Steven Rindner Discusses The Importance Of Business Strategies

All businesses, regardless of its size or the industry it operates in, would need a proper business strategy that acts as a roadmap and allows them to progress towards their goals. According to Steven Rindner, business strategies tend to feature a host of important principles that would outline the ways a company has to go about to attain its goals. For example, it may explain the tools to leverage to keep pace with the competitors, evaluate the needs and expectations of customers, as well as carefully examine the long term growth and sustainability of the organization.

While a lot of people desire to establish their own business, entering the corporate world blind would be a huge gamble. To increase the odds of success in this sphere, it is important to develop specific business strategies. Steven Rindner mentions that in most cases, business owners hire outside consultants to assist with the development and implementation of strategies. Mr. Rindner himself has developed and executed business strategies for multiple clients including The Chronicle of Higher Education, VetStreet, and Besins Healthcare. According to him, a sound set of strategies are vital to ensure that a business constantly evolves and improves, while progressing towards its major goals. Without a strategy, a business shall have no proper direction and would have to solely depend on blind luck.

A business strategy ideally answers a number of important questions about a company, such as how shall it run its operations, what is its profit model and profit potential, how many employees are needed to perform its daily functions, and so on.  The list of questions that needed to be answered through a business strategy is undoubtedly a long one. The two prime elements behind any business are the major goals and the strategy to reach those goals, while the third part is the execution phase where the strategies are actually implemented. In the absence of a proper strategy, the path to achieving those goals shall not be clearly defined, and a business might end up hitting roadblocks without any immediate solutions to move forward.

Typically, business owners develop diverse departments to handle specific tasks and set distinctive processes up for the purpose of executing the core operating functions of a business. A proper strategy is needed to run all these daily functions in a smooth manner. The strategy would also entail the manner in which products or services are developed or sold, while simultaneously maintaining operational objectives.

According to Steven Rindner, under the broad scope of business strategy, comes certain specific strategies associated with factors like hiring, marketing and sales, and they keep evolving as per company productivity and bottom line profitability. A good hiring strategy is especially important for reducing business turnover and finding quality to produce productive employees. While on the other hand, a marketing strategy is used to develop and define a brand with the help of strategic messaging.