Be honest: do you really know what business strategy is? Do you really have the concept of business strategy on the tip of your tongue? Every year, millions of entrepreneurs come up with fantastic ideas. And every year, these same entrepreneurs spend countless hours creating, recreating plans and thinking about how to make a business strategy, full of details.

But often, most of the effort used ends up being wasted because they can’t follow their own plans . So, how to make a good strategy?

The big mistake managers make is to end up failing in the strategy for not being able to get them off the ground, which causes them to quickly lose their brilliant ideas. But what can we learn from this? Learn more about how to make a good business strategy so you don’t miss out on good opportunities!

 

How to make a business strategy work?

First, remember that good execution comes from a disciplined process. It is essential to create a logical set of activities that connect across the organization for the strategy to work.

Second: people management needs to come before strategy or operational processes. After all, it is the people in the organization who know how markets change and develop, and they are the ones who create strategies based on this knowledge. The team is responsible for taking the strategy off the paper and transforming it into an operational reality. “Without a thoughtful and planned approach to execution, strategic objectives cannot be achieved”

The problem with many managers is that they are more willing to put out fires than to prevent them from happening. They fail to execute the plan due to the lack of a framework or methodology in the work environment that is truly reproducible.

Thus, the important thing is that these managers connect their strategy to the individual goals of each employee. But how to do it? Here are four steps that will help you execute your strategy well.

 

But what exactly is business strategy?

business strategy

The definition of business strategy could be summarized in a few words like this:

Business strategy is the definition of what actions must be taken today (short term) to trigger action plans (medium term) – based on the study of the past, the present situation and perspectives of what is to come – in order to achieve the goals. desired results in the future (long term).

Thus, the characteristics of business strategy involve several moments, but, basically, we can say that it is necessary to act today, to model the future scenario.

“The best way to predict the future is to create it”

Thus, the management of business strategy cannot only focus on the experience of the past and on what one imagines and would like to be the future. Who even knows what business strategy is, focuses on the present: implementing strategic planning, one of the most difficult stages of this journey.

Is it clear to you what strategic planning is? So, check out 2 examples of a company’s business strategy now. These are days of established methodologies to develop a business strategy in an agile and objective way.

2 business strategy examples you need to know

It is not enough to know what a business strategy is and its definition. Thus, it is important to know some examples of how to develop a business strategy. Thus, it will be easier for you to choose the ideal methodology for your business.

How to make a company strategy in 4 steps

1- Define your priorities well

A big mistake made by many managers is to set too many priorities and not take care of any of them. So focus only on the priorities you know you can develop.

 

If you see too many opportunities in front of you, try to focus on the one that has the best chance of succeeding. This choice can encompass several circumstances: the market in which your business is located, the available budget, the motivation of the team, the relevance of the project for its growth, etc.

 

As soon as you successfully achieve one goal , move on to another. Putting all your focus on a goal makes it likely to have more satisfying results and is one of the best ways to make a good business strategy work.

 

If you try to develop multiple goals at the same time, it is very likely that team performance and dedication will drop. Therefore, it is better to invest in specific goals than to want to embrace the whole world and end up with no concrete result.

 

2- Collect and analyze the data

Entrepreneurs often specify measurable goals in their strategic plans. But if the plan starts to go wrong, the project could end up being shelved and forgotten for a long time.

 

A tip to ensure good execution is to choose performance indicators ( KPIs ) that can be measured and monitored on an ongoing basis.

It is essential to obtain data from these indicators and evaluate their results according to the schedule – which can be monthly, quarterly, yearly. If they aren’t satisfying, it’s important to improve them to increase performance.

 

If the process flows are not working as expected, the procedure must be to adjust them immediately so that the damage is not greater.

 

3- Maintain a routine of meetings

Without continuous communication, employees end up losing touch with the organization’s goals and objectives. And, in this way, there is no way to make a business strategy.

Over time, the team and managers can deviate from the main focus, which generates bad results for the entire management. To ensure that the organization stays in sync with the strategic plan, the team must meet regularly to keep up to date with the development of projects.

The routine of meetings can be done with daily meetings, right at the beginning of the day, lasting up to 15 minutes, where all reports and changes can be clarified, so that the team can improve problem situations quickly.

After each meeting, it is essential to make a report of what was discussed – such as meeting minutes – and send it to all involved employees by email, so that no details are lost and that everyone can see, in a concise way. , where they need to act and act so that the plan is executed in the best possible way.

4- Evaluate the strategy

The manager who really wants to know how to make a business strategy needs to keep in mind that he must meet separately with the team in charge of execution and with all those responsible for management on a monthly or quarterly basis, to evaluate the progress of the strategic plan.

These strategic meetings should be more in-depth than employee meetings and should be designed to determine if and how intended changes are, in fact, necessary.

Periodic strategic meetings should discuss the company’s strengths, weaknesses, opportunities and threats. This process is known as SWOT analysis and is essential for companies of all segments that want to acquire self-knowledge.

Do you know what one-page business strategy is?

There’s also how to make a business strategy using another important tool: a one-page strategic plan. All the essential elements of the planning are reduced to one page, which will be passed on to all collaborators. A benefit of this information sharing is that employees will feel that they are contributing to the organization’s overall success and will feel more enthusiastic, motivated and committed.

Sharing information that is usually confidential in companies is one of the characteristics of spot management . Some of the benefits of this methodology are: understanding of the entire project framework; encouraging joint action; monitoring of results; ease of identifying and correcting faults, etc.

Business owners should be careful, however, that the one-page strategic plan does not disclose more confidential company information and other intellectual property rights. To avoid this type of situation, you can carefully review the planning information before releasing it to the entire team.

Now that you understand how to make a business strategy, take the opportunity to download our free e-book:  How to do Strategic Management. And if you want to put these teachings into practice, you can count on STRAWs ONE , Site ware’s software that improves your corporate performance, detects opportunities for improvement and provides spot management, among other benefits.

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