E-Business Strategy - Essay Example

Strategic plans are to be made for every vertical of the business and those plans are to be further broken down into smaller ones to guide day to day operations. Every aspect of a strategic plan is well deliberated upon from every aspect and only then is it implemented. The process of formulation of strategies goes through a cycle of different stages and can be seen as the strategic planning cycle (Strategic Planning Cycle, n.d.). The first stage should cover the overall goal of the organization and its basic business viewpoint.

This will act as a framework for its operations and decisions. The second stage deals with identification of specific goals or targets which are to be achieved within a certain stipulated period of time. The next phase will focus on the ways of reaching the target, i.e. the action which is required to achieve the goals. Once the firm identifies the action or a set of actions, then it has to analyze the resources it would need to support those actions or whether there is any need for additional resources.

Different action would need different types of resources right from man and machine to technology. Only a proper incorporation of these measures would ensure success. Another important step is to establish KPI or key performance indicators. These will help the firm to keep tab of the route that the strategic plan is taking, once it has been initiated. If its course does not adhere to the KPIs then the company should go for course correction. After this the company gets to see the final result of its strategic plans and processes.

The final outcome whether successful or unsuccessful always acts as a guiding principle for future processes and helps in rectifying the procedures and strategies. Be it an old economy business or a new economy one the basic principles of strategy and strategic formulations remain the same. In the case