Connecting the dots in business growth process

No business survives as stand-alone idea. It has a growth process where beginning with concept it ultimately reaches the goals. There are five connecting dots. Find out the dots and how these are connected:

Business concept:   Encompassing every business activity undertaken by an enterprise in creating value for customers, suppliers and other stakeholders, business concept is the germination that allows it to grow driving every functional area in a business to co-ordinate activities under a policy framework.

Business policy:     Relates to the intention of the firm described as general guidelines underlying principles, norms, rules and standard of conduct of the business that provide awareness and direction to all stakeholders in making appropriate actions and decisions. Business policy leads to strategy.

Business strategy:   Defined as a well thought of plan that chooses the ways and means to achieve the end-state. Business strategy is perceived long-term, multi-dimensional, complex, and high-flown and having huge impact on business performance. It is the thinking part of the business process driven by the vision and mission giving direction and sense of purpose towards achieving business goals and objectives.

Business model:     A road map that translates strategy of a business into a framework for action. Logic of  business, choices  firm takes in creating, delivering and realizing value  are shown in clear and concise manner in a business model.  As a communication tool it broadcasts to the outside world the distinct and discerning value proposition. More than that, business model bridges strategy with tactics. It displays tactical steps that could be taken by a business at any time in implementing business strategy.

Business tactics:     Defined as “specific moves, manoeuvres and actions taken in isolation or as in a series by a firm  in order to move from one milepost to another in the pursuit of business strategy” tactics are short-term, linear with localised focus having somewhat  limited impact on business performance. It is the action part of the business process and symbolises movement towards mileposts marked within business goals. 

  
 

Cheers!

 

 

Muthu Ashraff Rajulu

Business Strategist

Mobile: + 94 777 265677

E-mail:   cosmicgems@gmail.com

Blog:   Business Strategist