Business Strategy

Business Strategy

Introduction

A business strategy describes how a particular business intends to succeed in its chosen market place against its competitors. It therefore represents the best attempt that the management can make at de?ning and securing the future of that business. A business strategy should provide clear answers to the questions:

1.What is the scope of the business (or offering) to which this strategy applies?

2.What are the current and future needs of customers and potential customers of this business?

3.What are the distinctive capabilities or unique competence that will give us competitive advantage in meeting these needs now and in the future?

4.What in broad terms needs to be done to secure the future of our business?

Discussion

Steps for business to Grow

The general steps of enlarging a small business are as follows:

1.Initial Meeting- The purpose of this meeting is for the attorney to get a firm grasp on the goals of the client. At the end of the initial meeting, the lawyer should understand three basic things: First is the business' basic structure/organization, concept, and current status as of the date of the meeting; Any steps the client has taken or is thinking of taking to expand its business; and then the ultimate expansion goals of the client (CIO, pp. 15).

2.Prepare Preliminary Plan/Options Outline- After the initial meeting, the attorney must review the information he or she has gathered and determine the various expansion options for the client. This is not the final plan; it is a preliminary plan with options. The attorney should set out different expansion possibilities for the client. It is at this step that the attorney should also discuss some of the pros and cons of each option. Setting the options before the client in an overview format tends to help the client ...