The purpose of business strategy is to focus decision making throughout the business through the development of consistent functional strategies and associated policies in order to create value and a competitive advantage in the market place.

What are your company's Business objectives?
What strengths do you need to reach these objectives?
What weaknesses do you need to overcome?
What external factors must you consider?

As each year goes by we face more uncertain times as technology developments and knowledge are ever increasing; the continued expansion of knowledge, through web based interconnectivity, will give your customers and competitors fast information; economic restrictions brought about through the drought and potential international conflicts will also lead to uncertainty. Your customers will demand more of your business support. The identification and satisfaction of their needs will be essential if you want to maintain and grow your business.

Regular monitoring, updating and measuring strategic effectiveness ensures business strategy becomes a working process rather than an exercise in planning.

Strategic planning is a complete process covering all aspects of the business.

It should be conducted off-site to eliminate interruptions to the process.

It begins with the company vision (your company's aspirations) and mission (the business) and values (principles).

Internal strengths and weaknesses need to be fleshed out from all functional management areas. External opportunities and threats must be identified, usually with external assistance, to ensure that the total environment in which the business will operate is correctly defined.

The detailed study of both the internal and external environments leads to the definition of those areas where the specific expertise of your business will sustain its competitive advantage over a long period, giving the basis for growth. The ability to define your sustainable competitive advantage and maintain it will be one of the most critical issues over the coming years.

Comprehensive financial and strategy measures, such as EVA (economic value add) market share and consumer satisfaction measures help your business monitor strategy effectiveness.

Market Research defines customer satisfaction and dissatisfaction, competitors' strategies and new market opportunities.

Customer satisfaction surveys need to be conducted with specifically defined customers and competitors, using an independent body to ensure objectivity. The survey results must be clearly ranked with the top dissatisfaction areas recognised by your business and addressed by specifically measured parameters. Following this procedure will lead to continuous improvements to convert dissatisfaction to satisfaction in your key customer base.

A good strategy is precise and specific, outlining the products and services offered by your business, the markets it competes in and the things that differentiate your company from its competitors.

In order to achieve the defined strategy it must be supported by specific tactics, each with defined responsibilities and defined timelines.

We can only emphasise what we have experienced over last 30 years of business involvement: the only certainty is CHANGE.

Successful companies manage and integrate change.

The business strategy of your company is the Road Map plan for change.

Use the following process to develop and monitor your strategic direction:

Step 1 Assemble the team

Step 2 Articulate the vision of the business

Step 3 Develop mission statement

Step 4 Develop the strategic positioning of the business & identify its sustainable competitive advantage

Step 5 Translate into action plans

Step 6 Monitor progress

Step 7 Follow continuous improvement processes

Contact us to find out how BFG Consulting Group can help to improve your business.