Business Essentials: The Business Strategy

To stay competitive in a landscape that is always changing and developing, brands and organisations must continuously evolve, staying flexible enough to be able to quickly and intuitively respond to changes in the market.  

Making more products, of a higher quality and in larger numbers, has become paramount for many business leaders, and in response, a number of new management tools and techniques have arisen. Many of these developments have resulted in improved efficiency. However, many companies do not see a marked improvement in terms of profit, as these tools and techniques seem to make an impact on efficiency without affecting strategy.  

 

Nilesh Waghela, a former independent business advisor, has a fully developed understanding of the importance of a well-crafted business strategy. A strategy is designed to communicate and preserve an organisation’s core values, whilst also ensuring that each of the individual departments that make up the organisation is working towards the same goal.  

 

Despite it’s important and valuable role, many companies have not invested the proper time and resources into creating a strategy, or they are operating with a strategy that lacks detail or is out-of-date.  

 

A business strategy will not produce measurable results in the same way that improvements to operations and efficiency might, and for this reason, managers tend to overlook a strategy in favour of the shorter-term gains of greater efficiency. One further reason an organisation might neglect its strategy is if its leadership does not consider it to be their most important objective. However, the strategy should be at the core of everything a leader does.  

 

The strategy - and therefore the senior management - should focus on understanding and communicating the company’s vision, using this information to best position it in the marketplace. Business leaders should keep the strategy at the forefront of all their activities and decisions, using it to avoid distractions and protect the company against its competition. 

 

A brilliant business strategy will lay out how and why a company is different to its competitors. The strategy should also describe how the company will generate and retain its customers, as well as detailing how it plans to stay competitive and profitable in an ever-changing marketplace.