Eight Key Elements of a Good Business Strategy

What is a business strategy? A business strategy is an articulation of the overall direction of an enterprise in the medium and long-term. It basically specifies the way an entity competes in an industry. In other words, strategies define the rules and guidelines by which the mission, objectives etc may be achieved. Such strategies can cover the whole business or can relate to functional areas such as operations, marketing, finance or human capital. Strategies differ from tactics which are short-term approaches. Your organization requires a unique strategy to be able to differentiate itself properly in the market. But what are the eight key elements of a good business strategy? What constitute the salient features of a good business strategy? The guidelines are contained in this article.

1. The vision, mission and values of your enterprise are vital. You need to define the purpose of your enterprise. Your vision is where you want to be in the future while your mission is the fundamental reason why you exist. Your enterprise values signify the guiding beliefs that underpin its culture.

2. A SWOT analysis is another important element of your business strategy. You need to analyze your strengths

The Key to a Good Business Plan

To put things simply without a good business plan you’re technically not really in business. You need a business plan, it is your tool to attract funding or as a strategy document. It is what is used to gain interest within your business, without one no one, especially investors, will look at your business twice.

Bringing your business plan together

Putting together your business plan makes you take a good hard look at every aspect of your business. It makes you look into the key aspects that keep your business together. These factors include the value your offer to customers, your competition and aspects that will affect your businesses financial performance in the long haul.

Not only will producing such a plan be beneficial to anyone who is going to become involved in your business but it will also help you understand whether certain factors within your business will be worth pursuing. It is better to find out these things before hand as opposed to when you have spent money investing in these aspects.

A good and flexible plan can help you manage your business throughout its lifetime. The reason that I say this

Sail to Success With a Good Business Plan

Whether you have just set sail in your business, or are changing course mid-voyage, a solid, highly detailed business plan will get you where you want to go. As a ships captain relies on the integrity of the ship, and a good map and compass, business owners rely upon a good business plan to navigate unfamiliar territory and reach their chosen destinations in one piece, and via the most direct route possible.

A business plan is the framework of your business (your ship). The success of your business is ultimately determined by how detailed, well built, efficient and leak-proof your vessel is. If you are facing setbacks in spite of having a business plan, make a list of all the functions of your business, and examine them one by one to see where the holes are. Do you have a crew of individuals on board who know their functions and perform them well, or do you (the captain) also find yourself swabbing the deck?

Do you know how to hoist your sails to catch the best breeze to send you on your way? If your business is sagging due to lack of income in one area,

Good Business Ideas to Go By

Business is as old as mankind. What changes maybe is the way we do it and the people who are in it. Business people make a success of their activities at different levels and those that are quick to tap from new ways of doing business are having an upper hand. Technology is no doubt having a lot to do with the way business is done, and presenting new business ideas. These are some of the ideas to go by if we are to get anywhere near success in today’s business.

Talking of technology, online business is one business favored by technology and one that is doing really good. We have heard about guys who have made a decent living, to the tune of billions, just from online business. Most of such people are those that have mastered the art of network marketing, or internet marketing as some would like to call it. So this, internet marketing, is one of the good business ideas? No. Don’t even think of it as so.

Internet marketing has sure worked for some to make them a rich lot. However, this is one of the earliest online business ideas. As

The Importance of Good Business Connectivity

Business communication is important to success and can also allow for a healthy and well run workplace. Computers and the Internet are growing with importance towards business operations. The communication between businesses, work colleagues, clients and consumers has been made easier and has led to greater opportunities to be more productive. As this has happened the importance of good business connectivity has grown and it is now nearly impossible to run a successful business without a server and connection that allows for a business to fully integrate everything that the Internet has to offer into its practices.

Connectivity is an important part of the modern workplace for many businesses and can mean the difference between a slick well oiled workplace and one where problems abound and upload speed and reliability can leave businesses struggling to fulfil their potential.

Good business connectivity can make all the difference to businesses allowing for day to day tasks to be dealt with quickly and efficiently by staff whilst causing the least amount of stress. The importance of good business connectivity is vital in allowing a good upload speed which can be critical if your business often sends important documents to

How to Write Good Business Letters

It is not possible for business to be transacted without correspondence. Often, it is correspondence that oil the business and ensure businesses are positively and successfully engaged in. Largely, these business correspondences are through letter writing. It may appear as though letter writing is an easy activity because people at one time or the other engage in this activity. It is however important to note that letter writing is not as easy as it may appear when it is in light of business particularly. Business letter writing is very sensitive and dangerous as poor letter writing skills can destroy the business and even land people involved in jail if the wrong things are written even when they are not really intended. Or, when what is right is written in incriminating ways. Business letter writing can therefore make or mar businesses. Interestingly, business letter writing is both an art and a science. Yet it is an act and an event. The common denominator however is that it must be learnt and taken seriously. This is more so given the widespread and the prevalence of the Short Message Services (SMS) that everyone is now used to.

Everybody regardless of

Good Businesses to Buy During a Recession

It seems like every entrepreneur in the world is asking the same question: What are some good businesses to buy during a recession? While there is no easy, clear-cut answer to this question, there are certainly some industries that have been less affected by the economy than others. You could think of it as “necessity vs. luxury”. For example, a business that sells luxury watches may have been more seriously affected by the economy than a business that sells essentials like groceries or gasoline.

Recession-proof businesses may also be determined by where you live. A flourishing real estate market like Charlotte-Gastonia-Concord in North Carolina may do well for home decorators or businesses that cater to young families. In the areas hit hardest by the recession, businesses that cater to job training and self-employment may be more likely to succeed. This is why when someone asks about good businesses to buy during a recession, a good response is by to ask them to do a thorough analysis of their local market. Sometimes a simple evaluation can generate the best ideas.

Another way to identify good businesses to buy during a recession is by reading up on the