Business strategy implementation is a game played by both small and large business enterprises nowadays. Due to ever changing management fads and mantras and the increasing “guru fatigue”, there is a need to execute new programs and strategies. This is the breakthrough to competitive advantage in the 21st century.
Factors to consider in strategic planning
Customer marketplace realities
It is not enough to respond to articulated needs of a marketplace. You are likely to lose profits if you fail to empathize deeply with your target customers. To sustain success, you need to spend most of your time in customer’s strategic space. Thus, if you are a business leader, you need to assign a team that is charged with the continuous responsibility of deeply delving into strategic challenges of the customer.
The problem with competition nowadays is defining who constitutes it. This is because of digitized, globalized, and ever-changing business environment. For instance, a spa business, which was okay with two competitors in a small town is now competing with dental spas, allergists, and chiropractors.
Business strategists develop the ability to monitor the adjacent industries for the possibility of competition arising, and for ideas. You need to scan value chain neighbors and identify their strategic moves, which can affect the viability of your enterprise.
Macroeconomic trends and realities
These trends have important features and can shift customer priorities and patterns. You can consistently spot the trends and analyze them. This is one of the characteristics of a great leadership team. It does not matter whether your organization is large or small; you need to monitor the macroeconomic conditions. Moreover, you need to draw up operating and strategic plans.
Your strategy implementation is likely to stumble if there is no clear grasp of capabilities of the business team. Moreover, you need to have adequate resources to execute the strategy.
For business strategy implementation to be successful, it depends on realism. It is dependent on the ability to incorporate various factors into the planning process. You should not permit others into your business to just get a payslip. A good strategy is not just vision-crafting. You need to look at the facts and debate assumptions.