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A clear, specific, and measurable business strategy is one of the key success factors for any business. Without this being in place, even the most ambitious ideas are unlikely to be realized and the company itself is doomed to fail in the long term.
A business strategy represents a company's action plan, comprising a consistent set of decisions and actions taken to achieve its goals. A well-thought-out strategy contributes directly to a company's long-term success, financial stability, strong market position, and sustainable development.
Having a coherent development vision and a consistent supporting strategy ensures that:
- the company’s leadership team is united around a single idea;
- priorities are clearly formulated and decisions are consistent;
- management efficiency is increased;
- employee motivation and engagement is improved;
- the number of new customers grows and the loyalty of existing ones increases; and
- financial performance improves.
Business Strategy Development
Through partnership and collaboration with management, the ACT strategic consulting team helps organizations to develop consistent and realistic business development plans. Our unique holistic approach involves a 360-degree analysis of the company, viewing it within a broad context, and identifying challenges and opportunities.
The strategic planning process involves a collaborative format encompassing both analytical work and workshops. with respect to analytical work, we analyze all internal and external factors affecting the given business. Together with the partner company’s leadership team, we then form a bespoke strategy that aligns with their long-term vision and business model.
During the strategic planning process, ACT’s strategic consultants work with the client’s leadership team on issues such as:
- (re-)formulating their vision and mission;
- defining organizational values;
- determining the company’s business model;
- identifying competitive advantages;
- aligning the company’s growth ambitions, strategic priorities, and key directions;
- setting the company’s long-term goals and objectives (KBOs); and
- identifying responsible individuals for strategic priorities.
Action Plan Development
Forming a business strategy allows the given company’s management to effectively implement concrete steps toward achieving each goal. Notably, the effectiveness of such a strategy is directly tied to having a detailed, measurable, and achievable implementation plan. Often, ambitious and desirable ideas are not realized because their implementation is not supported by a practical plan.
In the next stage of strategic planning, we assist our clients in developing the corresponding action plan. Here, our approach involves breaking down the plan into specific business goals with short timelines (3-6 months), thereby making the goals more digestible and increasing the likelihood of their realization.
Our experience has taught us that action plans are much more effective when they are created when individual contributions to the achievement of specific goals and the plan’s ultimate success are taken into account. For that very reason, ACT’s strategic consultants work in both workshop formats and individual sessions with members of the company's leadership team.
During individual and joint meetings with leadership team members, we determine:
- each team member’s individual contribution to goal achievement;
- collective and individual key performance indicators (KPIs) for monitoring and evaluating progress;
- key actions/activities with specified deadlines; and
- the allocation of financial, material, and other resources.