Is it just the business idea or its commercial viability that is sufficient to skyrocket a business enterprise to success? No is the pretty obvious answer. After validating a business idea through market research and business model development, the next critical task for businessmen and entrepreneurs is to envision and figure out how the business will work and grow. This simple-sounding statement engulfs planning for the entire business’s functional machinery and how the business will snowball towards growth and expansion into the future.
Generally, business strategy formulation involves defining the strategies for growth, identifying the strengths and vulnerabilities of the enterprise, defining the proposition and positioning strategy, and formulating the functional strategies for operations, technology, HR, supply chain and logistics, etc. In essence, it is about defining the business growth objectives and strategies and aligning them with operational planning.