“Sustainable development means adopting business strategies and activities that meet the needs of the enterprise and its stakeholders today while protecting, sustaining and enhancing the human and natural resources that will be needed in the future”, as proposed by the World Commission on Environment and Development for economic development.
It highlights how business depends on human, resources, physical and financial capital. This is true for developing a business strategy to meet the sustainable growth and intends to help the business strategist to apply the concept of sustainable development while developing a strategy.
Though business seeks precision and practicality during planning efforts, sustainable development is fluid. It changes over time in response to increased data and evolving priorities. It is the interest of businesses to operate within a healthy environment and economy.
The steps required to manage a business in the light of sustainable growth are briefed below.
Simple steps to create a strategic plan for your business
A strategic plan needs people, money, time, and systems. A business strategist devoted to the strategic execution of the plan is the key to success. A few of the essential steps are:
Identify all the participating parties involved in the company’s operations. As businesses operate in a complicated and regulated environment, directors are accountable for governing activities. So, it is necessary to:
- Develop a meaningful approach toward stakeholder analysis
- Identify interested parties
- Capitalize on the opportunities
- Have an informed and active workforce
- Consider public interest and futuristic needs
Set targets, policies, and objectives
Justify the effort to manage and incorporate stakeholder expectations by setting targets and policies as per the company’s mission. It is necessary to:
- Integrate product research, development, and manufacturing methods
- Identify and manage technology processes and risks
- Comply with legal requirements
- Work as advocates with suppliers, customers, and partners
- Provide communication and build a relationship with other stakeholders
- Analyze competitor’s strategies, group policies, and activities
Ensure a supportive culture
When customers and employees become part of the culture, it generates enthusiasm and practical ideas. So, it is necessary to:
- Communicate at all levels of management
- Emphasize employee participation, learning, and development
- Reinforce positive behavior among the employees and partners
- Enhance internal monitoring processes and be inclusive
- Develop measures to identify employee performance
Brand relevance and customer experience
A brand gets recognized by its value and customer experience. It is necessary to highlight this in the business strategy approach to gain long-term success. So, it is necessary to:
- Build relevance with customers
- Invest time and energy to make decisions for future
- Expand into new markets
- Make a roadmap and evaluate progress along the way
- Strive for quick wins and small successes to embark on long-term success
In a nutshell
A dynamic growth strategy is necessary. To think and work like a successful business strategist, it is necessary to gain practical knowledge and skills by earning business strategy certifications and keep track of the happenings in the business world.
Developing a solid and competitive strategy, and its execution brings profit. A certification helps your strategic mindset get sharpened further to witness success in each step.