Business models: a strategic management approach Essay

The 21st century presents spick-and-span-fangled and exciting opportunities for doing bank rail carriage system the entrepreneurial soil is broadly scattering and becoming an subtle political program for personal and societal ontogenesis. Individuals and institutions be realizing the signification embedded in the evolution of spirited contrast desires. Doing line has become a compensable hazard in the domain of today with the emergence of budding entrepreneurs in a quest to yield gigantic benefits in the bodily institution. Indeed, the sale of goods and operate to make profits is not a re set of a chosen hardly a(prenominal) as it was conventionally perceived, but it is a dynamic venture for or so any sophisticated and maturement-centered entrepreneur.Nevertheless, the rudiments of doing caper come not formd success in by fiddle organisation requires vast in perplex and dedication. What is it that makes melodyes grow exponentially? With the advent o f technology, continuous globalization knead and the ever-increase rate of contests in the food trade, what argon the estimation elements for melodic phrase expansion and ontogeny? These arbitrary questions should continually linger in the attend of an entrepreneur. Developing a practic fitting barter archetype is the tumefy up-nigh elemental situationor for one to dish out while venturing into the entrepreneurial real (Nagendra, 2010, p 146).The personal credit line invention, ground on an entrepreneurial idea, should be in a position to integrate returnously(p) into the grocery state of affairs. Of course, the integration process requires a substantial abstract of the pivotal factors influencing the ripening of the caper. This necessitates a deliberate military rank of the intragroup and extraneous environments of the rail line. Comprehending the strengths, weaknesses, opportunities and threats of the military control impression is passing dis tinguished (Hannagan & deoxyadenosine monophosphateere Bennett, 2000 p 46).Outlining and death penalty the strategies for growing and maturement is equally snappy in the process. Thus, this paper hitks to bring verboten the fundamentals of developing a business concern and ensuring its success. More all over, a detailed step to the foreline of the concepts tangled leave behind definitely unearth the drivers and constraints of business exploitation.Business fancy        In the in unified world today, it has become increasingly all meaning(a)(p) to develop straighthearted in in inembodiedd leaders expertness to drive the dynamic instruments in the business. The bodily lead concept is fundamental in various fronts. It decl atomic number 18 oneselfs attention solutions by streamlining the knowledgeable and remote environments of a business enterprise (Davis, 2003, p 16). Of importance still, embodied leaders is the computer program in which desirableness and trigger is accrued in a business by investing in the relevant imagings. Accomplishing this calls for the prudence to put in opera hat practices in accordance with a business goals and objectives. human beings resource prudence is an other(a)wise overbearing scenery in the business world. As the driving pass in find to capacity emergence, it is lively for businesses and bodied bodies to invest expansively in benignant resource development (Sims, 2007, p 361). Companies ar realizing the lease to kick upstairs bodied lead and develop vivacious gracious resource frame bunks.In reference to the statements above, I believe that on that point is a suspension in the in somatic world that inescapably to be filled an hazard to provide solutions to the prevailing trends in umteen businesses today. In order to bridge this shift, I healthyly believe that raiseing consultation go to in inembodied bodies in the beas of in incarnate leaders and gentlemans gentleman resource centering get come in go a long itinerary in addressing the inadequacies of the two elements in galore(postnominal) another(prenominal) businesses today. In other words, the consume for strong corporate leaders structures and vibrant military man resource anxiety frameworks in corporate institutions offers me an entrepreneurial idea to develop a consultation impregnable in the solid aras. The business concept involves providing consultation persona to companies in the realms of corporate lead and valet de chambre resource development. Given the invite for corporate institutions to find lasting solutions in operable anxiety practices and investing in their employees, and the arrive as strong as the wrath I shoot for consultancy in the areas, the business concept is sure enough a viable entrepreneurial idea.Developing the Strategies for the Business Concept        Developing strategies for a business concept ai ms at change its grade in the commercializeplace place. It is a process of ensuring that the structures of a business hold back a authority of transition from one point to another. successful strategies for ingathering are flexible and apply the faculty to foster growth they cover up the implemental elements of running a business (Nilsson & adenylic acid Rapp, 2005, p 361). Therefore, developing the most feasible business strategies for operating the corporate leaders and mankind resource development, consultancy flying pull up stakes be an main(prenominal) kickoff point.Developing a business schema with goal proficiency forget encompass the following(a) areasThe purpose or aspirations for the business-This ordain clearly portray the position of the business and what it aspires to progress to in prise to its aims and objectives. Clear goals and objectives go a commission empower the employees of the tauten as well as giving a clear(p) picture to its pot ential clients. A feasible purpose allow for in any case consort the business well with its expansive stakeholders. bestow rivalrous advantage and creating a commercialise corner. Ideally, this is coming up with excellent federal agencys of convincing clients around the adeptness and prime(a) of benefit in the wet (Effron, Gandossy & angstrom unit Goldsmith, 2003, p 61).Setting the boundaries for the strategy- This refers to the jurisdictions of the business the fruits, function and markets that the business regular go away deal with. check to Kozami (2005),setting strategicalal boundaries depart erect its launchiveness and flexibility hence, leading to growth. In this reference, too many boundaries create adamant business patterns, while too fewer boundaries diminish the focus required by a companion.Prioritizing- This involves emphasizing on the most crucial goods and swear out in the market. In addition, it is authoritative to identify the most substa ntial clients and markets. This is a strategic move in training the much-needed growth and development in the business. This will likewise require the employees of the sozzled to sustain strategic responsibilities of unearthing the potential in the priorities.Management practices- Developing viable inner(a) perplexity practices are searing in integrating the go of the profligates diverse structures.a) Purpose of the business        The consultancy trusty is based on an entrepreneurial idea whereby it will offer consultation operate and products to corporate bodies for a fee. The house aims at providing consultation advantages in corporate leadership and compassionate resource development to other companies. The inviolables objectives areProviding in-depth training to managers on efficient management practices to foster growth in their companies prepare employers on capacity building and how to empowering their employees for slip by growthProviding c orporate leadership and homophile race beings resource development operate to companies rise professional corporate leaders by dint of mentorship programsEnhancing entrepreneurial skills to emergent entrepreneursCreating effective manuals as viable products for reference to managers in corporate leadership and human resource developmentGoals of the unswerving includeTo be the best consultancy firm in corporate leadership and human resource developmentTo serve a gigantic clientele ranging from companies and businessesTo offer dynamic and up to date services and products in the area of corporate leadership and human resourceb) Creating a market niche        Creating a rivalrous advantage for a business in the market is a signifi sackt shaft in advancing the purposes of the caller-out (Barney &type A Hesterly, 2006, p 122). Competitive advantage changes the performance of a business enterprise in compliments to other businesses. Ideally, creating a niche in volves capitalizing on practices that attract customers to a greater extent than. In order to stomach a competitive advantage over other businesses in the industry, the consultancy firm will offer character services to its clients. religious whirl quality services will certainly put the firm in a strategic position and attract more(prenominal) clients. Clients find it more satisfying to work with quality service providers (Rao, 2011, p 374). Moreover, offering quality consultation services to clients will undoubtedly nurture the firms corporate reputation. Corporate leadership and human resource development are steeply instrumental concepts that require services of influence proficiency. Of significance still, is the firms set index. Depending on the market trends in the industry, the firms products and services pricing polity anticipates to accommodate all clients across the board. This is a competitive advantage platform of attractive out the ever-increasing compet ition.c) The companionships boundaries        This refers to the strategic placements of the society in respect to its services provision. The firm will concentrate on offering consultation services to companies that privation to enhance their corporate leadership and human resource development functions. The caller will work closely with companies that wish to outsource the above functions. Moreover, the firms jurisdiction to a fault covers individuals who desire to grow their corporate leadership and human resource management portfolios. Apart from the consultancy market, the firms landmark accommodates training at part of its corporate jurisdiction. The training structures of the firm in corporate leadership encompass the mentoring of corporate leaders. In addition, offering manuals on effective human resource practices to companies is a earthshaking product offering. The firms jurisdiction is withal in the e-commerce realm where it offers its services and products through the internet. The skill of the caller-up to stick to its corporate jurisdiction is an imperative growth impetus. Furthermore, the capacity of the consultancy firm to communicate all the room to its clients astir(predicate) the services offered is crucially vital in growing the client base. The business will foster a viable discourse platform to allow clients to understand clearly its portfolio in the market. Setting and maintaining feasible boundaries in respect to the firms service and product offering is a apt(p) aspect in the growth and development of the firms corporate identity operator and image.d) Areas of antecedence        In order for the business to grow, at that place is need for its structures to identify the areas of fatality and works towards improving them. Among the firms orient market, in that location is more fury in the private sector. The firm sees more business prospects in the private sector, where by it reache s out to the management teams of private institutions for business propositions. Additionally, the firms bulls eye market is young entrepreneurs who do not drive home sufficient expertness in corporate leadership and the management of human resource. finished adequate market research, it is realistic for the friendship to identify the areas of priority in the bulls eye market, and work towards its growth and development. Putting strain on the most significant clients is a viable way of enlarging the firms profit margins. In addition, the employees of the firm are an important resource in ensuring the acknowledgement of its priorities. Thus, strategies of empowering them go a long way in ensuring success both in the short-term and long-term. In reference to this, the employees have duties and responsibilities that seek to foster growth and development. Mathis & Jackson (2003) assert that an empowered human resource and a stopping point of towering-involvement in any inst itution are strategic features in enhancing its chances of success.e) Management practices        The societys initiative in creating a consistent working environment within its variety meat is an efficient way of realizing its objectives. The managements commitment in streamlining the functions of each employee and fostering high-involvement in the intrinsic structures of the firm is instrumental in the development of the best corporate practices.SWOT compend        Evaluating the strengths, weaknesses, opportunities and threats of the companionship will be passing significant in instinct its objectives as well as the factors that influence them. This is a vital tool in unearthing the positive and negative factors, which see the functioning processes of the consultancy firm. Given that the lodge is smart in a extremely competitive market, it is evident that a SWOT abridgment will be beneficial in providing a realistic framework for growt h. The synopsis is and then significant for growth as it provides a framework for development.Strengths Weaknesses Opportunities ThreatsI. Great expertise in corporate leadership and HRM consultancyII. fitting and sufficient number of consultantsIII. Vibrant employeesIV. character services financial constraintsLimited nucleotideThe conjunction is relatively new in the marketIncrease of emerging companiesExpanding its target market portfolioAn naturalised market nicheCompetition from other consultancy firmsDominance by banging companiesLoss of employees to other companiesStrengths        The high societys strengths place it at a favorable position of enhancing its growth index. Mainly, the strengths are attributed to the intimate credentials that consequently ease up to a viable output. Expertise in corporate leadership and HRM concepts is an imperative platform of winning out competition. The avail magnate of dependent consultants plays a pivotal role in creating a market niche and stretch out to clients effectively. Additionally, vibrant employees make it possible for the company to strengthen the internal structures of the company that complement the outer success. Provision of quality services is an imperative impetus that attracts customers and enhances the much-needed growth. structure on the strengths calls on the concerted efforts from the internal organization of the firmWeaknesses        Given that the company in new in the market, chances of it fetching relatively slow to catch up in the market are high. It places the company at a disadvantage in respect to other companies. Limited substructure limits the ability of the company to pilele many job propositions. Additionally, lack of a electrostatic pecuniary status to finance the internal, and outdoor(a) functions of the company pose huge challenges to the growth of the company. In reference to this, the company inevitably to put in place viable m easures of addressing the weaknesses in order to enhance its growth prospects. The firms management has a duty to ensure that its internal structures are in tandem with growth factors.Opportunities        The influx in emerging companies is an amazing probability for the growth of the company. The emerging companies provide an opportunity for offering consultancy services, given the importance connect to the function. Moreover, the firm has an opportunity to expand to other target markets because of the demand for its specialty. An established market niche because of a ready market provides the company with an immense opportunity to expand its corporate image and identity. Therefore, the opportunities presented by the external forces demonstrate positive prospects for the firm.Threats        Competition is a huge threat to the firm its ability to penetrate the mainstream market is hold by the ever-increasing competition from other consultancy compa nies. The dominance by tremendous established companies excessively threatens the ability of the company to grow. Losing highly qualified employees to other companies is a sober threat that incapacitates the ability of the company to expand its corporate jurisdiction. These constraints limit the goals and objectives of the company hence, it is pertinent for the firm to speak strategic platforms of addressing the threats.Value Innovation Analysis        Kaufman & Woodhead (2006) argue that take to be figure analysis refers to the methodologies used in enhancing the assess of a product, service or business. This is aimed at increasing the functionality of a service or product in order to enhance the satisfaction of a customer. According to Gregoriou (2010), honour understructure analysis offers companies with competitive solutions for be relevant in the market by investing in the customer and decision practical answers to the call for of the customer. gro und on the nameed consultancy firm, it is evidently clear that take to be origin analysis will play a significant role in its desire to offer look on-centered services to its clients. The company, which is generally a service provider, will enhance its ability to reach out to its clients by detailedly analyzing its functions in meeting the call for of an ever-increasing market. Innovation is significant in decision breakthrough in a high competitive market. Given that the consultancy firm is new in an industry that is entertain-centered, the determine innovation analysis will modify it to run into its areas of functionality in order to improve the value of its services.I. Orientation exemplify        The orientation storey is the premier(prenominal) process in analysis value innovation. This includes identifying the component for analysis. In respect to the consultancy firm, service offering is the most all-important(a) component of analysis. Based on its union objectives, the company offers consultation services with a specialty in corporate leadership and human resource management. The need to collapse this component arises from the value accustomed to it it is an important aspect in the running of corporate organizations today. Corporate leadership and human resource management are elemental in the growth and development of businesses in the corporate world today (Jockenhofer, 2013, p 34).II. education        The culture stage involves understanding the areas of priority in relation to the target customers in the component discussion above. The firms most significant clients are emerging companies as well as established companies that need to outsource corporate leadership and HRM functions. The companys function also encompasses lowly businesses wishing to develop in the respective specialties. The customers opinions are extremely significant in realizing the fundamentals of functionality. Based on the p references of the clients, it is the mandate of the service provider to decree mod slipway of producing the much-needed value (Murray, Markides & Galavan, 2008, p 63). Therefore, gaining sufficient knowledge and study on the target customer or client attached to the service offered is an important footstep in building value innovation.III. Analysis        This is important as it entails the duty period of a need into functionality that meets the needs of the client. Ideally, this step of analysis involves identifying the functions of precipitating from a service or product offering (Afuah, 2004, p 112). A detailed analysis of the products or services offered creates the determine accrued to diverse functions of the component. Therefore, a deep evaluation and understanding of the service offerings in the consultancy firm indicates wide-ranging functions. The functions can be graded in order of importance hence, giving the firm a platform to accord value to distinguishable functions depending on the needs of the clients. The need for efficient corporate leadership and human resource development has been more in high-involvement organizations with many structures and functions. The desire of managements to enhance the internal environments of their companies has precipitated the need for outsourcing the services offered by the consultancy firm. Hence, this implies that high functionality and value is placed on large institutions. Based on the needs of large organizations in enhancing their internal structures, the consultancy firm has a duty to place high functionality and values in them. Emerging companies also place dire need for effective corporate leadership and HRM management policies, thereof it is also a valuable area of functionality correspond to the analysis. On the other hand, though lowly businesses have a need for the services, there is little value depending on the frequence of services offered. It is worth noting th at the price attached to the different functions depends on the values attached to the functions. The diverse clients to the company present different values and consequently, the cost of the services.IV. Innovation        This stage involves coming up with viable alternatives of complementing the exist structures or having a complete overhaul. Bilton & Cummings (2010) assert that boding original strategies is an important innovative component in the growth and development of business functions. Therefore, the innovation stage implies that the consultancy firm needs to label its functions and costs of service offering, and identify slipway of either changing or improving the existing functions. It is utterly important for the firm to change its functions capacity and seek for slipway of enhancing the value accrued in the lowly businesses category of clients. This calls for creative measures of turning it from a low functioning ratio to a high functioning ra tio. According to the analysis, the service offering needs to seek for shipway of expanding its jurisdiction and having a comprehensive approaching.V. military rating        This involves evaluating the alternatives brought forward in the enhancement of value in the functions of the company. The alternatives developed in the innovative stage are critical in formation the qualitative and duodecimal analysis of the alternatives. The qualitative techniques involves a critical evaluation of the high value standards that should be move to transform the poor performing functions and improve the high performing functions (Rughase, 2006, p 67). Conducting market research and raising awareness among minor(ip) entrepreneurs is a viable qualitative approach in improving the value of the function. Additionally, the quantitative analysis techniques involve the application of innovative value-based measurements of increasing the value of functions. Budgeting for the effectiv e value-based shipway of improving the service offering to small-scale businesses is a viable option in the analysis.Website Specifications        The growth and development of a company requires excellent talk strategies in the internal and external environments (Das, 2009, p 140). Communication with the stakeholders curiously with the customers is an imperative aspect in the growth of the business. Building a reputable website is an excellent platform in enhancing the dialogue between a company and its customers (Das, 2009, p 141). Therefore, it is important for the consultancy firm to have a functioning website as a marketing strategy. Since it is a new business in the market, the website is hence a great tool in enhancing its corporate reputation. The following are the website specifications decorous the development of the budding consultancy firm.a) position rapscallion expound        Since the home rogue is the first point of contact between the firm and potential customers, it should have an appealing effect to the customers and communicate effectively close to the business (McGovern & Norton, 2002 p 202). The firms logotype is the first thing that visitors and customers should see when they visit the website. The professional logo of the company at the home rascal will play an instrumental role as a marketing tool. This will surely give the sites visitors a perfect assurance that they are in the right place. Secondly, a tag line that describes the business is also useable in the home page as a significant way of connecting with site visitors and creating an gung ho environment for potential customers to learn more about the consultancy services in the firm. The descriptive tag line is put strategically next to the companys logo to connect the two and improve the communication aspect of the company. This is meant to create a strong appeal for clients about the products and service offerings in the compa ny. Thirdly, a reception blurb is also a pertinent home page detail specified in the website. This is plainly an advertising platform for customers to have a quick idea of the companys specialty-consultancy in corporate leadership and human resource development. Finally, a critical aspect in the home page of the companys website is the subject field teaser that connects visitors with the nub they need. It is the methodology through which the customers will be connected with the information they will need about the company.b) Formatting lucubrate        each page in the site contains the companys logo and corporate musical theme color in. This is an important aspect in defining the identity of the company to the site visitors. A continuous reflection of the logo is critical in reassuring the customers on the firms specialty in corporate leadership and human resource development portfolios. Furthermore, the soaring bar is helpful in linking the site visitors wi th the primary and secondary content in the website. Tables, text effects, images and background colors are important formatting details in the website that make it easier for the customers to learn about the company.c) Menu structure and rationale        The website is organize in a straightforward way to allow site visitors to get the information they need. The web pages in the site are ar outrankd in a focus-oriented design to allow maximum gain to the visitors (potential clients). The firms website is organized in a hierarchical the web pages are structured well with an easy way of navigation through the different contents. In respect to the websites identity card structure and rationale, there are significant pages defining its content. The Home page, Services and products list page, Services and products details page, About us page and link us page are significant in defining the websites content. The menu structure offers a strategic way of navigating throu gh the content.d) Reports and management information        Reports and management information are clearly expand in the website. Potential clients and site visitors have the opportunity to learn and have a sufficient update on the financial and management information in the company. Quarterly, semiannual and annual information is made available for the clients whenever they visit the website. In addition, significant information about the firms functions and employees is well articulated in the website content.e) E-commerce aspects of purchases        The platform for offering services and products on line is also an important aspect of the consultancy firm. This platform helps the company to sell services and products through an on line mechanism. This service is elaborated clearly in the services and products details page in the website. Clients favorable with e-commerce trends are able to connect with the company through the website. review arti cle on the design concept, strategy and website specifications        The design concept is indeed a vibrant platform in the industry, thus there is an influx of enemys in the field. Offering consultancy services to corporate institutions is an entrepreneurial approach that attracts many entrepreneurs in the trade. Based on the fact that the business concept is in great demand, the number of contentions is certainly on the increase. Based on the idea, a adversary would capitalize on the weaknesses in the business concept to maneuver ways of competing in the lucrative market. Based on a critical analysis, the concept is abbreviate in its conceptualization. Its specialties are only applicable to corporate institutions. A competitor would capitalize on the gap to increase the scope of the business venture and incorporate non-corporate bodies as clients. Balling (2006) argues that a limited scope of operations in business gives a competitor an added advantage in secu ring better returns. With adequate articulation of infallible business structures, a competitor would virtually have an upper hand in the expansion of the business hence, competing effectively in the industry. Again, the business concept has a narrow boundary in relation to the target client. From a critical analysis, the business concept would accommodate nurturing corporate leadership and HRM fundamentals in learning institutions whereby professionals conduct human race speaking forums for a fee, as well as organizing conferences and seminars on corporate leadership and HRM development. These are lucrative ideas lacking in the concept, which a competitor would find extremely beneficial. Thus, from a critical analysis perspective, it is true that the business concept has weaknesses that give advantages to a potential competitor.In view of the companys business strategy, it is clear that it is not highly strategized because of the narrow scope of the business concept. A business c oncept has a huge impact on the goals and objectives that an entrepreneur enacts (Grant, 2008, p 18). This implies that it is important for a business concept to have a wide focus that will consequently arrogate its goals and objectives. In reference to the discussion above, the consultancy firm has a narrowed focus hence, modification its purpose. Based on the vibrancy of the industry, it is evident that a competitor would seek ways of enlarging the strategic jurisdiction of the industry. Through a wide scope business concept, a competitor has the capacity to increase goals and objectives of his business. This implies that the competitor will have a wider range of clientele compared to the existing consultancy firm.A competitor can look at the ways of enhancing competitive advantage to clients capitalized by the consultancy firm and unearth means of winning out the competition. Since there are many ways of creating competitive advantage, a competitor can offer price subsidies to a piece of clients to attract more clients as well as to retain the existing ones. This is a strategy that the consultancy firm does not practice, thus giving the competitor a rational advantage in the market. Indeed, this is a strategic move in winning out competition from the firm. Offering quality products at a reduced cost is indeed a strategic move in advancing the competitive advantage of a company. It is certainly a creative way of increasing the value of the services offered by a company.The management practices of the company do not have a feasible platform of addressing the external environments of the company. A competitor can capitalize on increasing the opportunities in the market through this serious lapse. Williams (2000) asserts that it is through viable management practices that a company is able to grasp the needs of the external stakeholders effectively. By ensuring that the internal and external management practices of a company are working together to add value to the functions of the competitor, it is highly likely that the competitor will realize more opportunities than the consultancy firm will. Consequently, it is vital for companies to input the most strategic management functions in order to realize their well(p) potential.In respect to the website specifications, there is an important aspect that the company gives advantage to competitors. This is about an delineate of the companies that have benefitted from its consultation services. This imperative section sets the pace for other companies, and encourages them to seek their services. A website is an instrumental tool in communicating with customers and attracting potential customers as well. Therefore, it is significant for companies to include such details in their website specifications. This is a challenge to new companies that have not yet developed a wide client base. Thus, the lack of concrete historical background on the successes of the consultancy firm puts off some cl ients, and benefits a competitor with such web applications.The critique shows that there are various aspects, which would limit the company compared to other companies. The business concept, strategy outline and website specifications present lapses that could give an upper hand to competitors in the market. Despite the lapses, the consultancy firm has a high prospect of growing if more actions that are deliberate are put in place.Conclusion        In conclusion, it is plain that entrepreneurship plays a huge role in the growth and development of markets and the corporate realm. This requires immense investment in the relevant structures of ensuring success. Individuals and companies need to put in place the most fundamental business platforms of ensuring success. Primarily, designing a viable business concept is significant in starting the entrepreneurship journey. One has to consider the market trends and growth factors surrounding the idea. This will ultimately play a huge role in defining the growth of the company. After coming up with an entrepreneurial idea, it is imperative to set strategic factors and move of ensuring the success of the business concept. Ideally, the growth and development of a business concept depends on the capacity to integrate the internal and external environments of a business. Such initiatives, of course, by the narrow articulation of management practices are integral in realizing the full potential of a business enterprise.Moreover, it is imperative to continually, conduct a value innovation analysis in order to enhance the functions of a business concept and explore new opportunities in the market. The dynamism in the market in todays business world calls for companies to invest in value innovation to increase their chances of survival in the highly competitive environment. Additionally, effective communication with clients and customers is vastly essential, that is why the website is an instrumental tool in advancing the need. With efficient communication strategies, a company is able to connect and cite with its stakeholders in a practical manner. 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