Thursday, 18 May 2017
How can your strategy be successful
Hello readers, today I will be telling you about ways to make your strategy a successful one. The scope is your strategy must be fit, in other words your strategy must be consistent with the environment your business operates in.
When I say environment, I am talking about both external and internal environments. Thus, you must understand the political, economic, socio-cultural, technological and legal environments your business operates in. The environmental protection that affects your organisation must also influence you when formulating your strategy. Therefore, PESTEL analysis can be used to understand the external environment of your business.
The internal environment also needs to be understood, as your strategy must also be in alignment with the internal environment. Understanding your internal environment will help you know the resources your business has, the capabilities of your business as well as the structure and system.
The SWOT analysis can be used to help you understand your internal environment as it analyses the strengths and weaknesses of your organisation as well as the opportunities and threats of the business. In all, if you want your organisational strategies to be effective and successful, your strategies must be in alignment with the external and internal environments of your organisation.
That is all for today. Keep checking out my blog. Cheers!