Developing a Business Strategy â€“ Why you should and how to do it

Developing a business strategy is such a thing that can change many things in your way, this is the thing that can change the wrongs of yours into right and if you won’t do it, or won’t do it correctly, then you can find that strengths of yours is draining out and you are getting feebler. To understand what business strategy building is and why it is important, many will give many bookish descriptions, but it is always better to understand than to know. Understanding can be eased out when the big things are compared with smaller and regular aspects.

What is Business Strategy?

Considering the same, the first thing that is to be jotted down is the basic sense of strategy – it is nothing but the planning. When the plan is one dimensional or for a single or a particular stage, you call it a plan, and when that is adjudged with a bigger aspect, it turns out to be a strategy. Recollecting the scattered ones, the thing becomes that strategy is a collection of plans, that are optimized and synchronized with each other and that is meant to meet a certain specific objective. Now your question is how to frame the strategy and why you should frame it.

Why there is need of a business strategy?

If why and how are the two questions, then surely the why must be answered first. It is the question that includes doubt in mind and doubt is something that halves the capacity of your thought. Hence, the doubt has to be cleared first and once that is done, the processes and other things can be answered easily. Now, in answer to the question that why business strategy is needed, let’s come to some simple and regular events that happen to everyone’s life.

In your house, you need to go for a financial plan. You have seen plenty of times that when you have not gone through the planning, you cannot make decent savings and you almost spend much of your money or salary, without any proper justification. Similarly, when you make the planning, you find that in a month, when you are in some crisis, proper planning makes you out of the situation at ease and you successfully distribute the money to save the bit at the end of the month.

This is the reason why you should plan and in case of business, it is a big thing and there remain so many areas to be concerned, to be outlined and where you can be lost if you are wrong. Thus, if you won’t make a plan how to proceed or how to make the approach towards the market acquisition and all, you can end up with nothing, although you started u with everything – there is the need of strategy. A strategy when laid out properly can even win you the match, which you would lose, by all means. In one word, the strategy is the collection of synchronized plans that are meant to ensure your win in any f the matches. While the business strategy is to be defined, the match just converts to market acquisition – as simple as that.

How to make the strategy?

Now you have answered the reason to make strategy and you are more or less convinced that you need one. Taking consideration of the same, you are now into the matter to find a way of making the strategy. Before the plan and the other layouts are drawn, let’s start with the definition, which we derived earlier about Business strategy –

Business strategy is the method of putting multiple optimized plans in a synchronized pattern in order to attain certain business objectives.

Now, find the steps of making a strategy by nurturing the definition itself –

So, the thing that comes here last is the first one – the objective. Start the journey with this one. Define your objective at the very beginning. It can be your vision statement or can be something which is directed towards your vision.
The next step is to go for the position of yours. You will often find from different other views that the next level of strategy will be to find the path to reach the destination, but just consider a straight line here. You will have to point out the finishing point, till where the line will go and also the starting point or was from the line will start. The finishing line is your objective and the starting point is where you are standing.
To identify where you are standing, you can take the help of SWOT analysis but consider the initial two letters only – SW, or strength and weakness. These two are the things that will define your exact location – what you have and what you won’t have.
Now, use the weakness find-outs and give an answer to the threats that can be for you, which you can make out by the use of weakness features and the opportunity. You will need the interpretation of the competitor’s position here for knowing the threats.
Next, go for opportunities. Here reconsider the weakness of your competitors and also analyze the market condition. Finally, consider your strengths and match the things with the strength – you will be collecting the opportunities.

The work is already done now. You will just have to get through the opportunities and threats and also the objective of yours. While you match all of them, you will soon find out different ways to reach the objective, standing at your position – The then framed path is nothing but the business strategy for you.