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In the current situation, business management is becoming an increasingly demanding task, especially due to a changing environment. Difficulties related to making adequate decisions and setting the appropriate development direction for the business may have a significant impact on the company’s results in the coming years.
A properly formulated strategy allows your company to increase the efficiency of your business by providing the organization with knowledge that allows you to avoid potential threats that are not visible to managers “at first glance”.
In each case, the first step made on the path to formulate a strategy should be to preliminarily define of the company’s ambitions. By „ambition” we mean the key goal or goals that the company wants to achieve. The goal or goals may be very different as they depend on the “appetite” of the managers and the current condition and human and financial capabilities of the company. This may be, for example, doubling the value of the business in the period of X years.
Appropriate understanding of the current situation of the company should be the next step in building a strategy aimed at achieving previously defined goals. The analysis should cover both issues related to the market in which the company operates, its competitive environment, and the internal sphere of activity – product, know-how, organizational culture, resources at the company’s disposal, etc. It is important to understand which factors are crucial for business development and which factors cannot be ignored when formulating a strategy. The result of the analysis stage should be an agreement on the current situation of the company by both the company’s representatives and the advisory team.
Based on the analysis carried out, the aim of which was to understand the current situation of the company, it is necessary to identify potential areas in the organization whose activities are ineffective, but also areas that provide a potential opportunity for development and possible threats to the business. This is the stage at which the direction of changes to be included in the company’s strategy is shaped. It is important that specific strategic challenges are supported by the management’s belief in the need to take appropriate steps that will allow for further development of the business. The challenges discussed should be precise and based on reliable data, not just intuition and hunches.
Once you obtain agreement on the direction of changes, you should move on to designing strategic goals. This is the stage of detailed strategy building. For this purpose, various tools are used, selected depending on the defined issue, which allows to maximize effectiveness. From the point of view of the strategy, it is important that it is complete; consequently, the design process should be appropriately structured. The participation of company managers is also important at the design stage so that the initiatives developed inspire their trust and belief that taking the agreed steps will translate into measurable benefits for their business.
Even the best-developed initiatives can be ruined by errors at the implementation stage – that is why a reliable and meticulous approach to the final stage is extremely important. The implementation plan should include specific, measurable steps assigned to specific people that will allow the developed strategy to be translated into company results. It is also important to properly time the project, divide responsibility, and set priorities. The prepared strategy, along with a complete implementation plan, should be presented to both owners and managers, as well as lower-level employees who will be responsible for the implementation of individual initiatives. Good communication, explaining the need for actions taken, presenting goals and benefits resulting from their implementation allows for better motivation of employees at various levels to make often significant changes in the way they currently operate.
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