The Importance of Business Strategy
Business strategy is the way in which a company meets its ongoing challenges and opportunities. The business strategy creates a context for operating decisions. It establishes the playing field and provides guidance for:
- decision making
- staff job role knowledge skills and experience requirements
- sales and marketing positioning
- company priority of initiatives
- company structure
A strategic plan is necessary to guide decision-making, channel resources, set goals and define direction
What is Strategy?
A strategic plan is a high level plan to achieve one or more goals under conditions of uncertainty. Strategy is important because the resources available to achieve these goals are usually limited.
Competitive Strategy focuses on attaining and maintaining a position of advantage over market competitors. It is a set of choices that defines the nature, direction and value system of an organisation. The organisational strategy should be understood by every person in the organisation and used to guide all decision-making. In developing strategy, leaders make conscious and informed choices about who they are and what they stand for:
- What are the core values and beliefs?
- What markets and customer groups does the business serve?
- What products and services will the business offer and how profitable is each one?
- What competitive advantages will cause the business to succeed?
- What core competencies must the business have to fuel the growth?
- How will the business sell the products and services?
- How will the business market the products and services?
- What infrastructure, core processes and resources must the business have to succeed?
- What financial results will the business achieve?
Extracting the Benefit of Strategy
Topline Consulting has developed a proprietary platform that facilitates competitive strategy development and provides a process to extract the commercial benefit from the competitive strategy. Topline Strategy Programs provides a structured process for competitive strategy development and commercial value extraction.