The Best Business Strategies
As business strategists, Socius Business Advisors identify and validate high potential business opportunities for stakeholders and develop customized business strategies that are aligned with corporate strategic objectives. These tasks include definition of the scope of businesses, development of differentiated value propositions and core go-to-market strategies as well as preparation of revenue models and financial analyses.
A business strategy typically clearly articulates the direction a business will pursue and the steps it will take to achieve its goals. In a standard business plan, the business strategy results from goals established to support the stated mission of the business. A typical business strategy is developed in three steps: analysis, integration and implementation.
In the analysis step of business strategy development, one of several methods is used to analyze a firm’s market, resources, obstacles to success and specific advantages. The goal of strategic analysisis to identify what a business wants to accomplish, the strengths it can bring to bear on accomplishing the goal and weaknesses that need to be addressed prior to integration and implementation.
SWOT, PEST …AND CULTURE
Three critical assessments. At SociusBA we have found that there are three assessments necessary to ensure success.
- Strategic assessment normally begins with a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. Methodologies can include evaluating the business environment, analyzing various competitive scenarios, determining what market forces are at work and rating competitors, among others.
- In today’s tough economy equally important is a PEST (Political, Economic, Social, and Technology) analysis as well, especially in the current political and economic times we live in. Case in point. Companies invested millions, if not billions, in 2008, and when the recession hit is was all for naught. Understanding political and economic world around you, as well as the social and technological trends are critical for a company is they are to structure a strategy and growth plan. Anything else is a crapshoot
- Last, we do a company Culture assessment. Culture is about the people and is how the company feels, works, thinks, …its attitude, swagger, and way of doing business. When strategy and culture collide…Culture wins. What’s your culture?
…When strategy and organizational culture collide, culture wins.
No strategic plan will work if it does not consider the cultural environment of the company. Businesses deal daily with the unpredictable, and workers must be relied upon to recognize and solve problems based on their own skills and insights rather than formally defined roles and processes. A typical example of this cultural clash is often seen post-merger, and the fallout, particularly for small businesses, can be disastrous. When faced with a merger, keep issues related to blending cultures a top priority and take steps to ensure a smooth transition.
Developing solid strategies in all aspects of your business will ensure that you achieve the ultimate goal of the satisfied customer. For more information on how Socius Business Advisors can help you develop a winning strategy…
Call 866-488-7009, send us an email, or visit our contact page.
Socius Business Advisors is a leadership coaching and consulting firm headquartered in the greater Chicago area, with advisors in Atlanta, Philadelphia, Denver, and Hong Kong and serving clients around the globe.
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