Business strategy is one of the fields of study that has aroused the greatest interest in academia and business. As they have always explained, we could define this concept as “the objectives that a company or organization sets out to achieve, usually with regard to planning, organization, resource management, marketing, etc.”. It is important to note that this strategy is also defined based on the way in which you want to achieve these goals, the time it will take to do it, and how it will be controlled. Today we give you six tips to draw up a good business strategy.
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Take the context into account
The first thing we want to advise you is that when drawing up a good strategy, take the context into account. And it is that, for example, it is not the same to develop a strategy in a period of crisis than in one of economic solvency. Thus, you must collect all possible internal and external information: competition, legal environment, economic … This step requires a lot of work, but it is essential to be successful.
Of course, it is very important that you set goals both in the medium and long term. It is the only way to draw up a coherent, coordinated, and effective business strategy. Logically, the objectives should be realistic: be leaders, increase profits, dominate the market, offer the best quality, offer better prices …
Have a good team
When drawing up a business strategy, many times who is going to carry it out is not taken into account. However, this is a key factor. In fact, a poor strategy in the hands of a good team is better than the other way around. Thus, you should not forget that strategies are tailored to the people who carry them out.
Take into account the four basic pillars
On the other hand, it is important that you never lose sight of the following four basic pillars of any business strategy: the mission, that is, the reason for being of the company; values, which represent the way of seeing life and the shared beliefs that guide the behavior of all those involved; vision, which is based on values; and the value proposition, or what is the same, the benefits that the strategy will provide to all those who are related to the company.
Don’t forget about communication
We also want to advise you not to forget about communication, which is as important as the strategy itself. In fact, many ideas have ended up failing due to poor internal and external communication. It is best to think about the entire communication process before executing the business strategy.
Make efficient hiring of staff
When hiring new workers, you must first be clear about what functions you want to give them. In this way, it will be possible to decide which aspects are going to be evaluated in the selection process, since it is essential that the chosen candidate understands what their tasks will be and how they will have to perform them.
You also have to consider the qualification of the candidates in the sector where the company operates. A well-trained team will perform better and, in the medium and long term, will bring a good financial result.
Another tip is that several people speak with the interviewee. This will allow you to have different points of view and to choose considering several perspectives.
Remember that employees are people
Very important: always keep in mind that workers are not machines. They need their breaks, feel motivated, and perform professionally in their job. For this reason, an efficient company should have this human aspect that will extract the maximum potential from its employees. In addition, disgruntled workers tend to seek new opportunities and this generates staff turnover, something that does not help the smooth running of the company.
You have to delegate
Sometimes, the administrator tends to think that he is essential, that he is needed in all the tasks of the company. The reality is that your role is to plan, direct, and organize, as well as control the results, but you cannot do everything yourself. For this reason, you will have to have a team of trained professionals to delegate some functions.
Their role is relevant since it is he or she who organizes the core of the company, orienting it towards a goal. However, all this is useless if it is not delegated to the workers, since it is they who, with their work, will pursue this goal.
Finally, it is important that you keep in mind that business strategy does not end with implementation, but requires analysis and feedback. For the business to remain healthy, its results must be analyzed regularly. The market is not static, so it is necessary to update plans and strategies, and for this, you have to know what the current state of the company is.