Discussion in 'General Discussion' started by cm1179, 8 Apr 2010.
anyone shed any light onto this please?
A strategy... wait for it... for a business.
i was wondering if any people who had their own business could explain what they believe a business strategy should be about?
Making money and not going bust usually.
I dont have a busines or ever had to come up with a strategy but common sense says its your strategy for how you intend to accomplish growth and expansion, how you intend to make a profit, deciding on a direction for the business and how you are going to accomplish that, i think i understand what a business strategy is jus not as easy to put on paper.
What do you do/make now? What do you want to do/produce? How are you going to get there?
The final question would give you the essence of a business strategy. Obviously there are more complicated issues regarding what advantages you have over competitor(s), what disadvantages. Bring in a S.W.O.T. model as well as one fairly simple structured way to define these points.
it can be as complicated or as loose as it needs to be.
I have strategies for specific customers and accounts, yet i also have an over arching strategy for my business, and its success as a whole.
Have prices with out VAT big and bold to make it seem customers are getting a better deal?
A long term plan to accomplish business objectives.
A strategic plan for a business
Well.... for a non complex answer.... basically your long term goals, plans and techniques which are applicable for your business.
For example, if you're in a shopping mall, then clearly one of the best strategies is to appeal to the people passing by your shop.
It's far more than that of course, but I'm just giving one aspect of it.
It's a strategy to help you run your business, whilst following your business' Vision & Values with the aim of achieving the performance/financial results stated in your strategy.
e.g. "be the best ocuk poster, whilst reducing trolling and never hotlinking"
It's a valid strategy to strive for methinks!
If you want to read and learn, get Strategic Management (5th Edition, 2009) by Richard Lynch.
To theorise strategy in business, you can have an emergent or prescriptive approach by which to uphold company values, decision making and growth etc. To answer your question though, strategy is entirely an arbitrary process, dependent on a myriad of things, both internal and external to the business. In order to make a strategy work (above that of survival), you need to be able to plan and see what's going on in and around you.
It's pretty straight forward to think of something, such as no trolling and hotlinking, but there's always something there to stick a fork in it and totally change things, which you need to react to. Viva La Revolución.
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