Have you ever heard a quote from Benjamin Franklin, namely "By failing to plan, you are preparing to fail?" This quote is of course very related to business owners who must prepare a strategy before they run their business. Without the right strategy, their business can experience obstacles.

 

So, if you want to prepare a business strategy, of course you have to be able to find out what trends are currently popular. If for example you haven’t provided a cashless payment system, then you can start downloading the Cashlez App which offers various cashless payment options, such as Virtual Accounts, credit/debit cards, payment links, to installments. Apart from regarding trends, it is also important to understand the level of business strategy so that your business planning process can be carried out effectively. Let’s find out what are the levels of business strategy through the following explanation!

 

1. Corporate Strategy

 

The level of corporate strategy is any business plan related to organizational needs. Hence, this one level of business strategy often includes the company’s core values and company goals. In addition, there are also other discussions such as vision and mission.

 

In general, the level of corporate strategy consists of several types, such as strategies for achieving stability, cost reduction, and business growth. The stability strategy is the strategy used when you work for customers. This strategy is needed to ensure that every process carried out can provide progress. Meanwhile, the business growth strategy was carried out to reach new customers. Besides that, a cost-saving strategy that is carried out when you want to change your business model so that you can also adjust your budget allocation.

[Also read: Get to Know Business Credibility and Its Roles in the Digital Age]

 

2. Competitive Strategy (business strategy)

 

Competitive strategy or what is also often known as business strategy includes the ways in which business actors compete with other business actors within the same industry.

 

This level of business strategy also aims to increase customer satisfaction. To implement a business strategy at this level, you must first identify your target customers, product types, market trends, resource availability, and so on. The level of business strategy can be divided into several types, such as shopping experience, product uniqueness, and production costs.

[Also read: Your Business Strategy Is Not Effective? Here are The 8 Reasons!]

 

3. Functional strategy

 

This one strategy is prepared to regulate what methods a business uses to achieve its goals. Hence, the functional strategy emphasizes more on ways to maximize profits. Meanwhile, functional strategy can work effectively through search support business strategy.

 

Functional strategies can cover departments such as finance, operations, marketing, human resources, and research and development. Functional strategy implementation can be carried out based on the short term, details of business objectives, and the role of business manager. Meanwhile, the results of this business plan can provide changes in the aspects of logistics, cost efficiency, product design, and product branding.

 

When you understand the level of business strategy, then you can carry out strategy mapping effectively. You can find out, what things need to be done and what things should not be done. So, make your business grow through the right service planning and innovation!

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