what exactly business strategy is about

The first and important point of this post is:

“Every business needs a strategy in order to succeed!”

Does it sound obvious? Yes, I think to most of us… but there are still businesses operating without a realistic or sustainable strategy. Or they operate with a flawed strategy.

Sometimes the business strategy is reduced just to one piece of a complex puzzle. For example to Branding.

The right and clear strategy helps the companies to take the business where it should develop, and makes it possible to evaluate along the way, so changes can be made if needed.

So what I understand by “Business Strategy”?
I am considering a Business Strategy in three categories, what makes it easier to me:
  1. Formulation
  2. Implementation
  3. Evaluation

It does not make sense to jump into strategy in the middle; it has to be put together piece by piece.

Formulation is the first stage of Business Strategy. Sitting down and reviewing things about the current business and the development made so far. After I know the current situation, I can start to create the plans where I would like to be, and how long it will take me to get there.
At the end of this stage there is a plan for the company to achieve these stated goals.

After the first phase and with existing plan or strategy we can start with the Implementation of our strategy. We have to set aside money for the plan, choose people to be in charge of the plan, and decide exactly how to put the plan into place.

Often are also new training and organizing necessary, and the integration into the already existing processes of company.

Evaluation, is something executed on an ongoing basis throughout the duration of the particular strategy put into place. Depending on how well the plan is working, and is it bringing business closer to your stated goals, the things need to be modified in order to work better. The environment can change during this time, so that a further readjustment of the plan is necessary.

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