Developing a Great Business Strategy
Developing a business strategy can seem daunting and difficult, but it doesn’t have to be with the right tools. Read on for some guidelines on developing a great business strategy for any budding business.
Define Your Vision
Which direction do you want your business to go? Where do you see the company in 5 years? 15 years? Your vision for the business will inform you on the best business strategy for you. More often than not, you have this vision in your mind when you start your business. Now is the time to really hone it in. Ask yourself the following questions:
- Why are we in business?
- How do we differ from competition/what are our strengths?
- Who is our audience?
- What do we offer to our customers (goods, services, etc.)?
Now dig a little deeper and ask these follow up questions:
- Which customers should we start serving and/or continue to serve?
- Which products/services should we start offering, continue to offer, or stop offering?
The answers to these questions will give you some insight on your priorities as a company. As they say, a jack of all trades is a master of none. Know what you’re good at, what you want to get better at, and what you want to drop.
Define Your Goals
Not that you have an idea of strategic priorities for your company, give yourself some goals to work towards. Try brainstorming 2-3 overarching, long-term goals to put you on the right track. Think of things like building your brand, increasing your profits, and other broad options.
Once you have that nailed down, think of 5 strategies you will use to achieve the overarching goals. These should be relatively short-term and actionable. This can include employee training and development, streamlining processes, or developing a marketing plan. Be sure to be clear about your goals so you can set up a strategy to achieve them.
Stay Flexible
Sometimes it feels like as soon as you develop a good business strategy, things change and you have to start all over. Things are meant to change and grow. Your overall company vision and larger goals should remain the backbone of the company, but some of your goals may change over time, and that’s okay. Stay flexible and ready to face change while still keeping the heart of your business in mind.
What are you trying to accomplish as a company this year, and how do you plan on achieving them?
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