Strategic Business Development
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Strategic decisions influence your business future the most. To realize the long-term vision for the development of your organization, you need to plan the strategic sequence of actions with a clear idea on how to focus on shorter term tactical actions.
Strategic plan, needs to be formalized in a written document (or as a media), and shall be widely understood and accepted amongst all major parties in the organization. Being the roadmap to achieve the business goals of the organization, it shall be periodically revised and if needed updated to take into account all changes in the market and the business environment thus aligning the business development processes and activities with your long-term strategic targets.
NSC can support you set the strategic goals of your organization, identify and define the major actions needed and fragment them into clear steps towards successful implementation.
Identification of Business Growth Opportunities
No business is static and if the company KPIs do no indicate noticeable growth then it is certainly the right time to take measures and avoid the risk to enter a potential plateau or even decline. If you are approaching the peak of your current business activities, then you need to handle the situation and identify new ways to sustain your business growth.
There is a certain set of strategies, that can help you push through, regain growth speed and keep your competitiveness at a desired level.
Your business has reached the point, where a major new step or a set of major steps need to be taken in order to expand and boost your market presence. There are certain reasons for a company to diversify its business:
- Approaching the peak of your current core business activities
- Revenue increase
- Mitigate business risks, etc.
The business diversification strategy is usually addressing how to enter new markets, expand offerings and attract new customers, develop and add new products and services or enter new verticals. While considered risky, because you enter new for your company business areas, if successful, it is also quite valuable, which is the biggest driver for ambitious entrepreneurs to often consider it.
Certainly, any business diversification action should be considered with great attention to the detail, so you avoid steps, with potential to fail above a certain threshold, and undertake those, which after the detailed analysis are expected to bring real value and expand your business.
Establishment of Strategic Partnerships
Not all partnerships are strategic even though they add value and increase revenue. Strategic partnership should be established with well selected partners and managed with much greater attention and dedicated effort.
They could be made during the standard business operations and it is very important that they are distinguished from the conventional ones and taken care of with much greater attention. They could also be made on purpose with a focused and targeted effort, which is the key point in the NSC service and follows the next major steps:
- Identification and definition of the set of criteria for the potential partners, which could be:
- complementary products or services, that enable joint larger market penetration
- joint activities to mitigate risks, coming from competitor(s), etc.
- Prepare supporting materials for the different types of potential strategic partners
- Research the market for potential partners and contact them
- Negotiation phase and agreement
- Initiation of the agreed joint activities
How to differentiate the strategic partnership to the conventional? There are certain set of criteria that clearly indicate which one is strategic, based on the type of common goals, involvement degree and planned actions.
Improved Organizational Efficiency
“Efficiency is doing the thing right. Effectiveness is doing the right thing.” – Peter Drucker
This NSC service is more focused on efficiency, while other services listed on this page are dealing in more details with effectiveness. Efficient organizations are completing their tasks with minimal resources and effort thus leading to an increased revenue at the end of the year. On the other hand, inefficient organizations are consuming excessive number of recourses (time, workforce, funds, energy, materials, etc.) which leads to difficulties to meet the clients’ expectations and demand, hinders the employees to fulfill smoothly their obligations and finally results in a significant decline in revenue which can bring some serious risks.
There are a number of aspects related to efficient operations, which when analyzed help identify specific inefficient processes and take corrective measures. Some of them are related to:
- Strategic level/ business model
- Internal and external business processes/ operations
- Workforce/ HR
- Finance management/ expenses/ costs management
- Equipment/ technologies/ innovations
- Energy/ materials, etc.
Detailed analysis on the above key points, prevents some ‘small’ issues go undetected and grow into real issues. Of course, business specific shall be taken into account during this analytical phase. Certainly, there are measures that can be undertook to mitigate and control the processes, leading to reduced efficiency and optimize the way your business is run resulting in much improved bottom line.
Organizations/ companies are dynamic and evolving structures and organizational changes are constantly accompanying their daily and long-term operations. They are vital and needed to maintain and advance their business activities and bring success and growth.
Strategic organizational changes are addressing major business processes in the company and are having significant impact on the current and future operations and business capabilities. They can strongly influence the direction your company will be going next. There are a number of reasons to undertake organizational changes, some of which are:
- Major structural change – company merger, restructuring of departments, etc.
- Shift in company goals (products, services)
- Adoption of new internal or external business processes
- Implementation of innovations and new technologies
- Change in the organizational management on different levels
- Increase/ decrease the number of employees
- Change in the corporate culture
- Unexpected events, etc.
Although such changes are usually made to increase efficiency and effectiveness of the company, if not managed well, they can bring significant risks to your operations. Poorly managed organizational changes have a great degree of uncertainty and can lead to a highly undesired failure.
That is why, such processes need to be managed effectively, systematically and with great care including strong effort in the preparation phase, where all possible risks and deviations should be analysed to the maximum extent in advance. In this phase the roadmap to successful implementation of the change should be elaborated into detail, including the specific roles of the key for this change employees. Then come the phases of implementation and follow-up.
Other NSC Strategic Services
Please contact us for more details on the following complementary strategic services:
- Strategic Initiatives
- Innovations/ New technologies (Products or Services)
- Strategic Networking
- Vendor Relationship Management
- Strategic Negotiations
- Elaboration of strictly targeted Presentation Materials
- Focused Brainstorming