You Need to Know This for Your Business Strategy Analysis
When an individual starts a business up, they aspire to see themselves on the top of the Wall Street one day. This is the dream of every businessman ever. Some are fortunate enough to make it, most, sadly, are not. But you know what they say – if you shoot for the stars, you’ll sure to get to at least the moon. The rocket, in business language, is called a business strategy analysis.
What is a Business Strategy Analysis?
It’s a paper that has to be prepared before any and every move that a company makes. Any decision that involves the company statistics being altered, has to be penned down as a business strategy pan first, and only after the management sees fit to carry it out, the plan springs into action.
Let’s make it clear here – this is no college essay. A business strategy analysis is a very crucial document that has to be prepared with utmost precision. One mistake and the whole paper is as good as its shredded version.
But no need to be intimidated by this – we’re here to break it all down for you. Following are the segments that should essentially be there in your business strategy analysis:
- Elevator Pitch: You start off your business strategy analysis by this segment where you give description of your business in a nutshell. If you have it clear in your head, you can stay on the track.
- Mission Statement: This is the next segment of your business strategy analysis where you specify the aims and objectives of your company. Just like the elevator pitch, you need this one to keep the company focused on what are you trying to achieve as a company through this move.
- SWOT Analysis: SWOT stands short for Strength, Weakness, Opportunities, and Threats. SWOT analysis is an inseparable part of a business strategy analysis. As the expansion of the abbreviation suggests, you need to analyse all the elements in relevance to the plan that is in consideration. This will make sure that the person reading the paper is well aware of all the four necessary elements.
- Goals: This section is for specifying the company’s goals for a definite period of time. Typically, the trend is to describe the five year plan at the first. Then, it is broken down into quarterly plans, and finally it comes down to the monthly targets. Goals section is written every month to include the updates.
- Key Performance Indicators (KPI): Performance indicators are those factors that determine the revenue of a company. This section deals with KPIs. You need to write down every factor that impacts the revenue of the company. This is to make sure that all the factors are optimized for any move that the company is trying to make.
- Target Customers: This is pretty obvious, although you should know. You must include your target customer and the aspects about your target customers that are going to affect the business strategy plan.
- Industry Analysis: This part of the business strategy analysis is not always included, but it important nonetheless. You definitely want to consider the current situation of the market while carrying out any plans.
- Competition Analysis: You definitely want to keep your competitors in mind while planning your next move. While analysing the competition, the part you should be concentrating on is the advantages they have over you. This will help you develop strategies that can overtake them.
- Marketing Plan: No business can thrive without a proper marketing. In this section of your business strategy analysis, you mention all the marketing techniques that can be used in the favour of your upcoming plan.
- Operations Plan: After having planned out all the blueprints, you will need an execution guideline to get the plan on the floor. This section is where you describe that plan in detail. This is done typically with the help of a Gantt chart.
- Financial Projections: This is probably the most important part of a business strategy analysis paper. Without knowing exactly how much is it going to cost and how much profit is the new plan going to bring to the company, it would be a fool’s errand to carry on with the said move. If you have the financial aspects of your plan mapped, you can set the benchmarks for other elements accordingly.
After having written your business strategy analysis, you have to write an executive summary for the paper. A business strategy paper is pretty lengthy paper; you need to write a brief about it.