In the current climate every business should be reviewing its corporate strategy to deal with the UK and worldwide economic downturn, changing consumer patterns and the financial crisis.
However whilst for most businesses this may mean ‘tightening the belt’ for others, the situation could provide any opportunity as poorly managed businesses fall by the wayside.
Your business needs to adapt to the changing environment and ensure you become the best in field, because according to Richard Branson, “good companies always survive”*.
Whatever the reason, developing an appropriate strategy is essential for every business as it can make the difference between success and failure in the current fast moving environment.
What is Corporate Strategy?
Corporate strategy is one of the key elements in the management of a business. It is an essential tool that provides the overall direction for the business and due to its importance should be developed and planned by the head or CEO of the business.
How Does It Work?
The strategy will set out the organisation’s mission and objectives and will develop plans to achieve these objectives. It will also allocate necessary resources for their implementation.
Strategic Management involves three main processes:
- Where You Are – situation analysis, self evaluation, competitor analysis, SWOT
- Where You Want To Go – long and short term objectives, vision statement (long term view of a possible future), mission statement, corporate objectives (financial & strategic)
- How To Get There – strategic plan on how to achieve the objectives
- Allocation of resources – financial, personnel & time
- Responsibility – assigning tasks & managing the process
- Suitability – would it work?
- Feasibility – can it work? Are resources required available?
- Acceptability – will they work it? Expected outcomes such as return and risk
How Can Acumen Consulting Help?
Developing a strategy is time consuming and often businesses are busy with the day-to-day running of the business to devote the necessary time.
No one understands your business better than you. However Acumen Consulting can help by working with you through this process.
Our input is determined by you. We can work with you in formulating your strategy from beginning to end or can assist you by providing an objective & external viewpoint at key points. You decide!