INTROBUSSTRATEGY

TIME REQUIRED20 Minutes

essential previous learningNone

Introduction to Business Strategy

Create your future

  • Don’t get left behind! If your business operating today the same as it did 6 or 12 months ago it is at serious risk
  • Leave nothing to chance – use this section of the website to create a bright future for your business
  • Learn how to create a business plan that will ensure long term growth and profitability
  • Understand that knowledge is power, our learning articles will help you to capitalise on your market potential
  • Ideas are worthless without implementation – learn how to turn ideas into action

Derived from the Greek word for “generalship”, “strategy” has been defined as a method or plan to bring about a desired future. Business strategy involves planning, setting goals, determining the most appropriate actions or tactics in order to achieve these goals and the marshalling of resources in order to execute the plan. In effect, a strategic plan will clearly set out what the desired outcome is and how it can be achieved.

Strategic planning is no less important for small business than it is for large corporations. In fact, we would suggest that having a well-thought-out strategy is even more vital for small business success. A poor or non-existent business strategy will certainly affect business performance and could, in turn, threaten the long-term survival of the business. Our aim is to provide you with the tools to develop a business strategy that will see your business not just survive, but thrive.

At Absolute Best, we understand that almost all people start or take over smaller businesses with a great deal of passion and enthusiasm. In many cases, business owners have made the conscious decision to take what they love and what they are good at and make this their life’s work. Often, they hope that this alone will be enough. Unfortunately, hope is not a strategy and over time, as the initial excitement turns to hard work and problems inevitably arise, the lack of proper planning will show through. This section of the website will teach you how to develop and implement strategy, not just for your business but also for all aspects of your life.

Business planning

The Absolute Best business planning process, covered in a series of 13 learning articles, gives you a step-by-step guide to developing a business plan for the next 12 months. This planning process will give you an invaluable insight into your business, your market and how you can develop a competitive advantage in the marketplace.

While developing an effective business plan does take time and effort, one of the key benefits is the process itself. It forces you to focus on what is important to the business and helps you to produce a vision for the future. Our “introduction to business planning” article will get you started. We use a real-life case study business throughout the learning articles to give you a practical example to work from, and provide you with a template for the completed plan.

Research and analysis

There is a saying that “knowledge is power” and this is absolutely true when developing a strategy. The more that you know about your business and the market in which you operate, the more effective your decisions will be about your future direction. Throughout the website you will find a large number of tools and models to assist with your research and analysis. Each tool is explained in detail and has been adapted for use in a small business and where necessary we provide you with templates and worksheets to work with.

Implementation

The key to success in any business is having the ability to implement your ideas and strategy. Too often great ideas get lost or forgotten because not enough thought or planning goes into the implementation. In this section of the website you will find several learning articles that have been designed to help you to move your business forward. They will assist you in learning how to successfully priotitise tasks and activities along with showing you how to work with an action plan.

As a business owner, you need to be able to set the strategy and direction for your business and then communicate it passionately to your team. By enhancing your skills in this area, you will not only see vast improvements in the bottom line for your business but will also see higher levels of employee engagement from those working with you. Employees thrive when they can clearly see and understand the vision for the future and tend to work harder when they have clear goals and something to believe in.

Complimentary business strategy articles to get you started

Introduction to Business Planning

Working on Versus Working in the Business

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