The ultimate goal of any business is to generate profits. These profits create value for the owners or shareholders of a business and enable the firm to survive in the market. To ensure that a firm survives in the market, it is important that profits are generated in a sustainable and ethical manner. This calls for a firm to develop a strategic plan that broadens the purpose of the business.
Every organization needs to have an elaborate strategic evaluation from time to time. It helps a company to weigh the effectiveness of its various measures, in its aim to attain certain objectives. For any company to thrive and fulfill its potential in a given market segment, it should evaluate its strategies from time to time. The assessment will help the company improve on both its business and corporate strategies. Scrutiny of both the internal organization and the methodology of attaining more customers and profits would ensure that the company comes up with an improved operational strategy, due to the improvement of the identified shortcomings, thus, growing its market base and making large profits. On that note, a company needs to company come up with competitive business strategies periodically. These business strategies need to be assessed to avoid the possibility of implementing unsustainable business policies.
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As part of these business strategies, a company should engage in corporate social responsibility (CSR) activities. CSR ensures a firm is acting in an ethical manner and enables a firm to demonstrate care for the community and environment in which it operates. In turn, this builds a company’s image and is able to retain and attract new customers. Overall, while creating profits is the ultimate objective of any company, this focus is expanded to other areas to enable long-term success.
