6 essential strategic tools for running a business

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When it comes to running and managing a business or company, you have all kinds of strategic tools that facilitate the planning, execution and monitoring of operations. And if you want to improve, these 6 tools for your business will help you achieve success: essential solutions to optimize resources, manage time better and make informed decisions , regardless of the size of your company.

SWOT analysis is basic
Let's start with a classic tool in the business world that remains one of the most effective for evaluating a company's situation and planning short- and long-term strategies.

SWOT
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We have already talked about the SWOT analysis, but we can summarize it as a methodology that analyzes the four key areas of a company (Strengths, Opportunities, Weaknesses and Threats), hence its name.

SWOT analysis allows you to identify the areas that romania phone number lead need improvement and those where the company stands out. It is a basic tool when it comes to managing and running a business or company.

Balanced Scorecard
Balanced Scorecard, also known as Integrated Management Chart , is another of the basic methodologies when it comes to managing and administering a business or company.

A strategic planning tool that allows companies to measure organizational performance through specific indicators aligned with strategic objectives.

It focuses on four areas (Finance, Customers, Internal Processes and Learning) to measure financial results, the impact of processes and customer satisfaction.

Porter's Five Forces
Another tool for running a company that you should know is Porter's Five Forces, a methodology created by business strategist Michael Porter that analyzes five sections:

The threat of new competitors
The bargaining power of suppliers
The bargaining power of customers
The threat of substitute products or services
Rivalry between existing competitors
With a good analysis of Porter's Five Forces, you will be able to understand what factors affect the market in which your company operates and anticipate possible threats, as well as discover new market opportunities.

PESTEL analysis
PESTEL analysis is a tool that cannot be missed. An extension of the PEST analysis that studies 6 areas to understand the external factors that can affect your business.

Political
Economic
Social
Technological
Ecological
Legal
By performing a PESTEL analysis, or PEST if appropriate, you will be able to anticipate changes in your environment , identify risks associated with legislative, social or technological changes and more to better control your business.

Benchmarking
Benchmarking is a process that involves comparing your products, services or processes with those of your competitors or industry standards to identify opportunities for improvement.

It will help you find strengths and weaknesses to improve your business. There are different types of benchmarking and you should apply the one that best suits your business.