Business strategies: Developing effective business strategies

Business strategies form the backbone of long-term business success. However the rapidrise of new technologiesand changing social conditions is changing the face of today's business and calls for a continuous revision of business strategies.

Implementation is often also a challenge, especially when it requires organizational development or change.Knowing how to manage organizational needs and balance these with stakeholder requirements is also important for successful business strategies.

What are business strategies?
But what do we actually mean by business strategies? A business strategy is essentially a road map for how toreach agreed business objectives - be they turnover, sales, market share,or a combination of these to name just a few. The strategy itself details the actions required to achieve the objective - which, depending on the objective, may include building new operations, developing new products, entering new markets, or competing more effectively against a competitor, again to name a few.

Business strategies are generally long-term, covering a period of several years. However, the fast rate of change in today's business environment has often led to the lifecycle for business strategies becoming increasingly shorter.

What makes effective business strategies?
Given the diversity and number of activities that business strategies can cover, there is no "one-size-fits-all" business strategy for every situation. Nevertheless, here are some elements to consider when it comes to developing business strategies:

1. Effective business strategies take into account a company's reality. This requires a global view of the business and the world in which it operates,a good understanding of current relationshipsbetweenthe organization and employees, customers and suppliers, and an objective view of where your business really sits and where it should go.

2. A business strategy should include broad stakeholder engagement beyond those mentioned in the previous point, both for business risk management and as a means to find new business opportunities.

3. A corporation's ability to undergo and manage change will influence the implementation and ultimate outcome of business strategies.

4. Business strategies are not set in stone but should be constantly updated to reflect any changing market conditions.

Business strategy training
Creating and executing business strategiesis no easy task - especially in today's complex and continually changing business environment. Business courses can help by strengthening skills and providing tools both for strategy development and implementation. This includes developing business analysis skills, as well as leadership skills training.

Good business strategy training is practical and hands-on. The best business courses let you work directly on your own strategy challenge, and help you apply lessons from the training to your own situation. You also gain from the real life experiences ofyour classmates - like-minded professionals from different business backgrounds. Such diverse experience is extremely valuable when it comes to developing business strategies. The best courses also include leadership coaching to help ensure successful implementation of your business strategy.

When looking for a business management course, start your search with the top business schools in the world - where you can be sure of high-quality training. You can identify such schools through rankings by reputable publications like The Financial Times. By sticking with good business schools, you'll get the best return on investment from your training on business strategies.


Propel business growth, turbocharge your career

Taking on new leadership challenges?
Find out how IMD's Advanced Management Program breaks away from conventional thinking, find your next business idea! - download the free brochure now!

Download the FREE brochure now


Interested in training on business strategies are you after? How about the following from IMD business school: