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Steven Rindner: An Expert Guide to Formulate an Effective Business Strategy

by Uneeb Khan
Steven Rindner

The primary reason for formulating a business strategy is that it enables a business to understand how it is performing, its potentiality and if its performance is on track to reach its short as well as long-term business goals. Precisely, it lays out a plan of action while establishing how people within the company need to function to get to the desired objective, irrespective their objective is to enter a new marketplace, improve performance to market growth, or earn a leadership position.

According to Steven Rindner, a distinguished business strategy advisor, having a business strategy in place helps team leaders as well as their other employees to have a set and clear goal in front that they need to chase.

The professional also thinks that while developing the blueprint, it should be thought through with diligence and should be flexible too:

  • Achieve effectiveness
  • Recognize and make the best use of the opportunities
  • Overcome challenges and threats
  • Organize resources successfully
  • Having control over the different situations
  • Attain competitive advantage

Types of strategy

Typically, in a company, there can be three stages of strategies. 

Corporate level strategy

A corporate-level business strategy is designed by the top class of management. To develop this they hire the services of an expert corporate strategist. It is made compressive, integrated, and first-line action-oriented. In general, corporate strategies involve growth, diversification, mergers and acquisitions, collaboration, and finding investment opportunities.

Business level strategy 

Business-level strategies involve a combined set of actions and moves considered with an intent to offer value to its consumers as well as develop plans for gaining competitive advantage, by maximizing the core competencies of the firm. It may be related to the product or service industry.  One of the key aims of business-level strategy is determining the position of the business enterprise in the marketplace concerning the competitors.

Functional level strategy

Functional-level strategies are developed by first-line managers. Such decisions and plans are made by the managers at the operations level. The decisions may relate to specific functions of the company like HR, marketing, Research and Development, financial, production, etc.

Implementation of business-level strategy

If you are at the doorstep to initiate your business, having a well-designed business strategy is essential for you. The blueprint you develop will help in figuring out the direction that you have to follow and by doing so, what result you can expect to reach down the line. Here is an expert guide by Steven Rindner, MD, Main Street Advisors. 

  • First of all, you need to identify your target audience. 
  • Once the target market is defined, figure out who are your competitors, and research their product features and prices.
  • Research thoroughly about competitors’ strategies of marketing. Initially keep your prices low even though your profit margin will be low.
  • Ensure quality and try to offer more features to earn customer loyalty. Check the existing pain points of the customers with competitors’ products, and make sure to introduce products that can address them.
  • Setting goals for each and every department is crucial. This will help in segmenting the responsibilities which will eventually contribute to the overall success of your company. Keep communication and coordination levels seamless.

Continue checking progress by fortnight initially and then monthly which will help you reach your objective and establish your product in the market.

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