Jan 1, 2021Jan 1 at 8:59amManage Discussion Entry
What are several components of a well-thought-out achievable, and reasonable business strategy?
Do many businesses install several components that go into establishing an achievable and reasonable business strategy? The primary focal point that companies should focus on is by determining a business strategy on where the industry is heading currently and in the future forecast. Questions should raise whether the company is profitable or is in a competitive state. Would it be wise to invest money in new initiatives to expand those types of questions? A business needs to conduct a SWOT analysis to know where they are because it addresses the internal and external factors which provide a detailed understanding of the industry, competitive environment, and liabilities issues. Another factor is identifying the priority focus of the company’s mission, vision, and long-term goals. According to Aileron (2011) Based on this analysis “you can determine the priority issues, issues that are significant to the overall well-being of the enterprise that requires the full and immediate attention of the entire management team. Another critical area to address is pinpointing what market product to focus on and determine the consumer’s desires. The company must have a beginning and end goal; without this focus, the business cannot develop a business plan that is valuable and reliable. Another critical aspect of achieving a reasonable business strategy is encompassing various ideas and having good communication dialogue between all players that contribute to implementing ideas for business strategies, “The ability to review the system consistently and adapt and make changes to the system when and where need be is required to a well-thought-out and achievable strategy (Aileron, 2011)”.
Companies will make mistakes in developing business strategy. One primary one is not focusing on the customer service aspect of the developmental plan. The lack of focus in these areas probably will affect the company’s overall view of consumer satisfaction and what the public is looking for as a product. Reputation can either make or break a company, so if a company’s reputation affects customer satisfaction, it will impact profitability.
Aileron. (2011) Five steps to a strategic plan. Forbes. Retrieved from
https://www.forbes.com/sites/aileron/2011/10/25/five-steps-to-a-strategies-pla (Links to an external site.)n/3996454054645