Strategic business planning

[Deleted member 62875]

There are numerous of short account of an incidence about highly successful companies that stumbled into a successful business strategy and it's your mission to find the one strategy that will deliver similar results for your company.
The good news is that you're in the right ballpark. Successful companies are built on carefully crafted business strategy. The more effort you invest in identifying a viable strategy for your business, the more likely it is that your efforts will be rewarded in bottom line profits.
Yet many business owners stumble when it comes to culling a single business strategy from a short list of attractive strategic options. In reality, there are probably multiple strategies capable of delivering similar outcomes for your business. Since indecision isn't an option, you'll need to step up to the plate and choose the best business strategy alternative for your company. Here's how to do it . . .
Competitive awareness. The first step in selecting a business strategy is to evaluate the strategies currently employed by rivals in the marketplace. There may be a valid reason why the rest of the industry has adopted a specific business strategy. Then again, it might also be an opportunity to gain a competitive advantage by taking a slightly different approach.
Ease of execution. Do your current resources and labor assets lend themselves to a smooth implementation process? Business strategies sometimes look good on paper but quickly lose their luster because the business owner underestimated the execution requirements.
Long-term outlook. A business strategy that delivers short-term results may not be the best option. Rather than focusing exclusively on short-term outcomes, you may want to choose a strategy that positions your business for sustained, long-term growth.
Employee buy-in. Employee buy-in is an important consideration in business strategy selection. In order for your strategy to succeed, it will need to implemented and executed by your workforce. When the workforce feels personally invested in the strategy selection process, they become incentivized to see it through to completion.
Strategy blending. It's perfectly acceptable to combine the strengths of several viable business strategies into a single, blended business strategy. Although conflicts sometimes preclude blending, many business owners ultimately create a hybrid strategy comprised of elements culled from the most promising business strategy Alternatives

 

[moonchild]

Business strategy to drive n customers and desired sales result is very important for every business to achieve success, this type of problem generally affects those that are just starting out in business, it is not easy to just get a business strategy that works perfectly at the beginning, most business strategies are borne out of tweaking of an already existing strategy, we have to understand the type of market we are in before we can even start talking about which strategy we should use, sometimes, it is not the fault of a strategy per say, the problem may stem from the business itself.

I have experience in tech businesses and I can sight an example with some businesses and how they started, first of all let's look at facebook, when they started they don't have users and the strategy they use to gain users in their early days was to market the idea to their fellow students in the same school, this actually gives them an edge in the beginning and make their journey very smooth and from their they open up to other colleges and further to the world entirely.

Business strategy should not necessarily scale at the start and it's very okay.