Component Based Software Engineering (CBSE) has played a very important role for building larger software systems The current practices of software industry demands development of a software within time and budget which is highly productive. It is necessary to achieve how much effectively the software component is reusable. To achieve this, the component identification is mandatory. The traditional approaches are presented in the literature. However effective reuse is still a challenging issue. In this paper, a strategy has been proposed for the identification of a business component using clustering methodology. This approach will be useful in identifying the reusable components for different domains. The proposed approach has identified the reconfigured component using the CBO measure to reduce the coupling between the objects. By considering this proposed strategy, the productivity can be increased in the organization.