Many companies, especially smaller ones, do not take the time to develop short and long term business strategies. Part of the reason is not knowing how to do it. And those who have experience developing business strategic plans understand how much work it entails. Developing a business strategy will make a company proactive rather than reactive.
Developing short and long term business strategies involves in-depth analysis of:
– current and future market demands;
– the strengths & weaknesses of the company;
– the changes the company will have to undergo in order to address the business strategy
A good process for analyzing the business is what is called a SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
As a boss, especially if you are a front line manager, you may not be involved in developing the strategy for your business. But it is imperative that you understand what it is (hopefully there is one) and how to manage your team(s) to move the company in that direction. If you are involved in developing a business strategy, research the links below so that you can contribute to the analysis and planning.
- Comprehensive information on strategic planning.
- Various articles on business strategies (Manyworlds).
- Brief description of SWOT analysis.