What is a Strategy?
A company strategy is the unique formula for success that forms the foundation of a business plan, as well as governs the day-to-day operations. This strategy is not a business definition but an account of the one or two key factors that distinguish the business from its competition and contribute to the businesses success.
Why build one?
All firms, from one-person startups to global conglomerates, should have a strategy. Following a good, distinctive strategy will ensure that a business builds, maintains, and continually strengthens a specific identity in the marketplace. By serving as focus for annual business planning, a strategy will become the core around which an annual business plan is developed. It will also form a framework to help you consider mid-term deviations from the plan.
Where do I Start?
Begin developing your strategy with an evaluation of the current state of the industry including such factors as the nature of the competition and how is the industry changing. Next, evaluate key competitors in depth, particularly focusing on what makes each one different from the others, how they try to distinguish themselves, how customers seem to perceive their differences (which is often quite a different story), what they do well and what they do poorly. Finally, evaluate each of their key products and services with which you might be competing.Expertise & experience
Expertise & experience
Korolit has considerable experience and expertise in working with companies to develop business strategies. We can provide you with the appropriate level of highly cost effective consultancy support to build and manage a comprehensive strategy aligned to your unique business goals. including:
- Guidance and coaching on defining strategic goals aligned to your business plans
- Working with you to develop a strategy
- Reviewing existing strategies where there are known issues or perceived risks
The template for an strategy will vary depending on the needs of the organization and existing standards. Its scope needs to cover the following key areas:
- Understand your vision and key targets
- Review existing capabilities across people, process and technology
- Market and competitive threat analysis
- Listen to your clients
- Exploit technology innovation
- Transformation Plan
- Strategy, governance and supporting practices
- Business plan reviews and development
- Full Virtual Data Room (VDR) service
- Sub-contracted services and performance
- Transaction (target and investor) support including Due Diligence (DD) preparation and execution
- Post transaction support (including Non-Exec Board appointments)