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What are the fundamentals of business strategy?

A strong business strategy can help you navigate through the turbulent waters of the business world. Without a strategy, you will be like a rudderless ship and as such, leave your business vulnerable to changes in the market. So, what are the fundamental aspects of a business strategy?

  • Goals

Goals are essential and should be both achievable and measurable. There should be long-term goals as well as short-term. You need a bigger picture and waypoints or targets to measure and meet along the way.

A long-term goal is part of a strategy, something that you and your team can stick to and follow to provide direction. Imagine it as the ‘where’ of your business. Where do you want your business to go? This will help with decision-making. For information on a Tewkesbury Business Advisory to help your business, visit a site like https://www.randall-payne.co.uk/services/accountancy/tewkesbury-accountants

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  • Competitive Advantage

Knowing what your competitors are up to can help to provide a competitive advantage. Discover their weaknesses and make them your strengths. This could be any area of business. Perhaps you want to respond faster than your competitor, offer higher quality products and services, and offer lower prices. It might mean locating your premises in a more convenient location, developing stronger relations with the supply chain or having a pool of greater resources. Whatever you choose, developing a competitive advantage is a key business strategy.

  • Scope

What will your business offer and where will it offer it? What technology will you benefit from and what will your target market be? Scope refers to the opportunities you will pursue as well as those you choose not to. When opportunities arise, having a concrete scope strategy will help you to decide what is worth your time and effort and what isn’t. This is key to your strategy and will have a direct impact on your success.

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  • Logic

This aspect of strategy is the ‘why’. This is the heart of your plan and asks why will your competitive advantage, scope and goals lead to your overall long-term success? You need to know why you are doing what you’re doing and why it is the most logical strategy to take. It can help to focus your efforts. The scope, goals and competitive advantage should be logical and straightforward and most importantly, provide direction to navigate your business forward.


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