What is a Business Unit Strategy?
A business unit strategy is a plan that outlines the goals and objectives of a business unit and outlines the steps needed to achieve them. It identifies the focus areas, objectives, and measurable targets that will help a business unit achieve its goals. It also outlines the actions required to reach the objectives, as well as the resources needed to carry out the actions. The strategy is designed to maximize performance and profitability and help the business unit reach its desired results.
What's included in this Business Unit Strategy template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Business Unit Strategy template for?
The Business Unit Strategy template is designed for business unit leaders and teams who are looking to develop strategies to maximize performance and profitability. It provides a framework for business units to create their own strategies, and the templates provide a structure for each focus area, objectives, measurable targets, and actions needed to reach the desired results.
1. Define clear examples of your focus areas
Focus areas are the main areas of focus for the business unit in a given time frame. Examples of focus areas could include improving profitability, increasing customer satisfaction, or improving efficiency. It is important to identify the focus areas clearly, as they will be the basis of the strategy and inform the objectives, measures, and actions needed to reach the desired results.
2. Think about the objectives that could fall under that focus area
Objectives are specific goals that are outlined to help the business unit reach its desired results. They should be measurable and achievable, and should align with the focus areas. For example, if the focus area is improving profitability, the objectives could include increasing revenue and decreasing costs.
3. Set measurable targets (KPIs) to tackle the objective
KPIs, or Key Performance Indicators, are measurable targets that can help the business unit track its progress towards achieving its objectives. They help to provide a tangible measure of success, and can be used to measure the success of the strategy. Examples of KPIs include conversion rate, average shipping cost, customer satisfaction rate, and average time per session.
An example of a KPI for the focus area of Improve Profitability could be: Increase Conversion Rate from 10% to 15%.
4. Implement related projects to achieve the KPIs
Projects, or actions, are the steps needed to reach the objectives. For example, if the objective is to increase revenue, the project could be to increase the conversion rate. It is important to identify the projects needed to reach each objective, as they will help the business unit progress towards its desired results.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade is a strategy execution platform that helps business units to develop, implement, and track the progress of their strategies. It provides an easy-to-use interface to help teams collaborate and track their progress, as well as tools to help identify and set measurable targets. With Cascade, teams can see faster results from their strategies and reach their desired goals more quickly.