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How to build a clear foundation for Business Strategy?

When running a business, it is important to have a clear business strategy to help you reach your financial goals. Business strategies are often defined as the framework of options that decide the course your organization will take in the future along with defining the exact nature of its course. In other words, these are the key factors that determine how your organization moves forward and achieves financial stability. However, for your strategies to be in order, it is important to lay a proper foundation, which will dictate the development of your strategies.

Here are some aspects that you should consider when building a clear foundation for your strategies:

  • Mission statement:

    One of the key elements of any foundation that is being developed for future strategies is the mission statement of the company. As an organization, it is important to know who you are, why you exist, who your customers are, and what they need. In other words, before planning a business strategy to meet your financial goals and objectives or even before describing your financial goals and objectives; you need to understand what you have and why you exist. This provides you with a benchmark to compare all your future goal setting and strategy making sessions while ensuring that there is no confusion or conflict in the future. For instance, if you are a car manufacturing company, it is important to understand that you are in this business to ensure that maximum people benefit from your automobile. Alternatively, if you offer a language teaching course, the reason for your existence is to promote inter-cultural understanding and respect. When planning a mission statement, it is important to note that environmental changes will play a role in how you interpret it. It is important to ensure that you adapt to that change while ensuring that your values are intact.

  • Vision:

    Intentions and commitment form a major part of the vision statement in any organization. Any business strategy greatly depends on what you want to achieve in the coming years. Therefore, for any strategy to be effective, it is important to understand and clearly state this vision in exact terms. It is equally important to understand that as an organization grows, the vision changes and grows with it. Under these circumstances, it is crucial to keep revisiting the vision you have set as a foundation for your strategy to ensure that you make the changes at the right time. When understanding the changes that vision statements undergo, it is important to note that the mission statement does not really undergo any change.

  • Values:

    This is an extremely important part of any business strategy foundation. These are the factors that will make or break your company and therefore should be handled with care. Commonly included values are leadership, customer satisfaction, ensuring quality, integrity etc. However, as a successful business leader, it is important to ensure that your values are unique and reflect your company individually, which will make your strategies smarter and more successful. 

While these three factors are the most important parts of any business strategy foundation, it is important to note that they will be of no use unless you communicate them in detail to your entire team of employees. It is crucial to ensure that even the lowest rung of employees know and understand these core factors so that your strategies succeed and you can achieve your goals and objectives.

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