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With rapidly changing global economies, today’s businesses are faced with new and constantly evolving challenges. The ever-changing trends in the marketplace, speed of innovation and technology development affect industry, organization, networks, and customers in today’s business environment. This requires new thinking by organizations in order to create a competitive edge that competitors find hard to recapture.
The key to success lies in harnessing and implementing those changes first, and fast. It is therefore essential for organizations to develop and implement carefully crafted business strategies. So, what does this mean for today’s business leaders? Simply put, they must not only set and define the organizations destination, they must also set out the best route for the journey as well as provide the best means to travel.
An effective business strategy should clearly identify where the organization is headed, develop clear goals, as well as create focus and synergy to enable everyone within the organization to move cohesively towards a set target goal. In developing an organizations strategy, business leaders should be able to clearly identify:
- What the organizations core values and beliefs are.
- What markets and customer groups they will serve.
- What products and services they will offer, how they will market and sell. What competitive advantages will bring about success.
- What core competencies they must have to propel growth. What infrastructure, resources and processes they will require for success.
- What financial results they aim to achieve.
A successful strategy, like any journey, however starts with the first step. Business leaders need to be cognizant that while leadership is critical in developing strategy, they must be backed by actions like these:
- Surround yourself with employees who are experts in their areas and allow them to work and innovate.
- Be transparent and let your employees know what is going on so that everyone is motivated to move in the same direction.
- Show empathy when handling problems and concerns, and respond to these in ways that address the concerns.
- Have a clear vision and involve your employees in this vision.
This transparency will enable your employees to share in the same vision and work harder to reach the organization goals as a team. Develop your employees through relevant training, provide the tools, resources and development they need. To ensure the success of business strategies, business leaders must look ahead and prepare accordingly. They must lay out a strategy that employees will buy into, and put in place actions that will get everyone working towards the successful achievement of this strategy.