SURVIVING THE ECONOMIC DEPRESSION BY CREATING A STRATEGY FOR YOUR BUSINESS DEVELOPMENT
SURVIVING THE ECONOMIC DEPRESSION BY CREATING A STRATEGY FOR YOUR BUSINESS DEVELOPMENT
Many times people confuse a planning activity with a strategy. There is a clear difference between a strategy and planning. A plan is part of strategy. A plan is tactical as it can be for only one course of action, it could be on sales, marketing, innovation but a business strategy in holistic and inclusive of all arms of the business. It is a vital tool in any business development and more so during this economic recession.
How do you create a strategy?
First and foremost a strategy is holistic. Just to give you an example, a business plan that you came up with during your initial business development stage was a strategy. A strategy is concerned with the entire scope of the business. A strategy is meant to create a synergy between the planned activities micro and macro. Take charge on the business opportunities and threats.
Role of a strategy
A strategy puts into perspective the past, the present and the future. A strategy matches your business plans and other activities with the available resources and other resources that the business can acquire in the future.
A strategy has a huge impact on the business resources. A strategy is put in place to grow the business with the future in mind thus requiring sound judgment and forecasting coupled with business understanding on both micro and macro environment.
A strategy must give your business options that are past your business current needs and postures and provide opportunities to guide your business general course of actions.
Basically a strategy must offer your business opportunities relative to your business’s strengths and weaknesses. Strategy formulates ways and means of seizing opportunities while tackling the existing and oncoming weaknesses.
Creation of a strategy follows three clear stages, these stages are:
• Strategic analysis
• Strategic formulation and implementation
• Strategic evaluation
Strategic Analysis
To come up with a strategy, first there is need for a strategic analysis. This is the understanding of the organizations strategic position in terms of:
• Understanding the businesses environment today and the future.
• Understanding, forecasting and predicting changes and the impact on business in totality.
• Understanding the required investment and other resources to take advantage of the prevailing and future opportunities.
• Understanding ways of mitigating the threats.
Strategic formulation
The second level of strategy creation is the implementation; this brings about the translation of the analysis stage to execution. It’s here strategy and planning merge. At this stage there is need for planning on how to execute the strategy. Here the resources and investment required are availed and distributed. To execute one need to know; how much, who does what, where and when.
It is important to note that this is the part many businesses fail to realize. At the second stage, time frames are put in place and the right personnel are deployed, recruited and trained. System are developed and integrated in the business systems.
Strategic evaluation
The final part is the evaluation. This is checking and monitoring the way the strategy is working.
By understanding the three phases of creating a strategy, business managers and other business leaders looking beyond the economic depression will capitalize on emerging opportunities in the global economy. Strategy creation will assist business in tackling threats as well as understanding the strengths and weaknesses for their business development. Creating a strategy is not a matter of choice for businesses but vital part in any business development is to be realized.
SURVIVING THE ECONOMIC DEPRESSION BY CREATING A STRATEGY FOR YOUR BUSINESS DEVELOPMENT - To learn more about this author, visit Francis Kamau's Website.
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This economic recession times calls for measures not just to make our business survive but make us come out stronger. Sound strategies are what will separate men from boys. Business leaders creating and harmonizing their strategies to fit the economic future will leap more once this economic recession is over. A strategy will help your business fit in the global economy once this economic depression is over. But how do you create a strategy?
Many times people confuse a planning activity with a strategy. There is a clear difference between a strategy and planning. A plan is part of strategy. A plan is tactical as it can be for only one course of action, it could be on sales, marketing, innovation but a business strategy in holistic and inclusive of all arms of the business. It is a vital tool in any business development and more so during this economic recession.
How do you create a strategy?
First and foremost a strategy is holistic. Just to give you an example, a business plan that you came up with during your initial business development stage was a strategy. A strategy is concerned with the entire scope of the business. A strategy is meant to create a synergy between the planned activities micro and macro. Take charge on the business opportunities and threats.
Role of a strategy
A strategy puts into perspective the past, the present and the future. A strategy matches your business plans and other activities with the available resources and other resources that the business can acquire in the future.
A strategy has a huge impact on the business resources. A strategy is put in place to grow the business with the future in mind thus requiring sound judgment and forecasting coupled with business understanding on both micro and macro environment.
A strategy must give your business options that are past your business current needs and postures and provide opportunities to guide your business general course of actions.
Basically a strategy must offer your business opportunities relative to your business’s strengths and weaknesses. Strategy formulates ways and means of seizing opportunities while tackling the existing and oncoming weaknesses.
Creation of a strategy follows three clear stages, these stages are:
• Strategic analysis
• Strategic formulation and implementation
• Strategic evaluation
Strategic Analysis
To come up with a strategy, first there is need for a strategic analysis. This is the understanding of the organizations strategic position in terms of:
• Understanding the businesses environment today and the future.
• Understanding, forecasting and predicting changes and the impact on business in totality.
• Understanding the required investment and other resources to take advantage of the prevailing and future opportunities.
• Understanding ways of mitigating the threats.
Strategic formulation
The second level of strategy creation is the implementation; this brings about the translation of the analysis stage to execution. It’s here strategy and planning merge. At this stage there is need for planning on how to execute the strategy. Here the resources and investment required are availed and distributed. To execute one need to know; how much, who does what, where and when.
It is important to note that this is the part many businesses fail to realize. At the second stage, time frames are put in place and the right personnel are deployed, recruited and trained. System are developed and integrated in the business systems.
Strategic evaluation
The final part is the evaluation. This is checking and monitoring the way the strategy is working.
By understanding the three phases of creating a strategy, business managers and other business leaders looking beyond the economic depression will capitalize on emerging opportunities in the global economy. Strategy creation will assist business in tackling threats as well as understanding the strengths and weaknesses for their business development. Creating a strategy is not a matter of choice for businesses but vital part in any business development is to be realized.
SURVIVING THE ECONOMIC DEPRESSION BY CREATING A STRATEGY FOR YOUR BUSINESS DEVELOPMENT - To learn more about this author, visit Francis Kamau's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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