BEST PRACTICE, BUSINESS STRATEGY
- Assemble a best practice team from management, operating units, and staff groups to develop the business strategy.
- Develop a mission statement that describes what the company does and which markets it serves.
- Articulate a vision that makes sense in terms of external factors (suppliers, customers, competitors, and business environment); internal factors (core competencies and existing business portfolio); and company values.
- Translate the mission and vision into a detailed business strategy by defining strategic objectives, supporting tactics, best practices and associated milestones.
- Modify organizational structure, competencies, and control systems to facilitate implementation of strategy.
- Monitor progress toward the firm's overarching strategic goals.
- Modify the business strategy as needed to achieve the company's long-term objectives using best practice experience.
challenge to win