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How Does a Lack of a Dynamic Business Strategy Affect a Business?

The biggest disability of business is lack of strategy.

Every business, be it small, medium, or multinational needs to have a coherent business strategy in place. A business strategy serves as a set of unique guidelines created to reach a specific business goal. Strategies can range from annual budgets to marketing strategies, and the release of a new product. Without a coherent overall strategy, there is no road map to follow.

And, here’s what’s going to happen if your business doesn’t have a comprehensive business strategy:-

 

  • Unclear Organizational Structure

Part of business planning is maintaining a hierarchy and identifying the people in charge. And, without a comprehensive business strategy, the company structure is not laid down, so there is no focused effort for growth or development.

Some businesses prefer to have a highly structured hierarchy, while others prefer to be loosely organized. Whichever method you prefer, communicate it with your employees. This establishes responsibility for success.

 

  • Resources Not Properly Allocated

When there is a lack of planning, or the planning is not coherent, it becomes challenging to create budgets for projects and funding the necessary resources. Instead, the funds are dispersed “on the fly”. And when this happens, a company can find itself short on funds for critical activities such as payroll or paying vendor invoices. The adage by Ben Franklin “failing to plan is planning to fail” certainly applies here.

 

  • Lack of Objectives

Business goals can only be achieved through the vehicle of a plan. There is no other route to success.

Lack of business strategy in today’s dog-eat-dog business environment can leave your business unprepared. Without a business strategy, your company does not have any identifiable business objective. What are the employees working towards? What is the focus of the company? How do you intend to move forward? There are no answers to such critical questions.

 

The Perfect Example of a Failed Business Strategy—Netflix vs Blockbuster

Netflix, a major media-service provider company, entered the market in 1999, confronting the incumbent, Blockbuster. Blockbuster had a choice to make – how hard would they fight the new media market player?

Netflix entered the market with a new pricing model, a model that would allow its customers to rent as many movies as they wanted at a fixed amount per month. Blockbuster, on the other hand, survived on the late fees for revenue and profitability. So, by failing to innovate and strategize, eventually, Blockbuster was thrown out of the market.

 

Avoid a Failing Strategy with a Strategic Management Course

If you don’t want to fail and be thrown out of the competition, consider pursuing a strategic management course. One such course you can pursue is the online strategic management program IIM Lucknow. Ideal for business owners who are responsible for critical decision making, this online strategic management program IIM Lucknow equips you to handle anything that the dynamic business environment throws at you. By giving you in-depth knowledge of structured concepts, methodologies, skills, tools, and techniques, this strategic management course helps you achieve the desired outcomes. So, consider enrolling yourself in this strategic management course and allow yourself to be a part of the race.

Formulate effective strategies to better manage your business

 

Business Management has become an indispensable skill today. Whether you are in IT or Healthcare or Fashion — Business Managers are running the show everywhere. Professionals with Business Management skill have an added advantage over their peers who lack knowledge of.

MICA, one of India’s leading institutes in marketing has designed this course in Business Management, keeping in mind the trends and requirements of the industry. Delivered by Talentedge, this Certificate Program in Business Management is the key to your career growth. If you still don’t believe us, here are 4 reasons that will make you confident about taking up this course and moving ahead in your career.

 

Score a better pay package

Let’s admit it: we are all looking for good jobs to get paid better. Certification in Business Management on your resume lets employers – both current and prospective – know that you are a skilled professional with expertise in different domains. It opens you up to better roles and improved salary packages, thereby increasing your value in the job market.

Gain employer support

Learning while on the job has its benefits. Certification in Business Management lets you implement what you learn, at your workplace. This will help your employer notice the significance of your skills & contribution, your ability to execute, manage and deliver projects successfully. Employees that are always bringing something new and productive to the table are often sought after. With this skill in your pocket, employers will surely look for ways to retain your talent.

 

Join the startup league

Got any entrepreneurial ideas? Well, this course will certainly help you realise some of your ideas and enable you to start your own venture. Gain all the necessary expertise to launch your startup — from writing a business plan to acquiring venture capital to launching an IPO.

 

Grow your network

A course from a renowned institute like MICA is an opportunity to grow your network. Over the course of this program, you will build important relationships with other participants, working in different organizations. Gaining the alumni status from MICA will serve you well throughout your career. Being part of this alumni network can be useful in mentoring, job searches and building professional contacts.

Don’t stall career progression any longer. Check out MICA’s Business Management program today and put your career on the fast track.

 

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