What is Organizational Strategy and How you can incorporate ...

More often than not, organizational strategies outline overall business objectives that need to be achieved. An organization strategy is the ... Sharepost Tableofcontents WhatisOrganizationalStrategy? TypesofOrganizationalStrategies KeyElementsofanOrganizationalStrategy BenefitsofanOrganizationalStrategyforyourBusiness StepsToCreateAnOrganizationalStrategyforyourbusiness  ExamplesofCommonOrganizationalStrategies FinalThoughts Organizationalstrategyisintegralforanybusiness,whetheritisastartuporevenawell-establishedmultinationalorganization.Strategicplanninginvolvessomeofthekeybusinessrequirementsincludingbutnotlimitedtoresourceallocation.Thisallowsbusinessestoprepareawell-definedroadmapforthefuture.Thisroadmapandaclearsetofcriteriahelpallstakeholdersworktowardasinglestrategicbusinessgoal.Someofthemostsuccessfulorganizationalstrategiesaredesignedaroundacompany’s‘Vision,Mission,andValues.’Thesepointsmustbeindigenoustotheorganizationforittobereallyhelpfulinthedevelopmentofasolidbusinessstrategy.Inthisarticle,wewillexplorewhatanorganizationalstrategyisalongwiththetypesandbenefitsofanorganizationalstrategy. WhatisOrganizationalStrategy?Anorganizationalstrategyincludesasustainableapproachthatenablesyourcompanytoplanandleverageresourcestoachievebusinessobjectives.Itactsasaguideforhowabusinesscanachieveitsgoals.Businessescanusedifferenttypesoforganizationalstrategiestofulfilltheirbusinessgoalsandcreateastrategicroadmap. Moreoftenthannot,organizationalstrategiesoutlineoverallbusinessobjectivesthatneedtobeachieved.Anorganizationstrategyisthebestpossiblewaytobuildcredibilityandtrustwithyourcustomers.Forexample,acloud-basedUSphonenumberisanidealwaytobuildtrustandeasilyconnectwithyourcustomers,andyoucanincludethisinyourorganizationalstrategy.Asustainableorganizationalstrategycanbedividedintothreedistinctsegmentsincluding:CorporateLevelStrategyBusinessLevelStrategyFunctionalStrategyEachofthesethreetypeshasasignificantroletoplayinthedevelopmentofaholisticorganizationalstrategy.Letustrytounderstandallthreestrategiesinbrief.TypesofOrganizationalStrategiesCorporateLevelStrategyCorporate-levelstrategyisthecornerstoneofyourbusiness.Ithelpsyoudetermineyourbusinessobjectivesandimpactsotherbusiness-criticalstrategies.Someofthemostcommonlyusedcorporate-levelstrategiesrevolvearound:GrowthStabilitySetbacksCombinationForinstance,ifyouarelookingtopenetrateanewmarket,youarefocusedongrowth.Therestofyourbusinessstrategieswillrevolvearoundbusinessgrowth.BusinessLevelStrategyAbusiness-levelstrategycanbedefinedasaclearoutlinethatintegratesanorganization’sgoals,policies,andactionswiththefocusonofferingmaximumvaluetocustomers.Thisneedstobedonewhilemaintainingacompetitiveadvantageinthemarket.Awell-definedbusiness-levelstrategywillestablishyourpositionintheindustryalongwithmaximizingprofits.Moreover,itwillalsoimpacttheeffectivenessofhowwellyouareabletoserveyourcustomers.Anidealapproachistoincorporatedifferenttypesofbusiness-levelstrategieslike:TargetinganewmarketIdentifyingwhatyourtargetaudiencevaluesConsideringcompetitiveadvantage RebrandingFunctionalLevelStrategyAfunctionallevelstrategyisadefinedactionplantomeetshort-term,dailybusinessobjectivestosupportthecorporateandbusinesslevelstrategies.Inanutshell,afunctionallevelstrategyallowsyourbusinesstomanageoperationalactivitiesonadailybasis. Itincludesmultiplefunctionalareaslikemarketing,HR,sales,etc.Additionally,eachdepartmentwillhaveitsownfunctionallevelstrategy. Whatmakesafunctionallevelstrategystandout:OptimumuseofavailableresourcesFocusonthecorporateandbusinesslevelobjectivesIntegrationbetweenmultiplefunctionalareastoachievebusinessgoalsKeyElementsofanOrganizationalStrategyVisionSettingtheorganization’sdirection-vision,mission,andbusinessvalues-isthemainideaofthiselement.Ithasbecomeanincreasinglycriticalpartofanorganizationalstrategy.Businessesmustplanforthreetofiveyearsdownthelineandincludekeystakeholdersinthisprocesstonurtureahigherlevelofcommitmentandteamwork.ConciseGoalsStrategicgoalsaretheultimategoalsforanorganization.Thesegoalsdeterminethecompany’splanstomeettheobjectives.Havingconcise,measurableobjectivesenablesabusinesstoeffectivelyevaluateitsprogress.Theseobjectivesmustbecommunicatedwelltoalltheteamstoensureeveryoneisonthesamepage.ResourcesThiselementreferstothedecisionswhichconcernthemosteffectiveallocationofhumanandcapitalresources.Resourceallocationincludesplanning,managing,andappointingresourcesinawaythatallowsthebusinesstoreachitsstrategicgoals.  PrioritiesSettingprioritiesisachallengeforanyorganization.Itisnotalwaysfeasibletotakeadvantageofallpossibleopportunities.Thisisbecausebusinessdecisionsalwayscomewithanelementofrisk;organizationsneedtoconsiderthesefactorsintoaccounttoarriveatanoptimumstrategicmix. BenefitsofanOrganizationalStrategyforyourBusinessOrganizationalstrategiesmaybeoverwhelmingtodevelop,butitiscrucialtolaythepropergroundworkforyourbusinessasitcanofferyousomeamazingbenefitstogrow. DetermineDirectionAlargepartofdevelopinganorganizationalstrategyisthinkingaboutyourultimatebusinessgoalsandthestepsrequiredtomeetthem.Itcanhelpyousetprioritiesanddriveyourbusinessinaparticulardirection.Bydeterminingthedirection,yourteamscanidentifythestepsthatneedtobetakentomeetthefunctionallevelstrategy. DecisionMakingOnceyouhaveawell-thought-outplanforyourorganizationalstrategy,youwon’tneedalengthydecision-makingprocesstoachievebusinessobjectives.Theactionplanhasbeendefinedalready,whichwillhelpeaseandexpeditetheprocess.AdaptabilityAfterthemaindecisionsaretakencareof,itissimpletoadapttoanyproblemsthatmayarisegoingforward.Theorganizationalplanisintendedtodriveyouforwardandalterthestrategyaccordinglytomeetthegoals.TeamworkAnimportantelementofanyorganizationalstrategyisteamwork,whichisdirectlydependentonallthestakeholdersdoingtheirparttomeetthebusinessgoals.Workingtogethertowardacommongoalproducesbyproductslikeenhancedorganizationalprocessesandpositivecompanyculture. RobustCommunicationWhenyouhaveaclearorganizationalstrategy,itcanhelpyoueffectivelycommunicateyourplanstoalltheemployeesinthecompany.Withoutaproperorganizationalstrategy,projectscanbecomeoverwhelmingfortheemployeesduetothelackofclarityabouttheirroles.Byofferingageneraldirectiontotheteammembers,youcanhelpthemfulfilltheirindividualgoals,whichwillbeahugeplusfortheorganization. StepsToCreateAnOrganizationalStrategyforyourbusiness Herearesomesimplestepstocreatealong-termorganizationalstrategyforyourbusiness.CurrentStandingBeforeyoudevelopakillerorganizationalstrategy,trytounderstandyourcurrentsituation.Itincludesbutisnotlimitedtoschedulinginternalandexternalauditstogetaclearpictureofyourcustomersandtheindustry.Moreover,itgivesyouabetterunderstandingofyourcompetitorstogainacompetitiveadvantage. ChalkouttheImportantValuesDeterminetheobjectivesthatyouwishtoachievegoingforwardsoyoucansetmeasurablegoalsandworkonthemasateam.Withestablishedandwell-knowncompanycorevalues,itbecomeseasytoassessifyouractivitiesalignwiththosevalues,thushelpingyouthriveinacompetitivemarket.BusinessTransparencyItiseasytobreakdownyourorganizationalstrategyintomanageablestepsandassignspecificrolestoindividualsorteams.Thisincludescommunicatingwithinternalteamsabouttheirtasksandgoalsfrequently.CulturalAspectAveryimportantstepinyourorganizationalstrategyisbuildingagreatcorporateculture.Beyondcreatingadiverse,equitable,andinclusiveworkplace,itisimportantforeveryonetobealignedwiththebrand.Thisincludeshavingaconsistentbrandvoiceandtonewheninteractingwithcustomers,inmarketingmaterials,andinallotherdeliverables.Forthistohappen,youneedtoteachemployeestobegreatbrandambassadors.PeriodicReviewOnceyoudevelopagreatorganizationalstrategy,itisimportanttoconductperiodiccheckstoensureeverythingisworkingaccordingtoplan.Itisequallyimportanttoreviewpartsofthebusinessthataredoingexceptionallywellaswellasareasinneedofimprovement.Frequentteammeetingswiththemanagementteamarecrucialtodiscusstheorganization’sgoalsandwaystofulfillthem. ExamplesofCommonOrganizationalStrategiesFinally,wearegoingtotakealookatsomeexamplesofcommonlyusedorganizationalstrategiesinbusiness. BusinessGrowthWhenyouthinkaboutagrowthstrategyforyourbusiness,someexamplesinclude:Diversifyingandincreasingyourproducts/servicesIncreasingthesalesofyourcurrentproductsExpandingtoservedifferentlocationsAcquiringacompetitorGrowthstrategiescanbeexpensive,hencewhyitisbesttoconsiderallpossibleoptionsbeforeyoutakealeapoffaith. RationalizationAttimes,adheringtoostrictlytoagrowthstrategycanbedetrimentaltootherareasofthebusiness.Rationalizationtoincreaseoperatingefficiencyissometimesmorevaluablethanfirmlystickingtotheoriginalplan.Here,theideaistorestructuretheteams,decreasethenumberofphysicalstores,andmakethebusinessprocessseamlesstogeneratemoreprofit. FinalThoughtsCreatingasolidorganizationalstrategyisthefirststeptopushingyouroperationsintherightdirectionandensuringthatyourbusinessachievesalltheimportantobjectives.Whiledevelopingyourorganizationalstrategy,itisimperativetoincludepropercorporatelevelstrategy,businesslevelstrategy,andcorefunctionallevelstrategy. Mostimportantly,alwaysreviewyourorganizationalstrategyfromtimetotimesoyoucanensurethatyourorganizationissetupforsuccess. 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