Business Strategy Essentials You Always Wanted To Know (Second Edition): A Beginner’s Guide to Strategic Management, Porter’s Five Forces, Industry Life Cycles & Execution

In today’s competitive market, “sustainable” can’t be shorthand for feel-good initiatives. It must translate into a better strategy, tighter operations, and real growth. The approach outlined in this blog treats sustainability as a set of repeatable business plays, integrated directly into your model, measured through Key Performance Indicators (KPIs), and validated through applied learning evidence from a university study using a sustainability game built on these principles.  What “Sustainable Growth” Really Means for a Business Sustainable growth is the discipline of strengthening competitive advantage by: Reducing risk and cost (material efficiency, energy, compliance) Expanding revenue (new segments, premium positioning, partnership models) Strengthening resilience (supply diversification, community ties, brand trust) Accelerating innovation (constraints that spark new offerings) This is not a parallel effort; it’s a smarter way to run the core business model with better inputs, incentives, and feedback loops.  A Simple Operating Framework: BMC × SDGs × “Micro-Tools” One practical way to embed sustainability is to work directly with the Business Model Canvas (BMC) and apply targeted “micro-tools” (small, concrete interventions) aligned with relevant Sustainable Development Goals (SDGs).  Think of your business like a simple Lego set with a few key pieces: what you sell, who you serve, how you deliver, who you partner with, and how you make and spend money. To build a more sustainable (and profitable) operation, pick one improvement “theme”—such as cutting waste or creating good jobs—and run a tiny, low-risk experiment on just one piece at a time. These bite-size tests (or as we call them, micro-tools) might be as simple as switching one input to a recycled material, starting an inclusive hiring pipeline to reduce turnover, sharing delivery trucks with a neighboring business, or piloting a “product-as-a-service” subscription instead of a one-time sale.  Each small move should be time-boxed (2–6 weeks) and tied to a number you care about—costs, revenue, or risk—so you can keep what works and drop what doesn’t. Over a few cycles, these little tweaks add up to real gains in margin, loyalty, and resilience. Why This Works for Operators This “small tests on one Lego piece” approach works especially well for operators.  First, it keeps action close to the P&L (profit and loss). You’re not tackling “sustainability” in the abstract; you’re choosing a specific line item or lever (like Cost Structure, Channels, or Customer Relationships) and testing a change you can see in dollars and cents.  Second, it keeps the scope small and fast. Instead of a big-bang program that takes months to plan and years to pay off, you run a 2-to-6-week experiment with a clear owner and a simple success metric. If it works, you scale it; if not, you learn cheaply.  Third, it sparks new ideas through combination. When you mix small moves—say, a recycled material switch (waste reduction) with shared deliveries (lower emissions, lower cost)—you get creative, high-leverage solutions that typical brainstorming rarely surfaces. In practice, that means more wins, quicker learning cycles, and direct improvements to margin, revenue, and risk, without derailing day-to-day operations. Five Business Plays to Kick-Start Sustainable Growth Here are five friendly, plug-and-play “sprints” you can drop into a quarter without disrupting the day job. 1. Turn waste into margin (operations). Walk the floor (or map your process) and list the top three places you lose money: scrap, rework, excess packaging, or idle time. Pick one and try a simple circular fix: reuse offcuts, switch to a recycled input, or tighten a step that causes defects. Track a few easy numbers: cost per unit, defect rate, and energy used per unit. If those dip, you just found a margin. 2. Earn a premium the market will happily pay (offer). Add one credible proof of impact to your product: traceable sourcing, verified living wage, or third-party certification. Then run a small pricing test with two groups of customers to see if the upgrade supports a slightly higher price without scaring people off. Track price actually realized (not just list price), any churn among price-sensitive buyers, and a quick customer happiness check through Net Promoter Scores (NPS) or short surveys. 3. Grow by partnering, not buying (infrastructure). Instead of purchasing new equipment or vehicles, find one or two partners to share capacity with partners, such as co-packing, shared warehousing, back-haul trucking, or a joint take-back program. You move faster with less capital. Measure the investment you avoided, time-to-launch, and—if logistics are involved—delivery emissions per order. 4. Design for access and loyalty (customer experience). Make it easier for customers to stick with you: add refills, repairs, trade-ins, or a take-back for upgrades. These services feel good and quietly boost lifetime value. Keep an eye on the repeat purchase rate and customer lifetime value (LTV). Also, evaluate customer acquisition costs (CAC): are you earning more from each customer than it costs to acquire them? Note the margin on the service itself, so it pays its way. 5. Measure what actually moves results (cadence). Fold just three sustainability-linked operational metrics into your weekly review, nothing more. Choose those that link clearly to dollars and risk. For example, if scrap goes down, does margin go up? If delivery emissions drop (better routing, fuller trucks), does on-time, in-full performance improve? When you can see those cause-and-effect pairs, people stay focused, and momentum builds. Teams using this style of sprints in fast, game-like exercises turned big “sustainability” ideas into practical choices under time pressure, resulting in greater creativity, crisper decisions, and real actions. That’s the spirit here: small tests, clear numbers, quick learning, steady wins. These plays reflect how teams in the study translated sustainability prompts into concrete business decisions under time pressure, thus improving creativity and action readiness, not just awareness.  Evidence It’s Not Just Theory (Why Adoption Sticks) In 2025, 52 business students participated in quick, timed exercises where they took small “sustainability moves” (micro-tools) and applied them to real business model components. After doing this, it was found that they were more likely to take personal responsibility for making sustainable choices at work with an “I’ll own this” mindset that led to follow-through.  Their intent and motivation to engage in sustainability efforts also increased in a statistically meaningful way. One notable insight: when the exercises began with a short, real-life story, the sense of responsibility strengthened even further—great news for anyone trying to lead change.  What This Means for Managers Expect faster buy-in, better follow-through, and smoother change management using this micro-tools sustainability “sprint” approach. Faster buy-in and better adherence to new practices are critical for execution beyond the workshop.  A simple starting point: Open with a 10-minute story from a customer, employee, or supplier Run a short, hands-on sprint focused on one concrete change Track one or two numbers that matter Remember, small practice leads to real ownership—and ownership drives lasting action. The Business Case in One Paragraph When teams run small, low-risk tests on specific parts of the business model, they quickly uncover ideas that cut costs, boost the value of each customer over time, and reduce day-to-day risk. Just as important, people start to own these improvements. In the study, even a short, hands-on session made participants more likely to take responsibility and keep acting—exactly the momentum you need to turn good intentions into real, repeatable results. The Profitable Good transforms sustainability theory into actionable business practice. The Profitable Good: A Bold Playbook for Sustainable Business Growth expands on these ideas with practical strategies, reflective assessments, and design-thinking methods for learners and leaders. Part of Vibrant Publishers’ Self-Learning Management Series, the book supports entrepreneurs, professionals, and leaders—including those embracing neurodiversity—who want business models aligned with both personal values and global goals. Find out more about the book here: The Profitable Good: A Bold Playbook for Sustainable Business GrowthAuthor: Dr. Tamara StennRelease:Press  Vibrant Publishers Launches “The Profitable Good” to Help Businesses Profit with PurposeAlso Read: The Social And Ethical Side Of Marketing What is Entrepreneurship, and how do you set up a successful business?Is CSR becoming a Marketing Gimmick?How to Build a Profitable and Sustainable Business in 2026

Author: Dr. Tamara Stenn Hello, I’m Dr. Tamara Stenn, an entrepreneur, Suffolk University entrepreneurship professor, author of Social Entrepreneurship as Sustainable Development (Springer Publishing, 2017), the upcoming The Profitable Good: A Bold Playbook for Sustainable Business Growth (Vibrant Publishers, 2026), and founder of eco-fashion brand, KUSIKUY, which for nearly two decades supported indigenous women in the Bolivian Andes through Fair Trade craftsmanship and global sales. If you're wondering how to build a profitable and sustainable business in 2026, you're in the right place. I’ve worked at the intersection of sustainable entrepreneurship, innovation, and start-ups. Here’s a down-to-earth guide, rich with examples, that you can actually use. Profitable Sustainable Business Ideas for 2026 In this section, I’ll share how I’ve built sustainable businesses that are purpose-driven and profitable. 1. Ethical fashion meets heritage craftsmanship KUSIKUY grew out of my Peace Corps experience and academic research and has been knitting opportunities into the Andean landscape since 1996. Its handmade alpaca knits, produced by indigenous artisans, embodied green business strategies and leadership development through quality handwork and cultural connections. Think of a unique connection you may have to underprivileged producers, untapped talent, or unique products. This could be a good starting spot. 2. Farmer-run cooperatives and heirloom crops My work in helping launch "A Perfect Seed,” a farmer-owned and run quinoa cooperative, demonstrates how traceability and equitable partnerships foster both sustainable entrepreneurship and livelihoods, with profits reinvested back into the growers. A Perfect Seed worked on lesser-known varieties of organic, fair trade quinoa that were not being sold in mass markets, creating a unique identity and price for heirloom, hand-grown quinoa.Including the farmers in the cooperative model made it easy to establish a dedicated supply chain for rare, heirloom quinoa varieties, such as Kispina, Kaslala, and Pisankaña. The fact that it was also organic and fair trade was an extra plus. 3. Sustainability consulting to scale impact Businesses, especially small ones, frequently seek guidance on Environmental, Social, and Governance (ESG) metrics and eco-friendly upgrades. With the growing demand in 2026, this represents a profitable and sustainable business idea in a service form. Being mindful of where materials are sourced and how they are used and disposed of creates numerous opportunities for new ESG connections. For example, refillable containers reduce waste and cost, low-toxicity ingredient options result in healthier workers and better production, and upcycling instead of throwing away creates new products and uses. Also, as the positive impact of an enterprise grows, new customers and investors take notice. How to Build a Sustainable Business Step by Step Here’s your roadmap: Step 1: Start with a purpose-driven product design Ask: “Can our product tell a story of sustainability?” For example, KUSIKUY’s alpaca goods were crafted with cultural care and a five-year guarantee that earned trust and repeat business. Step 2: Secure ethical sourcing and partnerships With A Perfect Seed, Bolivian farmers literally had a seat at the table, shaping product development and getting fair compensation. Get to know producers and learn more about what they produce and how; there might be an emerging innovation hiding in plain sight that no one thought of developing, like rare heirloom quinoa varieties. Step 3: Choose eco-friendly logistics and packaging Aim for low-impact transport routes and materials that can be returned to nature or reused. Small wins here build into meaningful impact. Plus, using sustainable packaging, whether reusable, compostable, or recyclable, makes for a good story and sets you ahead of the competition as a company that cares.  Step 4: Use tools like the Sustainability Lens In my upcoming book, I introduce the Sustainability Lens, a method that overlays principles of justice, well-being, and resourcefulness onto business models to spark innovation and stewardship. This method grows new markets and expands the customer base. Step 5: Experiment and scale thoughtfully Start small, maybe test sustainable packaging or a new supplier, then use feedback to refine before scaling up. This lean approach reduces waste and risk, includes customers in your innovations, and gives them a feeling of ownership and commitment to your brand. It saves time and money in the long run. Practical Sustainability Tips for Small Businesses Next, let’s explore some simple, realistic steps small businesses can take to operate more sustainably: Go durable, go minimal: Choose reusable options over disposable ones, whatever fits your product or service. Hold your suppliers accountable for their community and environmental impacts. Celebrate the good work they do and your role in aligning with them. Be transparent: Share your sourcing efforts and use accreditations like B Corp, organic certified, or Fair Trade to demonstrate trust. Partner for impact: My experiences with co-ops and community boards like the Brattleboro Food Co-op highlight how collaboration fuels both sustainability and connection. Tell your story: Sustainability sells. Share the human side: our customers often cherish KUSIKUY gloves for years because they connect with the makers’ story. Your Path to a Profitable Sustainable Business in 2026 In a world demanding more responsibility, sustainability isn’t just ethical, it’s strategic. Whether you’re an artisan label, a farmer’s co-op, or a budding consultant, weaving sustainability into your business is smart, not extra. The Profitable Good: A Bold Playbook for Sustainable Business Growth by Vibrant Publishers Start with your purpose, test smart, partner wisely, and tell your story. That’s how you build a profitable, sustainable business, one that thrives in 2026 while making a difference. The Profitable Good: A Bold Playbook for Sustainable Business Growth guides you towards this vision and in integrating sustainability into every aspect of the enterprise, not as an extra task, but as a strategic advantage. This book is a part of Vibrant Publishers’ Self-Learning Management Series and is suitable for entrepreneurs, leaders, and professionals.  Please note: Logos and images used in this blog may not be reproduced, copied, or distributed without permission from the author. Find out more about the book here: Link to the book: The Profitable Good: A Bold Playbook for Sustainable Business GrowthAuthor: Dr. Tamara StennPress Release: Vibrant’s Upcoming Book, The Profitable Good, Demonstrates How to Turn Sustainability Into a True Competitive AdvantageAlso Read: The Social And Ethical Side Of Marketing What is Entrepreneurship, and how do you set up a successful business?Is CSR becoming a Marketing Gimmick?

We can all agree that we are entering a new era of public speaking, where AI can play a significant role in facilitating the responsibilities of public speakers. Contrary to some misconceptions circulating in the public, AI is not coming to replace public speakers or take their jobs, but it will surely be instrumental in transforming the profession and empowering speakers to deliver their best to their audiences. We will see these transformations in several aspects of the profession, from generating scripts, speech rehearsals, and engaging the audience to receiving post-speech feedback. Highlighted below are certain areas where AI can tremendously improve your public speaking skills, whether you are an experienced speaker, a versatile corporate trainer, a student, or an up-and-coming thought leader: 1. Craft compelling speeches with a little help Every speaker struggles with content creation. They often wonder about what to say, what tone they should adopt, and how to start. Using AI writing agents or assistants such as Jasper, Notion AI, ChatGPT, and Grammarly can help you generate impactful speeches in a matter of minutes, something that used to take speakers hours to accomplish before. Recently, AI can even help you refine and expand your existing speeches. 2. Conduct keyword research Speakers can streamline their keyword research by utilizing AI-powered tools like Semrush, Google Trends, or Answer the Public. By using the latest keywords in town, you can cleverly prepare speeches that are trendy and will be well received by your audience.  3. Structure your speech like a pro With AI writing assistance, you can easily design your speech’s structure to enhance its clarity and produce a powerful impact on your audience. Most AI writing agents are conversational; it will seem like you are seeking useful ideas from a reliable friend or mentor. In reality, AI agents are trained on a large tranche of data that contains all or most of the information you need to embellish your speech. 4. Generate speech blueprints Sometimes, speakers may be clueless about how to develop speeches on certain preselected topics. If you ever find yourself in this situation, ask AI writing assistants for help; they can offer you templates or examples of similar speeches that you can readily customize to suit your purpose. 5. Adjust voice and tone Public speakers are now turning to AI agents (like speech coaches) for voice and tone adjustment. This entails that they can utilize AI agents to modify their tones and communication styles, whether humorous, authoritative, motivational, or empathetic. Therefore, AI software such as Poised, Orai, and Yoodli can act like a virtual audience, listening to and analyzing your speech to make necessary suggestions on pacing, clarity, speed, quality, pitch, and intonation. Some AI-enabled Virtual Reality (VR) technologies can simulate settings such as a boardroom or TED conferences, providing you with a simulated audience that can interact with you in real-time, as if they were a human audience.  6. Utilize AI-powered presentation tools Tools like Tome, Canva, and Beautiful.ai are AI-enabled, and they can help you in creating highly useful visuals, infographics, and PowerPoint slides for your speeches.  7. Profile your audience with AI Speakers are often advised to know their audiences pretty well so that they can successfully personalize their speeches to meet their requirements. By feeding some data about your prospective audience into ChatGPT and other AI agents, you can receive helpful suggestions about the appropriate speeches that will suit your audience’s demographics, interests, and behavior. The best approach to do this is to ask your audience to fill in an online form or participate in a poll that contains questions about their preferences. Then AI data analytics will be used to analyze their interests and suggest what kind of speech will better resonate with your audience 8. Overcome stage fright with AI adaptation If you are suddenly overwhelmed and seem like you are getting afraid on stage, AI can surely come to your rescue. AI tools can help you reduce any feeling of anxiety in a number of ways. Some AI-enabled teleprompters or pagers can offer some useful suggestions whenever you are stuck while delivering a speech. All you need to do is quickly type in some prompts, and you will be immediately assisted. For example, if you are trying to remember specific statistics or a good, motivational quote. 9. Obtain post-speech feedback from AI agents After you are done with your presentations, some AI tools can offer practical advice about your speech delivery and give useful post-speech feedback that you can use to improve your overall performance as a public speaker. It is important that you pay attention to AI ethics in public speaking. As shown in this article, AI can be put to many great uses in public speaking. However, it is equally important to remember that it must be utilized ethically. For example, do not breach your audience’s privacy and illegally share their personal information. Moreover, you should understand that AI is still being developed, and it may exhibit certain biases, errors, or cultural insensitivity that may affect your diverse audience. So, take it upon yourself to fact-check some of the claims made by your AI writing agents to ensure you are not disseminating false information to your audience. Conclusion AI is not here to replace public speakers—it’s here to amplify their abilities. From helping you craft powerful speeches and design captivating presentations to offering real-time coaching and post-event feedback, AI can be a trusted partner in your public speaking journey. By using these tools thoughtfully and ethically, you can focus more on connecting with your audience and less on the logistical hurdles, ensuring every speech you deliver is impactful, engaging, and memorable. To learn more about Public Speaking, refer to our upcoming release, Public Speaking Essentials You Always Wanted to Know. It demonstrates how public speakers can perfect their art of public speaking in this digital age without offending their audience or undermining their professionalism. This blog has been written by Ami Ved, author of Public Speaking Essentials You Always Wanted to Know. Ami Ved, author of Public Speaking Essentials You Always Wanted to Know If you enjoyed this blog, give these blogs based on communication a try: 4 Reasons Why Business Communication Is Essential for Organizational SuccessLearning Strategies for Effective Business CommunicationMastering Inclusive Leadership Styles Through Effective Communication

Leadership isn’t just about vision, strategy, or charisma—at its core, leadership is about getting people to move in a common direction. And to make that happen, every leader must master two foundational forces: power and influence. Whether you're a team manager, an executive, or an emerging leader, understanding how to responsibly use power and skillfully apply influence can be the difference between leading a compliant team and inspiring a committed one. What is Power in Leadership? In the leadership context, power refers to a leader’s ability to affect the behavior, decisions, or actions of others. It’s not just about authority or titles—it’s about how effectively a leader can shape the environment and guide outcomes. There are two broad categories of power: Position Power: Derived from your formal role or authority (e.g., legitimate power, reward power, coercive power). Personal Power: Gained from individual qualities like expertise, likability, and trustworthiness (e.g., expert power, referent power). 💡 Leaders who rely solely on positional power often find short-term compliance. But for long-term commitment, personal power often proves more effective. The Four Outcomes of Power- Before diving deeper into the different types of power, it’s essential to understand what power actually produces. The way a leader exercises power—and the influence tactics they use—can result in four different outcomes: These outcomes depend on several factors: the leader’s credibility, the situation, the consequences of disobedience, and how aligned the followers feel with the mission. 💡 A smart leader isn’t just focused on getting things done—they’re focused on how people feel while doing it. Influence in Leadership: Turning Power into Action Now that we’ve explored the types of power, let’s shift our focus to how leaders use their power in real-world interactions. This is where influence comes in. Influence is the application of power to shape opinions, encourage action, and shift behaviors. Whether trying to inspire a team, gain buy-in, or initiate change, leaders must employ specific influence tactics. Based on the work of leadership scholar Gary Yukl (1989), there are nine core influence tactics leaders can use—often in combination—to drive results and build commitment. A leader’s ability to influence effectively can determine whether a team moves forward in alignment—or not at all. In times of change, uncertainty, or even just routine operations, leaders must motivate individuals to act in the best interest of the group or organization. That requires authenticity, emotional intelligence, and the strategic use of influence tactics. 💡 Important note: Not every tactic fits every scenario. Influence that feels forced or insincere is unlikely to be effective. Leaders should focus on the approaches that align with their personality, context, and team dynamics. Effective Leadership Using Empowerment Some leaders fear that sharing power will weaken their authority—but the truth is quite the opposite. The most effective and respected leaders understand that empowering others enhances their own influence, builds trust, and creates stronger, more motivated teams. Empowerment means intentionally giving others a voice in decisions, the autonomy to make choices, and the tools to take initiative. When followers are empowered, they feel trusted, valued, and capable. Empowerment doesn't mean stepping away entirely. Great leaders continue to: Monitor progress Offer support when needed Step in during high-stakes situations Clearly define the boundaries of decision-making authority Final Thoughts: The Power to Influence, the Influence to Empower Leadership without power is ineffective. Power without influence is unsustainable. And influence without empowerment is incomplete. Leadership Essentials You Always Wanted to Know dives deeper into these concepts—exploring types of power, real-world influence strategies, and how leaders at all levels can foster empowerment. Whether you're leading a team of two or an organization of thousands, power and influence aren’t about control—they’re about connection and commitment. 📘 Want to Learn More? Explore these concepts and more in Leadership Essentials You Always Wanted To Know—your go-to guide for mastering leadership fundamentals, written for emerging leaders, managers, and professionals aiming to elevate their impact.

This blog recaps the insights we captured in our recent podcast episode featuring Prof. Vishal Gupta (University of Alabama) an expert in strategic management.  We explored how small businesses can think long-term, build resilience, and apply strategic thinking in practical, real-world ways. Strategic management is often associated with large corporations, boardroom meetings, and long-term forecasting. However, its principles are just as crucial if not more for small businesses. Entrepreneurs operating with limited resources, tighter margins, and rapidly changing markets need clear, forward-thinking strategies to survive and grow. So what exactly does strategic management look like for a small business owner? Let’s break it down. 1. Understanding the Core of Strategy At its core, strategic management is about making decisions today that will position your business for success tomorrow. It requires integrating knowledge from the past, understanding the current situation, and planning for an uncertain future. While this might sound overwhelming, it begins with a simple mindset: step back, reflect, and plan. 2. Balancing the Past, Present, and Future A common theme in strategic thinking is the ability to move seamlessly between timeframes, Small business owners need to: Reflect on the past to understand what has worked and what hasn't. Be grounded in the present, managing immediate concerns and opportunities. Anticipate the future, asking critical “what if” questions to prepare for change. This ability to be mindful of different timelines is what gives a business its agility. If you only focus on the present, you risk being reactive. If you dwell on the past, you may become resistant to innovation. And if you look only to the future, you may overlook the urgent needs of your customers today. Strategic management finds a thoughtful balance. 3. The Power of Anticipation One of the most critical aspects of strategy is the ability to anticipate. This doesn't mean having a crystal ball it means developing a habit of scanning the environment and asking: What trends are emerging in our industry? How are customer expectations changing? What technologies could disrupt our business? Even five or ten years ago, many people wouldn’t have predicted the rise of video-based social media platforms or the global shift toward remote work. Yet businesses that adapted quickly were the ones that thrived. Strategic anticipation comes from being curious and informed. Small business owners should make time to read industry news, attend webinars, talk to customers, and watch what competitors are doing. It’s not about copying others, it's about spotting patterns and preparing accordingly. 4. Strategic Thinking is Not Just for Experts A major misconception is that strategy is reserved for MBAs or consultants. In reality, small business owners are already making strategic decisions whether they know it or not. Every time you choose to enter a new market, hire a new employee, or launch a new product, you're making strategic moves. The key is to be intentional. Take the time to write down your goals. Review your assumptions. Ask your team what they think. Build reflection and foresight into your decision-making process. Strategic thinking can be simple. Start with questions like: What are our biggest strengths right now? What are we not doing that we should be? Where do we want to be in 12 months—and how will we get there? 5. Strategy as a Habit Perhaps the most useful insight is that strategy is not an event—it’s a habit. It’s not something you do once a year at a retreat. It’s a continuous process of adjusting, learning, and evolving. Think of it as a cycle: Assess your current position. Plan a course of action based on available insights. Act on the plan while remaining flexible. Review what worked and what didn’t. This cycle doesn’t need to be formal. It can be as simple as a monthly check-in with your team or a quarterly review of your goals. 6. Common Pitfalls to Avoid Even with the best intentions, many small businesses struggle to maintain a strategic mindset. Some common traps include: Short-term fixation: Only focusing on immediate revenue without long-term growth. Overplanning: Spending too much time creating a perfect plan, and not enough time executing. Ignoring feedback: Not listening to employees, customers, or data. Avoiding these pitfalls requires humility and discipline. Small businesses thrive when they remain flexible, listen actively, and adapt quickly to feedback. 7. Strategy in Action A practical example of strategy at work might be a local bookstore deciding to offer online orders and virtual author events. This move is strategic because it: Adapts to customer behavior (online shopping), Leverages strengths (curated inventory and community), Plans for sustainability (alternative revenue streams). The strategy didn’t require expensive consultants or a 50-page plan. It required observation, creativity, and the willingness to test something new. Final Thoughts Strategic management isn’t a luxury—it’s a necessity for small businesses operating in a fast-paced, unpredictable world. When small business owners commit to thinking strategically, they build more than just a business. They build a roadmap for resilience, growth, and long-term impact. Start small. Reflect often. Think long-term. That’s the strategic advantage. Checkout the full Podcast Episode for more insights

Historically, ethics in business have gained traction during distinct periods. The discussion surrounding business ethics becomes especially significant whenever there is war, political turmoil, economic crisis, or a massive corporate scandal. Based on these events, case studies are written, life histories of business leaders are examined, motives are analyzed, viewpoints are evaluated, laws are revised, and the fundamental ways to define “rights” and “wrongs” are debated. Let’s delve into the diverse perspectives on the evolution of business ethics and examine how crises have influenced it. Perspectives on the Evolution of Business Ethics From an evolutionary perspective, one could go back to Aristotle’s Nicomachean Ethics, written almost 2000 years ago, to understand how to make ethical decisions. Aristotle explained ethics as virtues required for a good living. These virtues are not mere theoretical ideas for contemplation but practical, day-to-day habits that enable one to live a fulfilling life. From another perspective, Kautilya, in the Indian context, wrote the Arthashastra in the fourth century B.C. The text explains the significance of ethics through value-based leadership derived from the ideals of truthfulness, righteousness, gratefulness, and reliability. Ethics in business can also be viewed from the lens of Karl Marx’s contributions, who questioned capitalism. In his words, capitalism “sows the seeds of its own destruction” by delineating the masses and exploiting the working class. While such references have been critical to developing the present-day narrative on business ethics, teaching ethics in business schools is relatively new. It started five decades ago in American business schools, where many business education ideas and practices originated and spread globally. However, the relatively short period of five decades is insufficient to yield significant evolutionary outcomes. Thus, the business ethics discipline still faces skepticism, and diverse schools of thought regarding its utility exist. Renowned author Peter Drucker, the Father of Modern Management, wrote a paper in the year 1980 titled - “What is Business Ethics?” Drucker discussed the rapid pace at which business ethics became a trendy or an “in subject,” and explored the reasons behind its introduction as a standalone course in business schools and universities. He strongly criticized business ethics as “no ethics at all” and considered the value of the subject no more than “society gossip.” The criticism began when business schools introduced ethics courses, and it has remained so to date. The Impact of Corporate Scandals and the Pandemic on Business Ethics The voices of those advocating business ethics gained significance as and when corporate frauds and scandals were discovered by stakeholders. For instance, the Enron fraud came to light in 2001 stirring a major debate on the need to inculcate ethics in business managers, and leading to the enactment of the Sarbanes Oxley Act in the subsequent year. A similar situation occurred during events like the financial crisis of 2008. In 2020, the global Covid-19 pandemic affected businesses as one of the fiercest crises in recent history. Extremely high-speed economies, businesses, and lifestyles came to a standstill. People worldwide experienced grief and loss. Differences between the haves and have-nots were exacerbated, and the marginalized classes became more vulnerable. For businesses specifically, it was a daunting challenge as companies worldwide faced lockdowns, slowing down of the economy, employee welfare expectations, corporate social responsibility obligations, government mandates, and so on. However, it also served as a litmus test of their endurance. During the pandemic, while some organizations crumbled, shut operations, or resorted to layoffs, others contributed to relief projects by producing sanitizers, masks, and even ventilators, apart from going the extra mile to care for employees and their families. The factors that distinguish the latter from the former could be the nature of the business or its leadership. These factors are usually acknowledged, but one lesser-known potential factor is business ethics. During the pandemic, organizations faced a critical choice between kindness and survival. They were required to strike a balance between the two and find ways to align ethics with sound business practices. From Virtue to Value: Why Business Ethics is Here to Stay In order to explain the business value in internalizing ethics in the company, Nobel Laureate economist Amartya Sen wrote a paper in 1993 that vividly described how denying business ethics is not only harmful but also impractical. In his words, business ethics are “crucially important in economic organizations.” Ethics make business sense because there is no other way for a business to survive in the long run. According to biologists, humans are naturally ethical. They have discovered the occurrence of mirror neurons in humans that create empathy for others, naturally. So, if individuals and organizations led by individuals are unethical, it is a conscious choice and not a default option, because otherwise, there will be chaos. Business ethics by default create multiple benefits, including customer trust, market reputation, and support from suppliers and other stakeholders including the government, civil society, and the media. This is why some organizations, despite the challenges, continue to be driven by business ethics. Ultimately, to them, it makes solid business sense. No matter the challenges, such organizations thrive in the long run, and goodness eventually prevails! For those looking to get an in-depth understanding of such topics, read Business Ethics Essentials You Always Wanted to Know. It is an easy-to-understand guide to all the essential business ethics concepts, including complex ethical frameworks, tests for ethical decision-making, and future trends in business ethics. This book is a part of Vibrant Publishers’ Self-Learning Management Series and is suitable for entrepreneurs, leaders, and professionals. This blog is written using excerpts from “Business Ethics Essentials You Always Wanted to Know” by Dr. Ritika Mahajan. Business Ethics Essentials You Always Wanted to Know Find out more about the book here: Link to the book: Business Ethics Essentials You Always Wanted to KnowAuthor: Dr. Ritika Mahajan Press Release: Vibrant Publishers Unveils “Business Ethics Essentials”– Your Guide to Ethical Business Success Also Read: What’s Ethical and What’s Not? A Guide to Ethical TheoriesEthics in Market Research The Social And Ethical Side Of Marketing

Introduction Business strategy refers to the process of creating goals, plans, and actions that can guide a company toward its ideal destination. Having a good business strategy helps companies compete in their target markets. Common types of business strategies include growth strategies, stability strategies, and retrenchment strategies. Growth strategies outline how a business can become more competitive in its market. Stability strategies, on the other hand, outline how a business can maintain its current market position. Lastly, retrenchment strategies outline how a business should respond to problems and failures. Key Components of Business Strategy Business Vision: To formulate a business strategy, you need to first determine the company’s direction. Create a vision/mission statement that reflects how you see your company evolving through the years. Goal-setting:  Once you’ve determined your company’s direction, set smaller objectives that can help the business get to where it wants to be. Create measurable goals that can help you see your progress more clearly. Resource Allocation: After setting your objectives, determine how you can use your human and capital resources to forward each goal. Proper planning, managing, and delegation can help you maximize returns on your investments. Management: Any business is only as good as its workers. Ensure that the people working within your organization can support its objectives. Prioritization:  Most business decisions involve trade-offs. Know what to prioritize and make choices that best benefit your company’s goals. Best Skills For Business Strategy Creativity:  Business strategy is all about blending information with imagination. Creative people can use business data to form ambitious business objectives and conceptualize ideas that can help the company meet said objectives. Leadership:  Strategies are nothing without action. Good leaders should motivate their people to act toward the business’ objectives. Flexibility:  No matter how thorough your strategy is, there will always be unforeseen circumstances that prevent you from following your plan exactly. Good leaders need to be shrewd enough to find new solutions when the unexpected arises. Careers In Business Strategy Project Manager:  Project managers ensure that businesses meet their short-term objectives by overseeing different business projects. They’re responsible for planning projects, including the project scope, timeframe, budget, resources, communication, and risk management. They then delegate tasks among people and monitor progress. Training And Development Managers:  Employees are the most valuable part of any company. As human resource professionals, training and development managers ensure that a business’ employees have the skills and knowledge they need to help their company complete its goals. Training and development managers assess their company’s training needs, then design effective training programs based on this information. Finance Managers:  If training and development managers focus on optimizing human resources, finance managers focus on optimizing financial performance. Finance managers use accounting to assess the financial health of their companies. They then use their assessment of the company’s financial capabilities to set financial goals and develop plans that outline how a business should go about achieving said goals. Business Development Analyst:  Business development analysts help businesses determine how to better compete with other organizations operating in their target market. Using thorough research on customer demographics, emerging industry trends, and competing organizations, business development analysts come up with improvements to existing business practices and strategies. How To Gain Business Strategy Skills Bachelors’ and Masters’ degrees in business administration can help you develop the skills you need to succeed in business strategy. There are also a number of online courses that can help you build a basic foundation of business strategy knowledge. Because business strategy is a very broad topic, many courses focus on applying the concept to specific contexts, such as digital business strategy, sustainable business strategies, and Agile. Vibrant Publishers’ Business Strategy Essentials You Always Wanted To Know can also teach you the building blocks of business strategy. This book features topics like SWOT analysis, strategy analysis, and environmental scanning. Businesses can best succeed when leaders outline a clear direction for the future and create concrete steps for achieving their goals. Through business strategy, businesses can gain a clearer picture of how they can succeed in their target markets. Read about all these concepts, and more, in Business Strategy Essentials You Always Wanted To Know.

Companies sometimes spend a lot of money to hire trainers or professional development coaches to teach their employees and C-suite executives how to master and use objective business communication for their day-to-day corporate responsibilities. This is a very expensive exercise that most small-and-medium-sized businesses cannot afford, but that doesn’t mean they shouldn’t make serious efforts to encourage their employees and managers to learn improved strategies for effective business communication. 4 Types of Business Communication Strategies What kinds of business communication strategies can you implement in your business? These are some of the business communication strategies you could discover through learning: Core message strategy: Your organization must have a definite core message it is trying to pass across to people inside and outside the organization. This core message will be directly linked to your organization’s vision/mission and can be seen as the reflection of your brand reputation. For instance, McDonald’s slogan “I’m Lovin’ It” is a core message for the popular fast-food restaurant which depicts the comfort and satisfaction that their customers express when eating there. The core message that would be conveyed in your communication with all stakeholders should be remarkable and memorable so that customers, suppliers, and investors can always relate to the message when presenting your organization’s image to others. Delivery strategy: How would you like to deliver your company’s core message? You could utilize reports, proposals, newsletters, emails, letters, and even presentations to deliver your business communication to those it is meant for, such as your employees, customers, suppliers, partners, etc. The delivery method must be customized and meet the preferences of the recipients. It is sensible to say that an investor would be happy to receive a report from an organization, meanwhile what customers need are just emails and newsletters — they possibly don’t have time to sit down and read 45-70-page reports about an organization’s products/services. Some companies have good and solid messages they want to send to their stakeholders, however, their delivery methods are the reasons why the recipients of those messages aren’t reading them. So, the delivery methods are as important as the business messages they carry. Social media strategy: It is fast becoming the modus operandi among organizations to predominantly use social media to send business messages to the stakeholders. In addition to being a fast and effective process, social media offers organizations the opportunity to reach many recipients at the same time. To use this medium properly, it is important to know the different types of social media platforms that are currently being utilized by businesses and learn to deploy them for the benefit of advancing a company’s business communication procedures. Feedback strategy: This is basically about hearing back from your stakeholders. In addition to using emails, memos, letters, and other means of communication, an organization can also obtain feedback/responses from their customers, partners, and employees via social media. Business communication is a two-way approach, meaning the organization and its stakeholders talk to each other through some or all of the above-mentioned media. So, getting the feedback strategy right can help a company maintain regular interaction with its customers, obtaining useful feedback that could be incorporated into other messages, including customer service, sales, and promotional messages. 3 ways to learn about these business communication strategies You can use any of the three ways highlighted below to learn more about the business communication strategies described above: Hiring a professional development coach: Most big organizations can afford to hire high-performance coaches to teach their employees about the best-in-town business communication strategies, even though it is sometimes an expensive venture. Sometimes, those organizations spend anywhere between $50,000 and $100,000 annually to bring coaches to their offices and properly train their employees. Unfortunately, this may be out of reach for most small and medium-sized businesses. Attending a business school or studying business-related courses:  If you have the time and are still willing to go to school, you may learn about the latest business communication strategies at colleges or business schools pursuing a course such as business management, business studies, etc. This will require an investment of time and money. If you are a very busy manager or CEO, you may not have the time to attend lectures. Read a book that comprehensively deals with the subject matter: This third option seems to be the most time-efficient and cost-effective approach you can take to learn more about the best approaches for carrying out your organization’s business communication processes. Grab a well-written and factual book over a weekend and teach yourself about the nitty gritty of business communication. Book cover of Business Communication Essentials You Always Wanted To Know by Vibrant Publishers. Business Communication Essentials is the go-to manual to learn the nuances of effective business communication. Our book, Business Communication Essentials You Always Wanted To Know (Business Communication Essentials), is prepared in a way that you can easily digest its content, quickly learning the latest business communication strategies that you can adopt in transforming your organization. The most interesting part is that it is designed as a self-learning resource that completely touches all areas of business communication. Not only that, but it also exposes some best secrets about how some successful companies in our world have transformed their business operations by mainly improving their business communication procedures. You will soon discover that doing business communication well is not as difficult as you may have been thinking; all you need to do is discover all the necessary nuggets of wisdom and knowledge packed in the Business Communication Essentials’ pages. Also Read: Business Strategy Essentials 101The Role of Digital Marketing in Today's Business EnvironmentWhat is Entrepreneurship and How Do You Set Up a Successful Business?