Business Policy – Definitions and Features
Business Policy describes the opportunity within which the assistants take decisions in a firm. It allows lower-level management to cope with the issues without discussing them with higher authorities. They help to identify the limits within which decisions should be taken. It also deals with acquiring potential resources to achieve the company’s long-term success. These decisions affect the profitability of an organization.
Features of Business Policy:
- Specific:
Business policy must be definite or specific. If it is unclear, then it will make the implementation process highly complex.
- Clear:
It must be clear so that there is no risk of doubt or uncertainty. Make sure that all the points in the business policy must be clear and understandable.
- Reliable:
Business policy should be reliable so that everyone can follow it efficiently.
- Appropriate:
It must be appropriate in order to achieve organizational goals.
- Easy:
It must be understandable and easy so that everyone can understand it.
- Comprehensive:
The policy should be inclusive in order to have a wide range.
- Flexible:
Business policy must be adaptable so that you can change it according to the changing market conditions and trends.
- Uniform:
In order to avoid uncertainty and doubts, the policy must be stable or uniform.
Difference between Policy and Strategy:
There is a huge difference between policy and strategy. We are going to describe the difference between these two terms,
- Basically, policy is the blueprint of organizational activities. While strategy is linked with organizational decisions in order to achieve success.
- Formulation of policy is the responsibility of higher level management. The formulation of strategy is done by lower/middle level management.
- Business Policy deals with everyday activities while strategy deals with strategic decisions.
- Policy is linked with actions and thought while strategy is linked with just actions.
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