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Six tips to help document strategic business drivers

Capturing strategic business drivers is the process of identifying and understanding the key factors that influence a company’s business strategy and decision-making. These drivers can be internal, such as the company’s mission, vision, and values, or external, such as market trends, competitive landscape, and regulatory requirements.

Here are some steps that can be followed to capture strategic business drivers:

  1. Define the company’s mission, vision, and values: These elements form the foundation of the company’s business strategy and decision-making. By clearly defining these elements, companies can ensure that their strategies are aligned with their long-term goals and values.
  2. Analyze market trends: It is important to keep track of trends and changes in the market in which the company operates. This can involve analyzing data on market size, growth, and competition, as well as staying up to date on industry news and developments.
  3. Assess the competitive landscape: Understanding the competitive landscape is essential for developing a successful business strategy. Companies should conduct a thorough analysis of their competitors, including their strengths, weaknesses, and differentiators.
  4. Consider regulatory requirements: Companies must also consider any regulatory requirements that may impact their business strategy. This can include laws and regulations related to their industry, as well as local, state, and federal regulations.
  5. Gather input from stakeholders: It is important to gather input from key stakeholders, including employees, customers, and shareholders, when developing a business strategy. These stakeholders can provide valuable insights and perspectives on the company’s strengths, weaknesses, and opportunities.
  6. Analyze internal resources and capabilities: A company’s internal resources and capabilities, such as its financial resources, talent, and technology, can also be strategic business drivers. By analyzing these elements, companies can identify their competitive advantages and opportunities for growth.

By following these steps, companies can capture and understand the key strategic business drivers that will inform their business strategy and decision-making. This can help to ensure that the company is well-positioned to achieve its long-term goals and succeed in an increasingly competitive business environment.