenient rules and regulations, but as time progresses management adopts more efficient policies that hinder creative thinking. Companies mature and lose sight of their goals and mission statements, with more of an emphasis placed on individual projects or initiatives. As a business enters maturity processes, departments, and policies are refined to reunite the organization.

Ways to Conduct Business Strategy

Historically there are two ways to develop a business strategy, using the “bottom up” and “top down” models. The bottom up method is when employees generate ideas on the floor and the best results are passed onto management. The top down strategy is when business owners create the strategy and implement the changes without seeking employee feedback. Unfortunately, both models fail to include all of the employee feedback.

The new method of developing a business strategy uses a collaborative process, which is when managers and employees exchange information and work together to create a sustainable solution. It is a team-oriented process that bridges the gap that exists between managers and workers. Before you create a business strategy ensure you have the additional resources to carry out the task without interfering with normal operation. Assign tasks and delegate responsibilities while keeping to a defined chain of command.

Functional versus Operational Business Strategies

There are two types of business strategies: functional and operational. The functional strategy focuses on general ideas and a variety of tasks for different departments. The generality is a major disadvantage, however; areas of concentration include marketing, new product launches, human resources, financial assets, and legal issues. Functional strategies provide a nice overview of the business but do not tackle the important issues employees encounter day-to-day.

Operational strategies are ideal for businesses that want to reduce costs and streamline processes because it is much narrower in scope and requires accountability on all levels. The detail oriented plan encompasses everyone and everything, from the number of cashiers on duty to how much inventory is carried at a given time. A strategy is unique to each business and reflects the needs and requirements of the company’s management.

Implementing a Business Plan

A business plan is the textual version of a strategy, as it includes pertinent information regarding the company, including: vision and mission statements, measurable objectives supporting the vision, actionable tactics meeting the objective, resources, milestones and timeframes, accountability and role designations, as well as internal and external risks. The business strategy is not evergreen and should be evaluated routinely to ensure the company still has the competitive edge.

A business plan includes the primary and secondary objectives of your organization, an analysis of current policies and procedures, and the development of new policies or procedures to correct weaknesses within the organization. Before beginning a strategy, it is helpful to conduct a SWOT analysis, which helps identify weaknesses and loopholes within the organization. Your competition capitalizes on your weaknesses, thus it is essential to continuously evaluate your business.

Developing a Competitive Strategy

Brainstorming and collaboration are essential to the development of a successful business strategy. Begin the process by identifying the strengths and weaknesses of the organization. Without erasing responses, continue to identify current opportunities that help your business succeed. Finish the SWOT analysis by identifying threats or risks that place your business in danger. Identify how your company beats the competition, outlining the various strategies already in place.

Identify your current target audience and list potential audiences in the form of demographics. Assess current market conditions and how your company can defeat the competition. Reevaluate how you are reaching current and potential customers and consider your overall marketing plan. Think positively and develop solutions to overcome any weaknesses that you have discovered thus far. Admitting your weaknesses is the hardest part of drafting a business plan, as most companies want to appear strong and mighty. Research why you have these weaknesses and find realistic solutions to the problems.

Business owners often become so caught up with their work that they fail to concentrate on their business strategy, which is a significant source of cost reduction. Achieve your goals by dedicating time each month or week to address issues surrounding the operation of your business. Make the process a tradition, ensuring operations are aligned with current goals and future forecasts. Make your business stand out from the competition by utilizing different techniques to attract the most people.

A successful strategy overcomes organizational hurdles by understanding customer needs and predicting the unpredictable. The formation of a business strategy is a science that combines current circumstances with a variety of internal and external variables, addressing immediate and long-term goals of the organization. The implementation of the strategy is rolled out slowly, starting with management. The plan encompasses everyone; however, customers are indicative of the final result.

How To Start A Website Business For The Beginner

Mostly because of the poor economy, it seems as though everyone is jumping on the internet to either help make ends meet or to obtain untold wealth. Unfortunately, there are a lot of scams online and too many people get sucked-up into the “Riches Without Work” scams that promise that with the flip of a switch, or a push of a button, you’ll receive scads of orders filling your pay pal account. Sorry… It just does not work that way. If you want to learn how to start a website business, then you need to stay as far away from the scam type sights as you can.

As the old saying goes, “If it sounds too good to be true, it probably is.” The very first thing you need to do to start a successful web business is to learn about the business and exactly how it works. You’ll need to learn some skills before you do anything. The good news is skills can be learned, just like driving a car or lacing your shoes. Everything looks daunting until you understand it…then it’s easy. So, before you waste your money on get rich quick scams, learn how the business really works. You can do this by learning, step-by-step, how to build your own website and then how to market your site to your prospects. The best way to learn this business, inside and out, is to team up with a mentor that can guide you through this maze called the internet. A personal mentor will cost you the farm so you don’t want to do that, unless you have lots of money saved up.

The best way to learn the business is to hook-up with a service that will teach you how to start a website business via the internet. A service will teach you how to build a website of your own, how to market your products and exactly how the web business works. In other words, you must build your skill sets first, then you’ll have the necessary know-how to be successful in this industry. Warning: Be careful of the insidious monster called information overload. That’s trying to do to many things at once…like promoting 3-4 businesses at once.

My advice is to find a internet mentor and then stick with him until you learn the basics of this tremendous industry.

The Four Key Advantages Of Buying A Business Rather Than Starting From Scratch

There are many advantages to buy an existing business. In this day and age, starting up a business from scratch is a lot trickier, due to an uncertain economy and also the presence of other competitors.

When it comes to buying a business, though, there are benefits. You have an established customer base, experienced employees, an established market position and operating systems that are all in place.

If you are worried about what the customers will think when the recognised leader has left, then don’t. There are many types of customers and clients who will still prove loyal even when there’s a new face at the helm. Providing that you handle the established customer/client base well, there is not a problem. You may find that customers buy on a cyclical basis, ranging from a month to a year or even a decade. If that’s the case, don’t throw away that 10-year-old customer list. Managing an existing customer/client base is certainly preferable to getting customers on board when starting a business from scratch – which can prove to be both expensive and time consuming.

You will also find that you have a valuable set of employees at your disposal. They are both experienced and skilled, and will often know the business inside out and backwards. However, with the prospect of new ownership, this can re-energise them and give them a new lease of life. Certainly, compare this to if you had to find new employees from scratch. Not only do you have to be sure that they are the right fit for the company, you also have to train them up and educate them about every single aspect of the business. Sure, one day, they will be well up to speed, but with a purchased business, the staff is already in place – meaning that they have the knowledge and skill to get on with the job – which in turn, means a greater level of productivity.

You also have an operating system in process. The benefit of this is that, depending on how long the business has been running for, you will have a tried and tested business system in place. It is difficult to judge what business system works and what system doesn’t. When you start a business from scratch, it will very much be a case of trial and error. You may find that you end up wasting time on trying to find the best system for you. With an established business, this system is already in place, and hopefully is one that provides the best results.

You will be entering a business that already has a market position. The best case scenario is that the business is widely respected and known, maybe in the local area or even all over the country. With that in mind, more people are going to want to buy from a business that is widely respected for top quality service and product. Even if the business only has a strong reputation locally, this is still a good starting point, since you can use this as a springboard for a broader profile. With a new business, you have to work hard to build up that level of respect, but with an established business, this is an easier process.

Providing that you have enough money at your disposal, buying a business is a shrewd investment. Even if you don’t, there are still ways around it, such as a loan made either from a bank or from the business owner which can be paid back over time. It is still has advantages over a franchise, because you can do whatever you want in a bought business, whereas in a franchise, you are still marching to someone else’s tune. Whatever your reasons and methods of buying a business, make the most of the advantages at your disposal and you will hopefully reap the rewards.