Question

As a newly promoted business analyst how might you go about forming a corporate strategy for your organization?

Answer 1

Corporate Strategy can be defined as how an Organisation operates in order to achieve its end goals and objectives. Hence in order to form a corporate strategy I would follow the below steps:

1. Business objectives: Inorder to create an effective corporate strategy the first step is to know the purpose or objective of the business and it's reason for existence. Here a through study has to be made on the Company's Strategy, Vision and Mission. Only when this is known, the ways to achieve it can be found out.

2. Organisation structure: The second steps is to build an effective organisation structure according to the kind of business in order to execute the planned work.

3. Resource allocation: According to the organisation structure the resources has to be allocated in order to form a good corporate strategy.

4. Communication: A corporate strategy in order to be successful has to be effectively communicated and inturn taken feedback for improvements, from the employees and others related to the organisation

5. Change management: Finally the corporate strategy framed has to be flexible and easily adaptable to change