Bìznes Inform (Dec 2023)
Improvement of the Theoretical Foundations of the Formation of the Strategy of Business Structures
Abstract
The study focuses on a detailed analysis and evaluation of the key elements that foster the development of more effective and adaptive business strategies. The study found that the process of creating business strategies reflects a variety of approaches, ranging from traditional methods to modern innovative solutions. The main approaches are divided into: business value creation, targeted planning and integrated measures. It is revealed that modern business strategies are evolving, taking into account a wide range of important aspects, including environmental and social benchmarks of sustainable development. It is also noted that the development of information technology contributes to approaches to business strategies, forcing companies to be more flexible and quickly adapt to changes. It is found that the development and selection of business strategies are fundamental to the success of each company, requiring a thorough analysis of external and internal factors that affect its opportunities and risks. It is noted that the external environment affects the availability of resources and determines the competitive position of an enterprise, while the internal environment determines the internal capabilities and potential of an organization to implement strategic plans. It is emphasized that the effectiveness of a strategy is ensured by continuous collection of information about the external and internal environment, evaluation of results and making adjustments to the strategy in accordance with changes in the external and internal environment of the enterprise. It is emphasized that understanding the needs and expectations of stakeholders, such as customers, employees, suppliers, shareholders, government and the local community, is key to creating effective strategies that contribute to the achievement of the company's goals. It is indicated that the choice of a particular strategy largely depends on stakeholders and resources. It is also emphasized that in the context of strategic planning, the resources of enterprises need to be transformed, in particular, staff – into intellectual capital, current assets – into innovations, capital investments – into sustainable development technologies, and information – into interaction. The practical significance of the topic is to improve the process of forming effective business strategies, which contributes to the competitive advantage and sustainable development of the company.
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