Value-Creation Strategies for good Economy from financepsyche's blog

Effective leaders choose leadership styles based on the team’s strengths and needs. This article describes the definition of true leadership, the traits that real leaders have in common, and how to practice true leadership in a work environment.

What Is Authentic Leadership?

Authentic leadership emphasizes transparency, credibility and integrity. Real leaders build real relationships and increase employee confidence and motivation.

What Is Circular Economy: The circular economy is an economic model that aims to produce goods and services sustainably, limiting consumption, the waste of natural resources and the generation of waste. It is about moving from a linear economy (extract, produce, consume, and discard) to a more circular economy, that is: share, rent, reuse, repair, renew and recycle existing materials and products as many times as possible to create a value-added. For this, the concept of the 7Rs was created:

  • Redesign: eco-conception considers environmental impacts as one more criterion when designing products.
  • Reduce: reduce your consumption and optimize resources.
  • Reuse: give a second use to the products.
  • Repair: extend the useful life of a product.
  • Renew: reuse the products for other things that can also be useful.
  • Recover: the circular economy favours shared use.
  • Recycle: give a second life to your waste.

Criteria for choosing your business strategy

To select the strategy that best suits your company, you must carry out specific steps and consider a series of criteria that will help you make the best decision. Before defining your business strategy, you must carry out a strategic analysis: study the environment in which the market you operate is located and analyse the market itself. One can get more detail from Finance Blogs for Beginners.

Business Finance Blogs will allow you to know and measure your possibilities to select your strategy. After this analysis, the next steps will be to define your strategy, plan it and carry it out.

To select your Value-Creation Strategies and minimize the probability of error, you must keep in mind the following criteria:

  • Investigate your environment and the sector in which your company operates. Find out who your target market is and how it is, and know yourself before deciding. Find out what strategies your competition carries out and which ones are used by the best in other sectors to design yours. It’s about differentiating yourself from your competition.
  • Discuss the pros and cons of each of the strategies. Every strategy has several advantages but also drawbacks. You must assess the possible risks, measure their consequences and look for feasible solutions.
  • Your strategy must be flexible and open to change. It is convenient always to have a plan B, even a plan C and D if the first one does not have the desired effect. Trends, the needs of consumers and users, the tools used and even legal regulations change.
  • Look for innovative strategies.Differentiation is the key to competitive advantage. Success will be assured if you can design a different, innovative, creative, striking and effective strategy.
  • Your corporate strategy must be adapted to your target market.It is a basic requirement if what you want is the survival and success of your company. A well-defined specific strategy is much more effective than a global one.

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By financepsyche
Added May 13

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