Mini strategy

My target enterprise is SKS Accounting and Consulting Firm, Inc.  SKS is a full service firm offers business solutions, accounting, payroll and tax services. (Stith, 2016)

 

The selected value options for SKS are:

 

1. Operational excellence- this focuses on the efficiency of the firm.

2. Production leadership-this mainly deals with high margins of a firm within a very short period of time.

 

Strengths of operational excellence

 

The main strength of this strategy is that once the organization has succeeded in achieving it, the firm require very little intervention so that is can maintain it. The employees of the firm have the capability of taking the company's service to the customers and through this they can recognize problems with the way services of the firm are flowing to the customers. The employees can then help in fixing the problems encountered in the flow before the problem results to a loss in the firm. This strategy is also concerned with the general growth of this firm in general.

 

Weaknesses of operational excellence

 

The benefits highlighted above cannot be achieved before SKS achieves operational excellence and the whole process takes a great deal of the firm's time.

 

Strengths of production leadership

 

Production leadership helps the firm in making some important innovation decisions as this is the value discipline that encourages innovation and encourages SKS to diversify its operations and also to see the firm in experiencing high margins in its accounting within a very short period of time.

 

Weakness of this strategy is that it also needs a lot of time so that its influence in the company's operational system can be felt and this can be costly to the firm.

 

Operational excellence fits the firm in that it encourages a lot of efficiency in the activities of the firm, streamlining the operation of the firm and also helps in the supply chain managements of the firm.

 

Production leadership fits the firm in making innovations since this strategy encourages too much innovation in the firm and it also encourages high margin growth in the firm.

 

My target enterprise is SKS Accounting and Consulting Firm, Inc.  SKS is a full service firm offers business solutions, accounting, payroll and tax services. (Stith, 2016)

 

I believe generic strategy namely focus strategy most fit the behavior of the accounting firm.

 

Explanation

Focus strategy concentrate on a particular customer, product line, geographical area, market niche, etc. The idea is to serve a limited group of customers better than your competitors who serve a broader range of customers. A focus strategy works well for small but aggressive businesses such as SKS. Specifically, companies that do not have the ability or resources to engage in a nationwide marketing effort will benefit from a focus strategy. Focus can be based on cost or differentiation strategy. It involves focusing the cost leadership or differentiation on a small scale. The idea is to make your company stand out within a specific market sector.

 

The reward for focus strategy may potentially be above-average returns, since effective focus strategies reinforce market position in the perception of segment customers, and provide effective segment protection against entrants.

My target enterprise is SKS Accounting and Consulting Firm, Inc.  SKS is a full service firm offers business solutions, accounting, payroll and tax services. (Stith, 2016)

 

"Grand strategies are major, overarching strategies that shape the course of a business. Unlike tactics, they are focused on the long-term goals the business.  Running your own business means pondering grand strategies involving everything from product development to liquidation." (Clark, 2016)

 

"Market Growth is a low-risk strategy compared to other, more encompassing, strategies. Instead of investing in research and development to create a new product offerings, the market-growth strategy focuses on growing the market for a current product." (Clark, 2016)

 

"Product Development is essentially the opposite of market development.  While market development focuses on exploitation, product development focuses on exploration." (Clark, 2016)

 

I believe SKS Accounting and Consulting is currently in market growth with the joint venture of the managed service provider.  As 40 percent of the work for a managed service provider is accounting and payroll.  Whereas the tier one provider of the joint venture, would be the product development strategy.  SKS is the tier two provider to the tier one provider only continuing the current business offerings of accounting and payroll.

 

References:

Clark, W. (2016, June 5). Examples of Grand Strategies in Business. Retrieved from smallbusinerss.chron.com: http://smallbusiness.chron.com/examples-grand-strategies-businesses-14377.html

Stith, K. S. (2016, May 28). SKS Accounting and Consulting Firm, Inc. Retrieved from SKS Accounting and Consulting Firm, Inc: www.sksfirm.com