Business Strategy

Management Policy and Strategy
Business Strategy

Strategy is important for a business to be able to arrive at a finalized objective that benefits the company as a whole. It is important as a business to be able to implement strategy because it aids in the everyday decision making process. First of all, it is necessary for a business to be able to implement a mission statement, which specifies the reason and any future goals of the company. This could include an overall statement of what the company wants to accomplish and why they have that mindset as a company.   It is also important to be able to determine whether or not as a company, if it is possible to proceed as a business. This includes being able to determine variable conditions which may affect the business profitability. This indicates that a business will be faced with competition from other companies, and may also face other environmental challenges. A business strategy also has to include being able to determine the ability of matching the available resources against other sources. The strategy then needs to state the focus or determination of one goal for the business which will state the overall mission of the business. A strategy needs to include the long-term plans and how the company will arrive at positive results with the options they have available (Pierce and Robinson, 2010). After these long term plans are determined, it is also important to be able to produce short term plans which would work together with the long term plans, to be able to arrive at a main strategy at the end. When completing the strategic planning, it is necessary to be able to produce a budget to be implemented by accommodating expenses and profits allocation, as well as the planning of employee allocation, improvements to technology, as advancements are notices and “reward systems is emphasized” (pg. 4). After all strategic planning is accomplished, it is important to be able to continuously...