Do you think a business can function with a suitable strategy in place? You are damn right, it cannot. If a business is a human body, the strategy is its heart. Yes, that is how important it is for organizations to put in construct a foolproof strategy that is solid and agile.

If I may quote a phrase by Michael Porter - The essence of strategy is choosing what not to do.

I feel that this is absolutely true for all kind of business, from big to small to mere startups. If you ever see a sculptor working on a block of marble, you will notice that the art of carving lies in what you chip off that block. And, same is the case with creating a business strategy. It is not always about doing stuff, instead what you select not to do actually matters.

To Build a Business Strategy – Focus on the right parts

 The most convenient way to create a strategy is to do something at present which will seem quite obvious in the future. A thing about strategies is that they seem obvious the moment you begin to understand them. And, in case, you use a strategy that does not start to look obvious after a certain while, chances are that it shall not work your business.

A good strategy is always easy to define. What I mean to say is that business strategies which are effortless to explain work best. And, believe it or not, it is not necessary for a plan to be sophisticated & complicated to bring desirable results. Even the simplest of schemes are capable of bringing amazing results if they are executed in the correct manner.

The Best Business Strategy Models of all time

1.    Balanced Scorecard

It is one of the most basic and easy-to-understand business strategy frameworks where you need to take three major aspects into consideration.

Objectives –The high-degree overall goals of the organization.

Measures – They help you gauge the progress of your projects and help you get an idea of what you are able to accomplish and which objectives are far-fetched.

Initiatives – These are the main activities that help you reach your desired goals.

2.    Strategy Map

This is a visual tool that is used to depict the strategic plan which is fabricated to accomplish high-level objectives. It is a facet of a balanced scorecard that is utilized to communicate important information throughout the organizations is a comprehensible manner.

The special quality of a strategy map is that it gives a clear representation of what needs to be achieved and unifies all the objectives in one strategy.

3.    SWOT Analysis

The SWOT analysis is about analyzing the internal as well as external factors that have the power to affect the profitability of the firm. It is actually an acronym for – Strength, Weakness, Opportunity along with Threat. Out of these, strength and weakness are the internal factors while Opportunity and Threat are the external ones.