All businesses, no matter how small or large, need to have strategic plans to help them guide business initiatives. Strategic planning is done at the highest level of an organization, within its executive team, and involves the process of
- identifying, agreeing to, and developing business priorities;
- identifying environmental changes that impact the business;
- aligning business goals with activities for the future;
- identifying measures for quantifying success factors; and
- allocating resources and time to work toward established goals.
If you ask different people what the key aspects of business strategy are, the answer may vary depending on the industry and nature of the business and its product or service offerings; however, there are some key elements that should surface among all businesses.
Understanding Business Objectives and Target Market
These elements provide insight into the purpose, stance, and viewpoints of the business and its leadership and ensure that the statement is effective.
Customers are the single most important focus for businesses; without customers, there truly is no viable business. A business has to have people or other businesses to sell to. Customer base should be the single most critical element that all business activities center around and should be factored into all business decisions.
This details all of the goals of the business and factors in, at a minimum, financial, operational, technological, customer-attainment and retention, resource management, and marketing goals.