Your business strategy determines how you will achieve the long term goals of your business. In other words, when you know where you are going, your strategy describes which roads you will take to get there. So, strategy is important for the long term viability of your value-added business.
To help you develop strategy read Strategic Thinking in Value-Added Businesses.
Analyzing an Industry and Industry Analysis—The Five Factors are important aspects of developing strategy.
Strategy involves using a unique set of Business Strategy Terms and Strategic Management Concepts that are important for you to understand. Conducting a SWOT Analysis is another useful strategic planning tool.
For more information on this topic, see the links listed below of articles posted on related Web sites.
- Strategic Planning: Scanning the Horizon -- Purdue University Extension – Strategic planning involves making decisions now to reach a desired future.
- Keeping Track: Performance Measurement, Control & Strategy – HBS Working Knowledge -- In today's fast-moving economy, how do managers balance profit and growth against control? What's the trade-off between short-term results and long-term capabilities? How can you calculate the effectiveness of your business strategies?
- How to Develop a Strategic Plan – BizMove.com -- Strategic planning is matching the strengths of your business to available opportunities.
- Devising Business Strategies – PlanWare -- Success and failure, existing strategies and future SWOTs, strategic combinations and statements, and next steps.
- How to Perform SWOT Analysis -- Bplans.com -- A valuable step in your situational analysis is to assess your firm's strengths, weaknesses, market opportunities, and threats through a SWOT analysis. This is a very simple process that can offer powerful insight into the potential and critical issues affecting a venture.
Creating a Strategy
- Does your HQ Operation Fit With Corporate Strategy? - HBS Working Knowledge -- Is a lean headquarters operation the key to success? How should headquarters design fit with corporate strategy?
- Going Green Makes Good Business Sense – HBS Working Knowledge -- Green can be good. How environmentally-minded company policies can make good strategic sense for business. Here are some strategies you might consider.
- Strategy for Small Fish - HBS Working Knowledge -- Microsoft, Wal-Mart, and eBay provide ecosystems in which other companies thrive or fail. But what are effective strategies for a small fish in a big pond?
- Mapping your Corporate Strategy – HBS Working Knowledge -- From the originators of the Balanced Scorecard system, Strategy Maps is a new book that explores how companies can best their competition. A Question and Answer report.
- The Strategy-Focused Organization – HBS Working Knowledge -- In the ten years since it was introduced, Robert Kaplan's and David Norton's Balanced Scorecard has become not just a measurement tool but a means of putting strategy at the center of a company's key management processes and systems.
Revised March, 2019.