Top 10 Business Management Strategies Used By Top Managers

Before making a meal, the chef always checks for the quality of the ingredients and searches for the spices to make the delicacy more mouth-watery, or before writing content, a writer does research on that topic or does research on the relevant keywords to enhance the readability of that content. 

This method of prior planning before executing the task is known as strategy. Yes, Strategy! The strategy is to make a roadmap or plan out certain things, even before commencing any task, so that the desired objectives can be achieved systematically with no or less chance of mistakes. 

From personal to professional life, every individual makes a framework before starting any task for the seamless execution of the work. Similarly, in the business world, there are a few business management strategies that are used by the top managers to empower the organization and to uplift the success rate and profitability rate of the company.

In this blog, we will unveil the top 10 business management strategies that are used by the top managers in the business world. 

What Do You Mean By A Business Management Strategy? 

A business management strategy is a strategic plan of action or prior planned framework that is used by the company or organization to execute any specific task and achieve desired outcomes or profit by the provided resources.

Here are the top 10 business strategies that are implemented by managers to boost their business productivity and profit rate:

Why Is It Important To Make A Business Management Strategy? 

For any business, it is important to make certain business management strategies and to act upon them accordingly. They don’t provide you with a framework but also provide you with certain other facilities that will help you to keep your business on top level.

Here are the top 3 reasons why, in an organization, it is crucial to make certain business management strategies:

It Helps You Provide A Vision Of Your Business:

• It is important to make a business plan or strategy to manage your business. It provides the organization with a vision through which they can easily accomplish their desired goal or objective. 
• For any business or organization, it is very important to have a vision, as it will help the workers to stay motivated and work towards the achievement of the goals. It also connects a vast group of employees toward a common objective. Along with that, a vision ensures that no employee is off the track and dedicated to his or her work. 
• From the perspective of identifying trends and opportunities, a business strategy plays a crucial role. It allows the organization to research the current trends and forthcoming opportunities that may benefit the organization in monetary terms in the long run.  
• It also allows the organization to adapt to different market conditions and helps them to become more flexible so that they can work and survive even under adverse conditions. With the help of business management strategies, a company can work on the change of their management tactics. Furthermore, business management strategies can also protect the firm from being complacent.  

It Provides You With Competitive Advantages:

• With the help of business management strategies, firms can become more aware of their internal and external factors.
• By providing deeper insights into their strengths and weaknesses, they can identify themselves in a more positive way and can work on their style of management and working.
• It also helps the business gain a competitive advantage and helps them secure future profitability.

Top 10 Business Management Strategies

For the success of any business, it is important for the leader to make a few business management strategies to provide the employees with a vision. It also helps the employees to keep up with their overall performance and helps them to stay focused on the company’s objective.

In this section, we will cover the top 10 business management strategies by the top managers or leaders. Also, we will discover the importance of these business management strategies and how each of them can contribute to the success building and profit maximization of an organization.

1) SWOT Analysis 

SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis: This business management strategy is typically used by top managers to have valuable insights into the strengths, weaknesses, opportunities, and threats of a particular project or business. 

This strategy is used by a range of businesses, from a small-scale business to a large venture. The majority of managers or leaders use this strategy to keep track of the overall performance of their business and what changes can be made to skyrocket their profit margin. 

Why is SWOT Analysis Important in Business Management? 

The development or success of any organization depends on its internal and external factors. As the name suggests, SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis helps the organization to keep track of the company's internal factors (strengths and weaknesses) and external factors (opportunities and threats) as they can affect your business.  

• Strengths: Every company has its strengths that make it stand out from the crowd from its competitive brands in this vast competition. 

Example: Blink It has the quality to deliver anything within 10 minutes, which makes it a unique brand from its competitors, such as Zepto, Swiggy Instamart, Big Basket, etc., and has now become famous among the audience. Basically, the uniqueness of a particular brand is its strength, which not only makes it stand out from the competition but also helps it to build trust among the customers and build a strong network force.

• Weaknesses: Like the strengths, every company has its weaknesses, or, you can say, there are a few drawbacks or factors that can be improved to uplift the company's productivity. 

Example: When McDonald's entered the Indian market, they replaced their meat patties with the aalo patties for their survival within the Indian audience, and now the aalo tikki burger is one of the star dishes on their menu. Basically, any drawbacks or internal factors that hinder the company’s performance and may affect its overall productivity are its weaknesses. Identification of weaknesses allows a company to improve itself and helps to maintain the trust of the audience or consumers.

• Opportunity: There are always some external factors that can boost the company’s overall performance in a positive way. These positive factors are known as opportunities, which contribute to the success of the business. 

Example: With the increasing craze for smartwatches and fitness trackers, the demand for smartwatches, iPhones, and smartphones with the latest technology has boomed. Apple Inc. saw this as an opportunity, and they bet on it, and today, these gadgets are leading the market.  Basically, the external factors that led to the increment in the success rate of a business are known as opportunities. It can also improve the overall performance of the business.

• Threats: Some obstacles that may damage the overall performance and success rate of the business are known as threats. It can occur due to new competitors in the market, the latest technology, changes in the consumer’s preferences, and so on. 

Example: Coco Cola was once threatened by the changing preferences of consumers due to the rise in health consciousness and dieting trends. People started avoiding sugary drinks, and therefore Coca-Cola had to come up with healthy alternative drink options such as Diet Cola.  Basically, the external factors that can impact the business in negative ways are known as threats. It can also harm the overall performance of the business and productivity rate. In short, a company needs to follow a SWOT analysis to study overall insights of the business, its ups and downs, including the strengths and weaknesses and opportunities and threats of a business, and how these factors affect the company’s productivity and profitability rate.

2) PESTLE Planning Approach

The PESTLE planning approach is a comprehensive way to analyze the overall working and organizational structure of a business firm. It also provides you with important insights so that you can improve your business's overall performance and growth rate. Let’s delve into this PESTLE planning approach and learn what exactly it is.

• Political :It is very important for any organization to keep an eye on the political factors. The fluctuations in government policies may affect any business or organization's performance rate.

Example: The change in the taxation or trade policies may affect the performance of any organization. Google had to work on its privacy policies, as in many European countries, people were concerned about the sharing of their private information. 

• Economic:Every organization must be focused on the economic factors such as the inflation rate, exchange rates, and economic progression or recession of a certain region. The company also analyzes other economic factors, such as consumer behavior, demand and supply rates of goods and services, and overall market conditions.

Example: Due to the slight increase in consumer preferences for smartwatches and smartphones, brands like Nokia and Blackberry suffered a huge decrease in their sales rate, and on the other side, Apple took this as an opportunity to make some new tech stuff, such as iPhones with the latest technology, smart watches, or smartphones, and now Apple has become one of the leading brands in the tech industry. 

• Social :Another factor that can fluctuate the strategy planning, productivity rate, and workflow of an organization is social change. How society’s culture, trends, or changing preferences can impact the productivity of an organization or a corporate business.

Example: Due to the sudden shift to ready-to-eat or frozen foods, Nestle or other brands earned a huge profit due to the high demand for ready-to-eat edibles such as Maggi, Cold Coffee, and more. 

• Technological :The ever-evolving technology can also affect the business, such as the rise of advanced technology and the latest tech gadgets. Organizations must keep an eye on the changing technologies, as they can impact the overall productivity of an organization. The advancement of technology can affect the organization positively and can help to build strong consumer confidence.

Example: With the emergence of technology, consumers now want everything at its earliest. And now the market is full of one-day delivery or doorstep services. Amazon came up with the idea of Amazon Prime Delivery, where you can attain the facility of on-day delivery if you have an Amazon Prime Membership, and now lakhs of consumers are using this facility and enjoying the convenience of one-day delivery.  

• Legal:Every organization has to follow all the legal rules and regulations, as these legal factors can impact their overall operations and performance.

Example: Uber has to follow a lot of rules and regulations in order to make its existence. It fought a lot of legal battles to become a legal transportation service provider and expand their services.  

• Environmental :The environmental factors also affect the company’s overall productivity, such as how much the organization is concerned about the environment, waste management, etc.

Example: The Maggi came up with the idea of an edible fork with its cuppa noddles, which is completely made with wheat flour. This flour wheat fork is the best alternative to plastic forks and helps in the sales rate of Maggi Cuppa noodles.  

Hence, a company must follow the PESTLE Planning Approach, as it helps to analyze the economic, political, environmental, legal, and many more factors that can lead to the positive growth of an organization.  

3) Balanced Scoreboard Strategy 

The balanced scoreboard strategy (BSC) is a type of performance review or management framework that provides a comprehensive way to track organizational performance. Here are the key aspects of the balanced scoreboard strategy. 

• Financial Perspective:The financial perspective focuses on the financial strategies that an organization must follow and work on to make a profit, such as revenue growth, profitability, cost control, and return on investment.

Example: An organization made a target of 25% revenue generation for FY 2024-2025.  

• Customer Perspective :The customer perspective focuses on understanding the customers, trying to fulfill their needs, and building a strong relationship with their targeted consumer community.

Example: Maintaining a customer satisfaction rating of 80-90% by the end of FY 2024-2025.

• Internal Business Processes Perspective:Internal business processes perspective means keeping an eye on the internal objectives of an organization, critically analyzing the needs of every employee, and providing them with full satisfaction in order to boost the productivity level of the organization.

Example: Analyzing the needs of the employees and addressing them critically can lead to an increase of 50% in productivity as well as profitability of the organization by the end of FY 2024-2025.

• Learning & Growth (or Employee) Perspective:The learning and growth perspective means how efficiently and rapidly an employee can learn the work and adapt to the surroundings. It also focuses on the factors that determine what measures are taken by the organization to make the training process of an employee better.

Example: The proactive participation of an employee in brainstorming sessions can lead to more ideas for the team that can also improve the overall productivity scale of the organization. That means the Balanced Scoreboard Strategy is one of the effective business management strategies that not only improves the organization's performance and profit but also helps to track the internal and external factors of the organization, including employees’ personal and professional growth, helps to keep the insights in the customer’s needs, etc.  

4) Six Sigma Rule 

The six-sigma rule is based on five factors, or the DMAIC model, that help in the minimization of defects and faults and the proper operation of the organization. The DMAIC model is as follows:

• Define:The first term in DMAIC is "Define." It refers to defining or identifying the problems within the organization and finding an effective solution to solve the issue.
• Measure:The second term in DMAIC is “Measure”. It refers to collecting the data and insights to quantify the current situation of an organization.
• Analyze:The third term in DMAIC is "Analyze." It refers to analyzing the root causes of the defects in an organization. It involves many of the latest tools and techniques to rectify the elements that are affecting the overall operations of the company.    
• Improve:The fourth term in DMAIC is “Improve”. It refers to improvising the cons and flaws within the organization that are acting as obstacles in a company.  
• Control:The fifth term in DMAIC is “Control”. It refers to establishing the control steps to maintain the sustainable growth of the company. 

Overall, these 5 factors of the Six Sigma rule help to analyze each insight of the company and help to improve them and make the company strong from its core.  

5) Agile Management Method 

An agile management method is a flexible approach to product management or project management that prioritizes certain factors such as consumer feedback, collaborations, and small and rapid releases. Initially, it was designed for software development, but further, it was extended to a wide range of industries. They are as follows: 

• Iterative Development:The iterative development process refers to the division of a certain task into smaller forms for at least 2-4 weeks. It also allows team members to quickly respond to sudden changes due to the external or internal environment.  
• Customer Collaboration:Customer collaboration means that there must be regular interaction or feedback from the consumers. The consumers are the end-users who are involved with us throughout the process. It also helps to have insights into the customer needs and preferences so that the organization can work on them accordingly.  
• Adaptability to Change:It refers to that an organization must adhere to the ever-changing environment and be ready to accept the changes even at the last minute. It also helps the organization keep up with the new trends and technology of the external market.  
• Cross-Functional Teams:Cross-functional teams refer to the fact that there should be the collaboration of people with a diverse set of skills. This method also helps in the completion of that particular task effectively and more efficiently.  
• Continuous Delivery:Continuous delivery refers to the fact that there should be small delivery of the tasks so that, in the end, it doesn’t create any burden. With the help of this method, the organization is ready to embrace the sudden changes and customer feedback. In short, the Agile management method is an effective way to deal with the internal and external operations of an organization. It also helps to complete the tasks in less time and in an effective and efficient way. It also involves cross-functional teams in a certain task completion that helps to achieve the target in less time or a decided deadline.   

6) Kaizen Continuous Improvement

The word “Kaizen” refers to a Japanese word that means “change for better” or “continuous improvement." This philosophy is also used by top managers to improve their business operations and overall productivity.

It encourages the company to continuously learn and be open to sudden changes. These are the 5 principles of Kaizen Continuous Improvement: 

• Continuous Incremental Improvement:This principle emphasizes the continuous learning method. As per this principle, an organization must work on a continuous and gradual learning approach. It doesn’t allow the employees to learn rapidly, but it also helps the organization recognize the small and sudden changes or obstacles, so it minimizes the chance of an overhaul or huge blunder.  
• Employee Involvement:This principle focuses on the continuous involvement of employees in every project of the organization. It also encourages the employees on any level of the organization to identify the problems and rectify those obstacles. 
• Standardization:According to the Kaizen Continuous Improvement approach, the standardization principle refers to the fact that after the identification of the obstacles and measures taken for improvement, there must be continuity in the sustainable management of those measures to improve the growth rate of the organization’s productivity and profitability.
• Elimination of Waste:The elimination of waste refers to the identification of the obstacles that may affect the productivity of the organization negatively and the eradication of them. The elimination of the waste elements also contributes to the reduction of obstacles within the organization and promotes work efficiency in the organization. 
• Visual Management:Visual management refers to the use of visuals to identify the obstacles or the adverse elements within the organization, including pie charts, table data, graphs, etc. It also provides the organization with a precise framework for those areas where improvement is needed. 

Example: The Toyota brand is the biggest example of implementing the Kaizen principles. This methodology doesn’t help them to boost the organization’s production and profit rates but also helps to recognize the key obstacles within the company. It also encourages its employees to identify the adverse elements and focus on finding the solutions to overcome them. It also encourages Toyota to learn, improve themselves, and adapt to the sudden changes in the external environment.  

7) Blue Ocean Strategy 

The Blue Ocean Strategy is a type of business strategy framework pioneered by W. Chan Kim and Renée Mauborgne. It encourages the business to create new business space and work on the less competitive market areas.

Instead of battling with the existing competitive brands, companies use this strategy to provide consumers with innovative and unique products and services that come up with entirely new demand.

What is Red Ocean vs. Blue Ocean? 

In a red ocean strategy, the business competes with the other existing companies, which may lead to battling situations or intense competition or rivalry between the companies. 

On the other hand, the blue ocean is the opposite of the red ocean strategy. It focuses on creating a new market despite being the rival of other competitive companies. It provides consumers with peculiar and innovative products and services and focuses on creating new demand for those products or services among the consumers.  

Key Concepts of Blue Ocean Strategy:  

The key concepts of the blue ocean strategy are as follows:  

• Value Innovation:Value innovation is one of the significant factors of the blue ocean strategy. It focuses on the value of innovation rather than fighting in the competitive market. This strategy helps the company to think more innovatively, which will help them to reduce the cost and add more value to products and customers' needs. This amazing combination also helps the company to make the product or services more affordable and effective.  
• Creating A New and Uncontested Market Space:The second factor in the blue ocean strategy is creating new and uncontested market space. This means the company must focus on developing something new and innovative rather than being stuck in the existing and overcrowded competitive marketplace. This strategy is very distant from the red ocean strategy, as it doesn’t focus on a single customer. Also, focusing on a single customer may also lead to huge and problematic competition among the companies.  
• Focus on Non-Customers:The third factor in the Blue Ocean strategy is to focus on the non-customer. This means research for those customers who have never been to your industry. Looking beyond the current customer base is the main focus of this strategy, as it does not help to build new and strong connections but also helps the companies to focus on the new consumer’s needs and preferences.  

4 Action Framework 

Rather than creating new and innovative marketplaces or focusing beyond the current customer base, the Blue Ocean strategy runs on the 4 action framework that is as follows: 

• Reduce:“Reduce” is one of the components of the 4 action framework in the Blue Ocean Strategy. This means reducing those elements that have been taken for granted by the companies or that don’t have any contribution to the company’s success or overall productivity. 
• Eliminate:“Eliminate” is another component of the 4 action framework in the Blue Ocean Strategy. This means to eradicate or remove those elements, products, or aspects with standard consideration across the industries. This allows the company to be fully focused on the production of new projects or services.  
• Raise:Another component of the 4 action framework in the Blue Ocean Strategy is “Raise.” This means to raise those elements who have well above the consideration within the industry. This contains those products or services that have been offered traditionally at the standard level within the industry but now are being offered above and beyond the standard level in the industry. 
• Create:“Create” is the last component of the 4 action framework in the Blue Ocean Strategy. It means rather than being dependent on the existing products or services, focus on the creation of new and innovative products or services that don't just help the company to connect with existing as well as new customers but also allow the company to grow profitably. It involves creating new and innovative trends and features that can help in the new Blue Ocean marketplace.  

Example: The Cirque du Soleil is an example of the “Blue Ocean Strategy.” It didn’t compete with traditional circuses or theaters, but it created it in an innovative way by adopting the features of both circuses and theaters that amused people and made them visit the circus. This tactic helps them to attract new customers and gain profit and fame in the entertainment industry, creating their own “new blue ocean of customers.” 

8) Total Quality Management (TQM) 

“Total Quality Management” is a comprehensive management methodology that emphasizes the gradual improvement of the product or services provided by the organization to achieve long-term profitability and customer satisfaction.   

• Customer Focus:The primary objective of Total Quality Management (TQM) is customer satisfaction. It focuses on the fulfillment of the customers’ needs and preferences. Hence, the company is expected to do a survey, collect data, and analyze customer expectations. This allows the organization to deliver top-notch quality products and services and gain customer loyalty.  
• Continuous Improvement (Kaizen):Total Quality Management (TQM) is based on the Kaizen philosophy, which means gradual but continuous improvement. It means that the company must improve itself in order to gain an effective and efficient work environment, long-term success, and a high productivity and profitability rate. Continuous improvement (Kaizen) contains some small and incremental changes within the organization over time. Plan-Do-Check-Act (PDCA) cycles and Six Sigma are a few techniques that must be incorporated within an organization to identify the cause and improve the overall quality and productivity of the business.  
• Pro-active Participation of Employees:“Total Quality Management” (TQM) focuses on the proactive participation of the employees at all levels of the organization. Employees must be motivated to identify the problems and queries within the organization, analyze them, and discuss the solutions with employees from different departments and levels to boost the improvement of the organization's productivity level. To improve the organization's culture and productivity level, there must be chat sessions among the employees, training programs, and employee empowerment programs organized within the organization. They must be seen as valuable assets, playing an important role in the company's success.  
• Process-centric Approach:“Total Quality Management” (TQM) focuses on the quality of the service or product at each level of the organization rather than just focusing on the quality of the product or service in the end.  This process-centric approach can help eliminate the variability and defects in the products or services provided by the organization. The organization can take the help of a few tools or techniques to ensure that each process positively contributes to the quality enhancement of the business’s product or service, such as process mapping, statistical process control (SPC), and root cause analysis.  
• Integrated System:“Total Quality Management” (TQM) believes that for long-term business success, there must always be an overall contribution of all the employees of all levels in the organization. This practice doesn’t improve the quality, but it also builds a teamwork approach within the organization. Tools like Quality Management Systems (QMS) should be used by companies to integrate quality-related processes and maintain consistency in productivity.  
• Decision Making Based on Facts:“Total Quality Management” (TQM) is based on the relevancy of data and facts so that there will be an unbiased decision-making process. An organization should make decisions on the basis of factual and relevant data rather than on the basis of intuition or guesswork. There are a few ways through which companies seamlessly make decisions to enhance the product or service quality, such as collecting data, monitoring performance metrics, statistical analysis, trend identification, and measuring progress. 
• Supplier Management Quality (SMQ):According to “Total Quality Management," in an organization’s success, internal as well as external factors also play an important role. Suppliers are one of the most important external elements of an organization. Therefore, building a close and friendly relationship with the suppliers may help to boost the overall performance, productivity, and profitability of a business. Suppliers are directly connected to supplies of the product or items sold by the company. Furthermore, it also affects the quality of the items or products, which is directly related to the customers’ expectations and satisfaction level. Hence, the organization must work with the suppliers to uplift the product quality criteria, conduct audits, and engage in joint problem-solving sessions with the suppliers.  
• Effective Communication:“Total Quality Management” is all based on effective communication. It ensures that there is a good understanding of the company’s objectives and their roles among the employees at all levels of the organization within the company. It is crucial to maintain clear and consistent communication among all employees of the organization at all levels, as it may help in good brainstorming sessions, knowledge transfer, and building company culture.  

Example: Nestle is one of the best examples of “Total Quality Management” (TQM). With the passing years, Nestle as a food and beverage company improves its overall product and service quality. The company focused on quality enhancement, employee training, and brainstorming sessions to improve its product quality. Coming to its service quality, it emphasizes customer feedback the most, helping them to boost their overall service quality. It also implemented the Kaizen (Gradual but Continuous Improvement) tactic to improve itself continuously over the years. They also focused on the eradication of those elements that were not contributing to the company’s productivity directly, and this practice helped the company in a seamless manufacturing process.  

9) Lean Operation Strategy 

The “Lean Operation Strategy” refers to the technique of minimizing waste and using the resources to the fullest. It majorly focuses on utilizing all the resources to meet the customer’s expectations. Toyota Production Systems initiated this technique, but over time, it has been practiced by different companies in different industries to ensure waste minimization while producing maximum value for the company.   

• Waste Elimination:The “Lean Operation Strategy” is focused on eradicating those components that don’t contribute directly to the company’s success and elimination of the waste substances. Elements including overproduction, excess inventory, defects, waiting times, unnecessary motion, and underutilized talent must be eliminated by the companies in order to maintain a seamless production process.  
• Value Stream Mapping:Visuals like pie charts and mapping must be used by the companies to keep an access on the current and ongoing tasks. It doesn’t help to keep track of the current projects, but it also helps in the identification of those elements who may create disturbance in the productivity of the organization. It helps in streamlining the tasks efficiently and achieving the desired results. 
• Continuous Improvement (Kaizen):Lean Operation Strategy (LOS) is based on the Kaizen philosophy, which means gradual but continuous improvement. It means that the company must improve itself in order to gain an effective and efficient work environment, long-term success, and a high productivity and profitability rate. Continuous improvement (Kaizen) contains some small and incremental changes within the organization over time. 
• Just In Time (JIT):The “Lean Operation Strategy” (LOS) utilizes a just-in-time approach. It means that there should be a purchase of only those products that are needed at that time. This approach not only helps in the on-time delivery of the products, but it also helps in waste management as it ensures that there is less wastage of resources.
• Pull System:The “Lean Operation Strategy” (LOS) implements a pull system approach as it focuses on the manufacturing of the products or components according to customer demands rather than pushing the things. 
• Flexible Workforce:The “Lean Operation Strategy” (LOS) believes that there should be cross-training and flexible workspaces in order to boost the company’s productivity and overall performance. It also creates peace of mind among the employees and teams, which may lead to long-term or lasting organizational success.  

Example: Toyota Production Systems initiated the “Lean Operation Strategy.” They emphasized waste management, workspace flexibility, and quality checks to achieve high efficiency in their overall operations and production. This helps them gain a reputation for gradual and continuous improvement (Kaizen) and deliver maximum value to their consumers.  

10) Risk Mitigation Framework

The risk mitigation framework refers to an approach of researching, identifying, assessing, prioritizing, and managing risks. It helps the company to take effective measures in advance in case of any sudden risks. 

• Identification of Risks:The first step in this process is to identify the potential risk factors that may affect the organizational goals. These factors include operational, strategic, financial, compliance, and other factors like market fluctuations or geopolitical events. 
• Assessment of Risks: After the identification of the risks, the company must focus on the assessment of the risks. The company can use a few quantitative or qualitative methods to consider factors like financial consequences, occurrence probability, reputation damage, etc. to evaluate the risks. 
• Prioritization of Risks:After the identification and assessment of the potential risks, the next task is to prioritize the risks. The company must prioritize the risks as per their significance or how they can affect the company's performance. 
• Mitigation Strategies:After the identification, assessment, and prioritization of the potential risks that may affect the company at a higher level, the company must work on mitigation strategies. They should aim to minimize the probability of their occurrence and the potential impacts of the risks on the overall performance or productivity of the company. 
• Action Plan Creation:After making the mitigation strategies for the potential risks, the company should work on the action plan to track the progress of the company, such as setting timelines, building strong relationships with responsible parties, and making measurable indicators.  
• Monitoring & Control:The most important step for the company is monitoring and controlling the progress. Since it is the only way to track the company’s overall performance. Hence, there must be continuous monitoring of the identified potential risks. Here, mitigation strategies play a crucial role in minimizing the chances of sudden risk occurrences. Along with that, regular updates give assurance about the framework in the ever-evolving risk landscape. 
• Effective Communication:“Risk Mitigation Framework” is all based on effective communication. It ensures that there is a good understanding of the company’s objectives and their roles among the employees at all levels of the organization within the company. It is crucial to maintain clear and consistent communication among all employees of the organization at all levels, as it may help in good brainstorming sessions, knowledge transfer, and building company culture.  
• Scenario Planning:The last step in the “Risk Mitigation Framework” is to plan for the scenarios. This proactive approach may help the organization to be ready for potential or sudden challenges in the forthcoming future. 

Example NASA is the perfect example; it took the help of the Risk Mitigation Framework to identify, assess, prioritize the risks, plan out mitigation strategies, and create an action plan to minimize the occurrence of potential risks. Along with that, they focused on monitoring and controlling the suddenly occurring risks. Furthermore, there is effective communication among the staff and effective scenario planning to anticipate the high risks.  

Conclusion

So, these are the top 10 business management strategies implemented by the top managers in order to address different facets of organizational success. These strategies help them to study and analyze the market and potential threats that may cause a negative impact on the overall performance of the business and productivity of the organization. However, there should be an consistent implementation of these strategies by the management to achieve maximum business growth.