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Strategies for Business Success

   

Added on  2020-02-19

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Running head: STRATEGIC MANAGEMENTStrategic ManagementName of the Student:Name of the University:Author’s note:
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1STRATEGIC MANAGEMENTA business strategy can be regarded as the game plan taken by the management toconduct various operations, stake out the position in the market, compete with the othercompanies and achieve various strategies of the organization. The strategy of a company helps tostrengthen the competitive position which will be beneficial in the long run. It helps to create avision and direction for the entire organization. The strategic plan is a framework of theprinciples that provides a clear picture of how the company will attain the goals. This paper willhighlight the importance of strategy and its role in non-profit organization. It will also give an in-depth idea of the challenges which are faced by the organization in the implementation of thestrategy (Omar, Leach and March 2014). Strategy is important because it gives a clear picture of the performance of the business,its various capabilities and how the business will grow in the long run. A proper and plannedbusiness strategy will be a guide for the company. It will give an idea to compete with the othercompanies. A business strategy also helps to identify the opportunities and trends for future. Itcan help to identify the broader changes such as technological, political and social change. Abusiness strategy also helps to develop certain important tactics for the development of businessin the future. It creates a vision and direction for the organization. Strategy helps the organizationto get a clear understanding of their own company. It also identifies and addresses theweaknesses and provides a clear understanding of the capabilities. Strategies help in themitigation of risk. It is important to understand the business environment and accordinglyprepare a business strategy. So, a proper understanding of the market environment is veryimportant for a successful business venture (Skelcher and Smith 2015).Strategy is important to expand the business in a new country. It will give an idea of thechallenges and opportunities that are available in other countries. Strategies are important to an
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2STRATEGIC MANAGEMENTorganization unlike business planning. It not only identifies the mission and visions of thecompany but also design the required action plan. For example, in order to adopt the strategy ofexpanding B2B revenue, it is important to frame out a proper action plan. Strategies also help inachieving the objectives of the business (Maier, Meyer and Steinbereithner 2016). For example,if an e-commerce business needs expansion to increase the sales volume, there must be a definitestrategy which is to be identified to meet the targets of the company. Strategy helps in makingdifferent kinds of choice, allocates the resources for strategic initiatives, establishes priorities andco-ordinates for achieving the desired output. Strategy helps in defining timeless and gives aclear idea of accountability for achieving the results. It enhances commitment andcommunication in the organization. It increases the alignment of all the activities of anorganization and also fosters commitment in different levels (Burke 2017). A proper business strategy helps in evaluating the progress of the business organization.Strategy is important because it includes all the employees of the organization. Strategic helps inthe attainment of organizational goals. Business strategy is important for nonprofit organization.The financial forecast is also crucial for the nonprofit organization. It allows effective utilizationof the financial and human resources. The nonprofit organizations also provides strategic plan topotential donors and it can be compared to the profit earning business ventures that plans theircapital sources effectively. The expenditure of the nonprofit organization is prioritized on thebasis of their service quality. It can be said that the strategic plan acts like a guide to theorganization (Grant 2016). It ensures that all the team members are working to achieve the goalsof the organization and they also prioritize the goals accordingly. The nonprofit organizationunlike the business ventures also needs to identify the opportunities and threats. It is alsoimportant for them to analyze the strength and weaknesses of the organization and find out the
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