Home
Business Intelligence
Business Performance
Business Strategy
Vision Statements
Mission Statements
SWOT Analysis
Leadership
Decision Making
Pareto Principle
Goal Setting
Balanced Scorecard
Software Overview
Business Dashboards
Data Warehousing
Data Mining
Useful Links

Creating a Business Strategy - That's a Wow! Here's How

An essential first step in business performance management is creating a business strategy which in turn sets the way forward and the parameters for business intelligence strategy or infrastructure. The creation of usually involves several steps:

  1. Set a Vision Statement: What is a Vision Statement and here are some Sample Vision Statements
  2. Set a Mission Statement: What is a Mission Statement? and here are some Sample Mission Statements See also Team Mission Statements
  3. Doing a SWOT analysis - Strengths, Weaknesses, Opportunities and Threats
  4. Creating a Balanced Scorecard
  5. Setting Goals/Objectives
  6. Creating a Strategy Map
    7.
  7. Setting Key Performance Indicators or KPIs
    8.
  8. Creating Dashboards to monitor KPIs
See an example of one type of business strategy - a low cost Ryanair Business Strategy.

Also click here to see winning types of business strategies

A vitally important principle to the strategist is the pareto principle which lets the them identify the 20% of inputs, causes or effort that contributes to 80% of the outputs, consequences or results respectively.

You can 'achieve more with less' using this concept!

There other approaches to operating a business successfully. In the book "Built to Last: Successful Habits of Visionary Companies" by Jim Collins and Jerry I. Porras (1994). The book outlines the results of a six-year research project into what makes enduring great companies.

One of the many things a visionary company does is to try different things and see how they work, quickly getting rid of the things that don't work. They are opportunistic!

This is where business intelligence plays its part as you need to know or measure what is working and what is not.

These visionary companies do both approaches to business - they create plans and strategies too.

Go to Top of Creating a Business Strategy page

Back To 'What is Business Intelligence' page

Back to 'Business Intelligence' Home Page


footer for creating a business strategy page