Over the years, Anisuzzaman Chowdhury has built a vast business empire spanning a diverse range of industries. This article will look at entrepreneurship and the various ways that business leaders position their enterprise for success through strategic vision and planning.
According to a report published by Forbes, 90% of business leaders recognise the importance of strategic planning. In spite of this, the report also reveals that a staggering 48% of business leaders spend less than one day each month discussing business strategy. Against this backdrop, it is unsurprising that almost half of all organisations fall short of their strategic objectives. The attached infographic contains some interesting marketing strategy statistics.
The success of any business lies in a carefully crafted business strategy, identifying organisational goals and charting a course to achieving those objectives. Rooted in meticulous research and planning, a business strategy must be actionable and adaptable, identifying systematic processes to set the organisation’s long-term direction and position it for success. This complex exercise demands not only a deep understanding of the business’s current position but also its desired future state, identifying the steps necessary to bridge the gap between the two.
All businesses need a vision, providing high-level direction that enables everyone within the organisation to achieve their assigned goals. Every organisation is different, and so business visions can vary considerably from one company to the next. Nevertheless, although each vision is unique, all great examples share several core fundamentals in common. Great business visions are future-orientated, memorable, motivational, and designed to create purpose and urgency, uniting all stakeholders in pursuit of a common goal. The vision must also be challenging and inspiring, encouraging everyone to go the extra mile and appealing to the emotions of employees and leadership alike, inspiring everyone to play their part in achieving business goals. The attached video takes a closer look at the importance of corporate-level strategy.
Each founder has their own unique approach to creating a business strategy, creating a vision within a broader framework that sets clear, tangible and realistic goals, outlining the business’s mission statement, and communicating its vision and strategy. In today’s fast-moving markets, it is vital for business owners to maintain adaptability when it comes to business strategy, reviewing the business plan and vision periodically to ensure business goals and activities align with market conditions. For example, a new technology may emerge, disrupting the industry; new legislation may force changes on the business model; or a new competitor may enter the space. For-profit businesses should revisit their vision at least annually, with leadership adopting an agile and adaptable mindset capable of responding to change.