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Neha PalTop Contributor
Content Writer|| ENGINEER||
Asked a question 2 years ago

What makes a good business strategy?

Where am I?

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The strategy needs to be frequently reviewed against prevailing external and internal environment.

This is where business intelligence comes in where you need to constantly monitor how the strategy and the objectives are being executed.

Every 5 to 15 years most companies suffer from some unexpected misfortune. Indeed one part of a strategy should be to build in sufficient buffer or slack to be able to ride out any storm.

Some experts claim that a strategy should be designed to provide competitive advantage for the organisation. 

Implementation of a Business strategy
Implementation of a Business strategy

Strategy creation is involved because there are so many inter-dependencies. On great way of representing these cause and effect relationships is to use a strategy map. This is the basis of the balanced scorecard approach.

It takes the systems thinking approach - everything in an organization and its environment is interrelated and so determines the outputs of the whole system.

Puru BhatnagarTop Contributor
Business Analyst, Entrepreneur, Business developer, Marketer

Every business involves some phase at which they have to take decision and one wrong decision can cost them complete failure.

So an effective business strategy involves a lot of research work and effective team that can visualise what their situation and take decision accordingly.

Here are some ways to Develop a good business strategy 

 

  1. Objective should be well defined

A well defined plan with execition is nothing better than anything, you should be sure about your plans and objectives i.e. what are ayou trying to build?, or Which customer segment you want to target.

    2.  Study of competitors and opportunity

You should be well aware of your competitors and what influence they have over the market, further you should be always look for the opportunity that exists in the market and always ready to get it.

   3. Maintane economy 

see this point is basically more relevant if your market is too money concious 

Being innovative and at te same time bring yiur cost low you can reach to a do great.

  4. Testing 

Feedback is an important factor, one should always take feedback and test their strategy so that you can check if there is any loophole in your strategy.

  5. Amending 

Yes, if there is any loophole in your strategy you should immediately remove it and amend it with correct measure 

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