Global Business Management - business degree

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Pros and Cons of Business Life

Pros and Cons of Business Life

Pros and Cons of Business Life

Every little inch in our life and our bodies has its own pros and cons some are visible and some aren’t. But in the business world there are many mistakes that have been made by early entrepreneurs which we are learning from today, the motto they all follow is ” Management before Business” meaning the best way to get your business running is by creating a strong bottom block of managing, managers, and management skills.

Global Business Management has many branches but the most important and frequently used is Strategic Management because it binds together a set of managerial decisions with the actions taken to determine and achieve the long run performance of the corporation. This branch includes some important tasks to study the business environment very well, it scans the internal and external environment, formulates strategy and implements it, as well as evaluating and controlling the strategy results.

This cycle has to be undertaken in a specific technique meaning that you have to follow a sequence of four small phases in order to get the results you want:

1) Start by drawing up your financials all in a small black book where you will perform your basic financial planning process.

2) Then you forecast those financial draw ups that you made also in the form of a forecast-based plan.

3) Next you make your external planning chart to see the opportunities strategically from many different points of views such as location,size,financially, or demographics etc…

4) Finally combine the four tasks we mentioned earlier about strategic management to make the perfect strategy.

As successful as this maybe keep in mind that your strategy should be updated from time to time because like the time value of money changes so do consumer tastes , and market prices always be aware of those changes and continuously update your strategy so people won’t get bored and leave. This is called Strategic Flexibility where you shift from one strategy to another according to changes around you.

I can assure you that there are more benefits (pros) than risks (cons), some of the benefits that you’ll find from building up a continuous strategy are clearer vision for where your firm is headed, a great focus on what is important, acquiring understanding skills of the changing environment, improves organizational performance, ties between strategy and changing environment, and most important helps keep business balance in an unstable environment.

However the risks you could encounter are rapid climate changes in the environment such as litigation risk, reputational risk, product and technology risk, also you could face globalization impact where too much globalization isn’t healthy in changing environments.

Like I mentioned earlier the pros are greater than the cons if you start your business right then you won’t have to worry about a thing, you’ll be set the most important thing to keep in mind is if your bottom block is strong then anything that happens in the middle or at the top is fixable because the base holds it all.