Get a game plan! All great accomplishments begin with a greatly detailed and effectively executed plan. A corporate strategy is basically a company’s game plan to accomplish a particular goal. Some have used models to outline their corporate strategy such as Michael Porter’s Five Forces model and Gary Hamel and C. K. Prahalad’s model of core competencies. The key point to each model is to define an objective that will achieve business success. When defining that objective companies must take into consideration that at any time it must adapt to and anticipate its business environment. Establish the purpose and scope of the company strategy which should formulate the nature of the business it is in, the environment in which it operates, its position in the marketplace, and the competition that it faces.
Breaking down your plan into simplified attributes, advantages, and cost is the first step of planning your strategy. Start with defining your problem. For example a new t-shirt company wants to distribute its clothing line to new boutiques, but the boutiques don’t sell brands that aren’t guaranteed to sell. The problem is can the new company generate enough publicity to be picked up by the boutiques and how. Once the problem has been defined a solution can be as well. Break down your solution into tasks. For the example situation the t-shirt company would compile different marketing schemes to get their brand known by the public.
When your plan is simplified you create direction and drive which in return allows the plan to execute effectively. Tasks should have realistic deadlines in which they are to be completed and measured against. Following through on deadlines and clarifying problems that occur in the planning process helps to keep the progress flow. Planning realistic goals and executing them effectively will lead to a successful corporate strategy.
For help planning your company's future contact the consultants at Wainscott Finch Associates.
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