7 STRATEGY TOOLS TO HELP IN BUSINESS MANAGEMENT

ARTICLE BY Howdy, You probably already know that this blog is focused on community development, sustainable development, women and youth empowerment, entrepreneurship, among other topics that revolve around these sectors! So yes, the last blog we had on entrepreneurship is #TheLunkuseLabel, and this is yet to be our next! Over two weeks ago, I was contacted by personnel at Zoe Talent Solutions, and I am glad that less than a month later, we are reading about this creative group and getting ready to learn on the strategy tools in business management. As a startup-business owner, this is good for me! What about you? Maybe you don’t own any business now but before you realize it, the idea might be knocking at your door! Let’s go…
In Annie Mark’s words, “I work over at Zoe Talent Solutions, where we often provide coaching about Management, Skills etc., thereby giving a clear view for the people who adore these coaching. We just produced an info-graphics detailing about “Effective Management “.
Managing a business is a challenging activity, especially in the current economic scenario. But that is no reason to be discouraged. Entrepreneurs who manage to overcome these obstacles guarantee a great competitive leap in the market. And, to achieve this goal, there are some strategies that prove very useful.

Strategic management is a means of change, which allows the development of a company. It becomes possible through the use of strategic tools. To find out the best ones for a business, you need to assess your needs and goals. Success also depends on the strategic alignment between the actions of managers and employees.

360 Degree Analysis
Image Souce: SurveyMenthods.com
  1. 360º Analysis of The Business Opportunity
People can be very creative and have many ideas that would not always turn out to be lucrative deals. The 360º analysis of the business opportunity is a strategic tool that allows entrepreneurs to evaluate their ideas using market parameters. This tool, in addition to helping to verify whether the idea is feasible or not, provides further reflection on other important points such as the size of the market, the benefits offered to the client and the clarity of their perception. It is indicated for managers who want to evaluate, among several ideas, which one can present greater potential of profitability and profitability. Its function is to guide the analysis of internal and external aspects of a company.
Business Model Canvas
Source: denis-oakley.com
  • 2. Business Model Canvas
Business Model Canvas is a business management tool that has the function of providing the planning and visualization of the main functions of a business as well as its relationships. The framework is composed of four basic steps: what (value proposition), for whom (customer segments, channels and customer relationship), how much (cost structure and revenue streams) and how (key activities, key resources and network of partners). The analysis of the business model allows the elaboration of a business plan with greater potential of success. Its application can be through a printed and exposed board so that several people belonging to the organization can discuss and comment. This tool enables a holistic view of the business, helping entrepreneurs with regard to innovation.
Mind Maps
Source: ResourcefulEntrepreneur.com
  • 3. Mental Maps for Entrepreneurs
The mental map is the definition of a central question and, from it, the establishment of secondary, tertiary, etc. issues. In general, features such as words, pictures, lines, or pictures are used. In the area of ​​the enterprise, it can be used in various contexts to map, organize and interconnect thoughts. This tool is useful because it enables the organization, presentation and, discussion of ideas related to company matters. It can be applied in situations like business planning, marketing, daily routine and identification of opportunities.
Smart Goal Setting
Source: Croi.ie
  • 4. Setting Goals for Small and Medium-Sized Enterprises
Fundamental to the planning of the year, setting goals for small and medium-sized enterprises is one of the main tools of business management. To grow in the market, it is important to have well-defined goals and to commit to them. Setting goals requires firmness on the part of the entrepreneur towards employees, suppliers and partners in general. This tool is suitable for small businesses, and it must be realized that more complex strategic management models must be adopted as the business grows.
Business Process Automation
Source: ReachAccountant.com
  • 5. Software for Internal Process Automation
Technology is, increasingly, a great ally of the business world. Currently, internal process management software is present in several companies, regardless of their size. Obtaining software for internal process automation is a good business management tool as it allows you to enjoy several benefits. The main ones are the guarantee of productivity improvements, the reduction of product bottlenecks, the reduction of business costs, the effective monitoring of the organization and the integration of In an increasingly competitive market, managers who invest in the automation of internal processes can ensure a good differential.
Swot Analysis. Strengths, Weaknesses, Opportunities, Threats.
Image Source: thebalancesmb.com
  • 6. Swot Analysis
Swot analysis, also known as Swot Matrix, is an essential tool for diagnosing a business. It provides a deeper understanding of the company by analysing and aligning the internal and external context. In the internal environment, it evaluates the strengths and weaknesses that the organization possesses. On the external factors, opportunities and threats are analysed. This tool is very broad and allows you to draw up a plan of action that reduces potential risks and increases the potential for success of your company. Swot analysis provides a clear and accurate view of a business and the marketplace.
Porter’s Five Sources
Image Source: strategicmanagementinsight.com
  • 7. Porter’s Five Forces
Porter’s Five Forces tool provides a comprehensive view of the competition and the best use of the market. The forces analysed are: rivalry between competitors, barriers to entry of competitors, bargaining power of customers, bargaining power of suppliers and threat of substitute products.
  1. Indicated for all types of company, this tool of management of companies allows the analysis of the competitive scenario where the organization is and also the determination of the best placement of the business before the competition.
  2. The management of companies must be constantly improving, and this becomes possible with the use of techniques, methods, and tools in a strategic way. Some strategy tools can assist in assessing the current situation of your business, providing a deeper insight. From this, you can outline the most appropriate action plans to bring about improvements in your management and development of your company.
Lastly, we are glad you have made it this far and still reading. For more, please visit Zoe Talent Solutions Website here.
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On Wednesday, we’ll be publishing on community development and later on Friday this week, we shall be back to episode two of The Thing between Our Legs. Be on the look out and don’t forget to subscribe!


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