Business strategy Essay Example | Topics and Well Written Essays - 250 words

Business strategy - Essay Example According to Kaplan and Norton (2001), it is important for new business to actually make new and effective business strategies that both tackle internal and external environments, which includes the prevailing business environments. In this case, whenever formulating new strategies, especially in the corporate sector, it is important to look at several key indicators such as inflation, the position of competitors, the rate if employment and unemployment, the willingness of consumers to spend, as well as the overall rate of economic growth in the country (Kaplan & Norton, 2001). In this case, such factors will surely help business formulate their specific strategies, whether to focus on offering new products that would fit current consumer spending trends, or on building a more competitive and productive labor force, or even looking at potential competitive advantage over other competitors. However, looking into the external general business environment would not be enough, given that it is also important for a business organization to look into internal factors, such as the productivity of the current labor force, efficiency rates, and even the SWOT analysis.