Running a business entails managing people and processes efficiently and effectively toward achievement of the business’ goals. The business system generally has several members, each of whom has a defined purpose that helps the business in the pursuit of its mission. Businesses can be run either by its founders or by managers the founders employ.

Regardless of how it is operated, a business is run through the administration of its capital assets, human resources and financial assets in order to pursue the business’ mission. To run a business effectively, one should develop a formal business strategy that establishes the business’ mission, goals, objectives, strategies, tactics, and execution.

The execution of a business strategy requires stakeholders at every stage of the strategy process. Generally, the mission of the business is defined and owned by the Chief Executive Officer. The business goals are established by the CEO and other company officers, such as the Chief Financial Officer, Chief Technical Officer, Chief Information Officer, etc. The President of a business typically is responsible for setting its objectives, defined as the benchmarks against which progress towards goals are measured. Directors and/or Executive Vice Presidents of various business units are responsible for establishing the strategies that will position their respective groups to achieve their objectives. The execution of the strategy tends to be carried out by lower management, who understand both the concept of the strategy and the capabilities of their teams. The underlying tactics of the strategies are typically performed by the employees, whose individual roles are defined in whole or in part as elements of the overall strategic plan.

While the size of a business and the complexity of its plan will influence how many stakeholders are involved with the business’ strategic planning, the concepts involved in the process should remain universal for any business.

• 67 Articles
• 5 Whitepapers
• 4 Products