Business Strategy: Formulating Effective Plans

Business Strategy
Task 1

Introduction
Business strategy is the long term plan of the organisation that is
required to execute to achieve the goal and objective of the
business. Business strategy also helps the management to set the
goal and the objective of the organisation and in setting up the plan
and the procedure to achieve such target.

1.1Business missions, visions, objectives, goals and core competencies inform
strategic planning when formulating strategic plans
Business strategy is the important part of the management of any of
the organisation and it is required to form strategies in the business
so that the objective and the goal of the business can be achieved.
Business strategies are generally run for long time and it the part of
the management of the organisation. The business can be successful
only if the business adopt strategies according to their mission,
vision, goal and objective because it is not necessary that every
strategy that is being formulated fit to the business so it is important
for the business to formulate the strategy that fits to the goal and
objective of the business.

1.2 Factors that have to considered when formulating strategic plans
There are many factors that must be consider to formulate the strategic planning
so that goal and objective can be achieved.
Following are the key factors that the business have to consider when
formulating strategic plan:
Engagement
It means to engage all the level staff of the organisation while formulating the
strategic planning. It helps the organisation to build their commitment to the
actual implementation of the plan. It is important to consider the employees of
the organisation while formulating the strategies because they provide better
understanding into the issue , challenges which can not be fully understand.
When there is staff engagement in strategic planning then the execution rate of
the strategy can be increased.

1.3 Evaluation of the effectiveness of the techniques that are used in strategic
business plan
Strategic business plan helps the organisation to
achieve their goal and objective and also help to
maintain the standard of the organisation in the market.
It is important for the business to adopt the effective
strategic plan so that they can be implemented in the
business to get the desired result. There are many
techniques that can be used by the business to
implement the effective strategic management plan in
the organisation as SWOT Analysis, Nominal ranking,
team facilitation etc.

REFERENCES
Acquaah, M., 2013. Management control systems, business strategy and
performance: A comparative analysis of family and non-family businesses in a
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4(2). pp.131-146.
Astrachan, J.H., 2010. Strategy in family business: Toward a multidimensional
research agenda. Journal of Family Business Strategy. 1(1). pp.6-14.
Bharadwaj, A and et. al., 2013. Digital business strategy: toward a next
generation of insights.