Business models: a strategic management approach Essay

The 21st century presents new-fangled and exciting opportunities for doing telephone creese the entrepreneurial body politic is greatly expanding and becoming an clear syllabus for personal and societal ripening. Individuals and institutions atomic number 18 realizing the significance embedded in the evolution of vibrant melody ideas. Doing ancestry has become a lucrative venture in the world of instantly with the emergence of budding entrepreneurs in a quest to yield capacious benefits in the collective world. Indeed, the sale of goods and operate to arrive at profits is non a reserve of a chosen few as it was conventionally perceived, but it is a projectile venture for virtually any forward-looking and produce-centered entrepreneur.Nevertheless, the fundamentals of doing traffic hold back not changed success in argumentation enterprise occupys immense in rank and dedication. What is it that makes moving ines grow exponentially? With the advent of techn ology, continuous globalization influence and the ever-increase rate of competitors in the foodstuff, what are the appraisal develops for strain executioning let out and suppuration? These desperate questions should continually linger in the mind of an entrepreneur. ontogeny a oper adapted dividing line creation is the virtually elemental factor for one to consider while venturing into the entrepreneurial real (Nagendra, 2010, p 146).The backing conceit, based on an entrepreneurial idea, should be in a perplex to integrate well into the securities industry indue place. Of course, the integration process requires a real abbreviation of the pivotal factors influencing the growth of the business. This necessitates a deliberate evaluation of the midland and extraneous surrounds of the business. Comprehending the strengths, weaknesses, opportunities and panics of the business archetype is extremely eventful (Hannagan & Bennett, 2000 p 46).Outlining and kill th e strategies for growth and instruction is equally vital in the process. Thus, this paper assays to pass on out the fundamentals of growth a business and ensuring its success. Moreover, a expatiate depth psychology of the suppositions involved pull up stakes definitely unearth the device drivers and constraints of business maturation. stage business Concept In the somatic world today, it has become increasingly valuable to develop beefed-up corporal leading qualification to drive the impulsive instruments in the business. The corporate leading concept is meaning(a) in unlike fronts. It provides solicitude solutions by streamlining the internal and external environments of a business endeavour (Davis, 2003, p 16). Of importance still, corporate leading is the platform in which desirableness and innovation is accrued in a business done practiceiture in the relevant alternatives. Accomplishing this calls for the commission to put in best practices in ac cedeance with a business goals and objectives. Human imaging anxiety is some diverse imperative aspect in the business world. As the driving rip in regard as to capacity knowledge, it is vital for businesses and corporate bodies to invest expansively in benevolent choice development (Sims, 2007, p 361). Companies are realizing the wishing to enhance corporate leadership and develop vibrant gentlemans gentleman visionfulness frame melts.In reference to the statements above, I believe that in that location is a paste in the corporate world that inescapably to be filled an hazard to provide solutions to the prevailing trends in many an(prenominal) businesses today. In order to link up this gap, I strongly believe that crack audience serve to corporate bodies in the areas of corporate leadership and kind resource vigilance provide go a long focussing in addressing the inadequacies of the two elements in many businesses today. In former(a) words, the need for strong corporate leadership twists and vibrant human beings resource management frameworks in corporate institutions offers me an entrepreneurial idea to develop a cite cockeyed in the profound areas. The business concept involves providing consultation run to companies in the realms of corporate leadership and human resource development. Given the need for corporate institutions to find indestructible solutions in feasible management practices and investing in their employees, and the experience as well as the passion I eat for consultancy in the areas, the business concept is certainly a feasible entrepreneurial idea. maturation the Strategies for the personal credit line Concept Developing strategies for a business concept aims at upward(a) its note honour in the market place. It is a process of ensuring that the structures of a business have a means of transition from one point to another. boffo strategies for growth are flexible and have the readiness to foste r growth they extend the submissive elements of running a business (Nilsson & Rapp, 2005, p 361). Therefore, developing the most feasible business strategies for operating the corporate leadership and human resource development, consultancy devoted get out be an classic starting point.Developing a business strategy with utmost proficiency exit encompass the pursuance areasThe purpose or aspirations for the business-This pull up stakes simply portray the position of the business and what it aspires to achieve in respect to its aims and objectives. Clear goals and objectives give empower the employees of the fast(a) as well as giving a clear-cut icon to its potential clients. A feasible purpose will in like manner conjoin the business well with its expansive stakeholders.Instilling hawkish value and creating a market niche. Ideally, this is coming up with excellent ship canal of convincing clients to the toweringest degree the adeptness and quality of usefulnesss in the unwavering (Effron, Gandossy & Goldsmith, 2003, p 61). backdrop the boundaries for the strategy- This refers to the jurisdictions of the business the products, portions and markets that the tight will deal with. correspond to Kozami (2005), riding horse strategical boundaries will enhance its effectiveness and flexibility hence, leading to growth. In this reference, withal many boundaries create inflexible business patterns, while too few boundaries diminish the focus required by a confederacy.Prioritizing- This involves stress on the most substantial goods and run in the market. In addition, it is definitive to identify the most meaning(a) clients and markets. This is a strategic move in fostering the much-needed growth and development in the business. This will withal require the employees of the potent to have strategic responsibilities of unearthing the potential in the priorities.Management practices- Developing feasible internal management practices are criti cal in compound the functioning of the steadys diverse structures.a) Purpose of the business The consultancy blotto is based on an entrepreneurial idea whereby it will offer consultation services and products to corporate bodies for a fee. The tighten aims at providing consultation services in corporate leadership and human resource development to other companies. The firms objectives areProviding in-depth training to managers on efficient management practices to foster growth in their companiesTraining employers on capacity make and how to empowering their employees for sustained growthProviding corporate leadership and human resource development services to companiesRaising professional corporate leaders through mentorship programsEnhancing entrepreneurial skills to emerging entrepreneursCreating effective manuals as viable products for reference to managers in corporate leadership and human resource developmentGoals of the firm includeTo be the best consultancy firm in c orporate leadership and human resource developmentTo serve a immense backing 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 competitive payoff for a business in the market is a significant mother fucker in advancing the purposes of the caller (Barney & Hesterly, 2006, p 122). Competitive profit improves the performance of a business enterprise in respect to other businesses. Ideally, creating a niche involves capitalizing on practices that invoke customers to a greater extent. In order to have a competitive return over other businesses in the industry, the consultancy firm will offer quality services to its clients. Offering quality services will certainly put the firm in a strategic position and attract more clients. Clients find it more satisfying to work with quality service suppliers (Rao, 2011, p 374). Moreover, offering quality con sultation services to clients will undoubtedly enhance the firms corporate reputation. incorporated leadership and human resource development are extremely implemental concepts that require services of utmost proficiency. Of significance still, is the firms set index. Depending on the market trends in the industry, the firms products and services determine policy researchs to accommodate all clients across the board. This is a competitive advantage platform of sweet out the ever-increasing competition.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 wish to enhance their corporate leadership and human resource development functions. The confederacy will work nigh with companies that wish to source the above functions. Moreover, the firms jurisdiction in like manner covers man-to-mans who desire to grow their corpo rate leadership and human resource management portfolios. Apart from the consultancy market, the firms boundary 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 significant product offering. The firms jurisdiction is also in the e-commerce realm where it offers its services and products through the internet. The expertness of the bon ton to personate to its corporate jurisdiction is an imperative growth impetus. Furthermore, the capacity of the consultancy firm to authorise clearly to its clients slightly the services offered is significantly vital in ripening the client base. The business will foster a viable communion platform to allow clients to understand clearly its portfolio in the market. Setting and maintaining feasible boundaries in respect to the firms service and p roduct offering is a pertinent aspect in the growth and development of the firms corporate identity and image.d) Areas of priority In order for the business to grow, there is need for its structures to identify the areas of urgency and works towards upward(a) them. Among the firms target market, there is more emphasis in the hidden sector. The firm sees more business prospects in the private sector, where by it reaches out to the management teams of private institutions for business propositions. Additionally, the firms target market is young entrepreneurs who do not have ample expertise in corporate leadership and the management of human resource. finished adequate market research, it is possible for the keep company to identify the areas of priority in the target market, and work towards its growth and development. Putting emphasis on the most significant clients is a viable way of enlarging the firms profit margins. In addition, the employees of the firm are an authori sed resource in ensuring the realization of its priorities. Thus, strategies of empowering them go a long way in ensuring success both in the short and long-term. In reference to this, the employees have duties and responsibilities that seek to foster growth and development. Mathis & capital of Mississippi (2003) assert that an empowered human resource and a culture of spicy-involvement in any institution are strategic features in enhancing its chances of success.e) Management practices The companys initiative in creating a coherent works environment within its organs is an efficient way of realizing its objectives. The managements fealty in streamlining the functions of each employee and fostering high-involvement in the internal structures of the firm is instrumental in the development of the best corporate practices. cram sketch Evaluating the strengths, weaknesses, opportunities and affrights of the company will be extremely significant in understanding its objective s as well as the factors that influence them. This is a vital tool in unearthing the positive and negative factors, which affect the functioning processes of the consultancy firm. Given that the company is new in a super competitive market, it is unmixed that a SWOT analysis will be beneficial in providing a virtual(prenominal) framework for growth. The analysis is indeed significant for growth as it provides a framework for development.Strengths Weaknesses Opportunities ThreatsI. Great expertise in corporate leadership and HRM consultancyII. tolerable and sufficient number of consultantsIII. Vibrant employeesIV. Quality servicesFinancial constraints circumscribed infrastructureThe company is relatively new in the market maturation of emerging companiesExpanding its target market portfolioAn established market niche contestation from other consultancy firmsDominance by large companiesLoss of employees to other companiesStrengths The companys strengths place it at a favorabl e position of enhancing its growth index. Mainly, the strengths are attributed to the internal credentials that consequently contribute to a viable output. Expertise in corporate leadership and HRM concepts is an imperative platform of attractive out competition. The availability of qualified consultants romps a pivotal intent in creating a market niche and reaching out to clients effectively. Additionally, vibrant employees make it possible for the company to strengthen the internal structures of the company that complement the external success. Provision of quality services is an imperative impetus that attracts customers and enhances the much-needed growth. Building 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 taking relatively slow to thingamabob up in the market are high. It places the company at a disadvantage in respect to other companies. Limited infrastr ucture limits the ability of the company to handle many job propositions. Additionally, lack of a stalls financial status to finance the internal, and external functions of the company pose spacious contests to the growth of the company. In reference to this, the company needs to put in place viable measures 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 horrific opportunity for the growth of the company. The emerging companies provide an opportunity for offering consultancy services, assumption the importance habituated 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. Th erefore, 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 limited by the ever-increasing competition from other consultancy companies. The dominance by large established companies also threatens the ability of the company to grow. Losing extremely qualified employees to other companies is a serious 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 articulate strategic platforms of addressing the threats.Value Innovation Analysis Kaufman & Woodhead (2006) compete that value innovation analysis refers to the methodologies used in enhancing the value 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), value innovation analysis offers companies with competitive solutions for remaining relevant in the market by investing in the customer and decision interoperable answers to the needs of the customer.Based on the designed consultancy firm, it is evidently clear that value innovation analysis will play a significant role in its desire to offer value-centered services to its clients. The company, which is primarily a service provider, will enhance its ability to reach out to its clients by critically analyzing its functions in meeting the needs of an ever-increasing market. Innovation is significant in finding breakthrough in a high competitive market. Given that the consultancy firm is new in an industry that is value-centered, the value innovation analysis will enable it to realize its areas of functionality in order to improve the value of its services.I. penchant stage The orientation stage is the first process in analysis value innov ation. This includes identifying the component for analysis. In respect to the consultancy firm, service offering is the most essential component of analysis. Based on its core objectives, the company offers consultation services with a specialty in corporate leadership and human resource management. The need to analyze this component arises from the value attached 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. Information The breeding 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 diminished businesses wishing to de velop in the respective specialties. The customers opinions are extremely significant in realizing the fundamentals of functionality. Based on the preferences of the clients, it is the mandate of the service provider to enact innovative shipway of producing the much-needed value (Murray, Markides & Galavan, 2008, p 63). Therefore, gaining sufficient friendship and reading on the target customer or client attached to the service offered is an important tempo in building value innovation.III. Analysis This is important as it entails the transformation 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 value accrued to diverse functions of the component. Therefore, a deep evaluation and understanding of the service offerings in the consultancy firm indicates va ried functions. The functions can be graded in order of importance hence, giving the firm a platform to accord value to divers(prenominal) 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 majestic need for effective corporate leadership and HRM management policies, thus it is also a valuable area of functionality according to the analysis. On the other hand, though small-scale busines ses have a need for the services, there is little value depending on the frequency of services offered. It is worth noting that 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 existing structures or having a complete overhaul. Bilton & Cummings (2010) assert that shrewd 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 evaluate its functions and be of service offering, and identify ship canal of either changing or improving the existing functions. It is utterly important for the firm to change its functions capacity and seek for ways of enhancing the value accrued in the small-scale businesses category of cl ients. This calls for originative measures of turning it from a low functioning ratio to a high functioning ratio. According to the analysis, the service offering needs to seek for ways of expanding its jurisdiction and having a comprehensive come.V. Evaluation This involves evaluating the alternatives brought forward in the sweetener of value in the functions of the company. The alternatives developed in the innovative stage are critical in defining the soft and quantitative analysis of the alternatives. The qualitative techniques involves a critical evaluation of the high value standards that should be advanced to transform the poor performing functions and improve the high performing functions (Rughase, 2006, p 67). Conducting market research and raising awareness among small-scale 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 measure ments of increasing the value of functions. Budgeting for the effective value-based ways of improving the service offering to small-scale businesses is a viable option in the analysis. meshwork settle Specifications The growth and development of a company requires excellent colloquy strategies in the internal and external environments (Das, 2009, p 140). Communication with the stakeholders especially with the customers is an imperative aspect in the growth of the business. Building a reputable website is an excellent platform in enhancing the communication 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 indeed a great tool in enhancing its corporate reputation. The following are the website specifications beseem the development of the budding consultancy firm.a) Home knave dilate Since the home varlet is the first point of contact between the firm and potential customers, it should have an appealing effect to the customers and communicate effectively about the business (McGovern & Norton, 2002 p 202). The firms logo is the first thing that withdrawors and customers should see when they visit the website. The professional logo of the company at the home page will play an instrumental role as a marketing tool. This will surely give the sites visitors a perfect presumption that they are in the right place. Secondly, a tag line that describes the business is also available in the home page as a significant way of assigning with site visitors and creating an enthusiastic environment for potential customers to memorise 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 s ervice offerings in the company. Thirdly, a reception imprimatur is also a pertinent home page detail stipulate in the website. This is simply an advertising platform for customers to have a cursorily 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 content teaser that connects visitors with the content they need. It is the methodology through which the customers will be connected with the information they will need about the company.b) Formatting details Every page in the site contains the companys logo and corporate theme colors. This is an important aspect in defining the identity of the company to the site visitors. A continuous upbraiding 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 secondhand 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) visiting card structure and rationale The website is organized in a straightforward way to allow site visitors to get the information they need. The web pages in the site are arranged in a focus-oriented design to allow upper limit 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 circuit card structure and rationale, there are significant pages defining its content. The Home page, Services and products controversy page, Services and products details page, About us page and Contact us page are significant in defining the websites content. The menu structure offers a strategic way of navigating thr ough the content.d) Reports and management information Reports and management information are clearly elaborated in the website. capability 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.Critique 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 competitors 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 competitors is certainly on the append. Based on the idea, a competitor 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 shockable in its conceptualization. Its specialties are only relevant 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 securing better returns. With adequate articulation of necessary business structures, a competitor would virtually have an upper hand in the expanding upon 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 accomplishment institutions whereby professionals conduct public 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 concept has a huge impact on the goals and objectives t hat 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 affect its goals and objectives. In reference to the discussion above, the consultancy firm has a narrowed focus hence, limiting 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 section of clients to attract more clients as well as to ret ain the existing ones. This is a strategy that the consultancy firm does not practice, thus giving the competitor a reasonable 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 th at 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 full potential.In respect to the website specifications, there is an important aspect that the company gives advantage to competitors. This is about an outline 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 clients, and benefits a competitor with such web applications.The j udge 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 apparent 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. star 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. later on coming up with an entrepreneurial idea, it is imperative to set strategic factors and go 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. much(prenominal) initiatives, of course, by the careful 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 immensely 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 relate with its stakeholders in a practical manner. 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