Business is all about ideas, risk, competition, profits and finally success. To manage and achieve success you have to use appropriate strategy and right tactics; you need to have unique business concept and a workable business model. Just look at these four aspects in detail below:
Business Concept
Business concept encompasses every business activity undertaken by an enterprise in creating value for customers, suppliers and other stakeholders. Business concept drives every functional area in a business to co-ordinate activities so that goals and objectives are achieved in an optimal fashion. Creating your business concept is the primary task.
Business Strategy
Business strategy is defined as “a well thought out long term plan incorporating chosen methods, moves or a series of maneuverers chalked out by business to achieve goals and objectives”. 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
Business Model is primarily “a business concept that has been put into practice”. It translates strategy of a business into a framework for action. Logic of a business, choices a business takes in creating, delivering and realizing value are shown in clear and concise manner in a business model. It is a road map, a motivator cum evaluator of business performance and a communicating tool of business purpose. It broadcasts to the outside world the distinct and discerning value proposition the business offers. More than that, business model bridges strategy with tactics. It displays tactical steps that could be taken by a business at any time to implement the business strategy.
Business Tactics
Business tactics are defined as “specific moves, manoeuvres and actions taken in isolation or as in a series by a business in order to move from one milepost to another in the pursuit of business strategy”. Tactics are short-term, linear with localised focus and having fairly limited impact on business performance. It is the action part of the business process; and symbolise movement towards mileposts within business objectives.
Muthu Ashraff
Business Adviser
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E-mail : cosmicgems@gmail.com
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Blog : http://cosmicgemslanka.com/blog/
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