Do You Have A Business Strategy?
July 12, 2021
A Business Strategy … Do I really need one? I have a Business Plan!
The reality, in many businesses, is no. In most cases the business was started with an idea, given life with some funding and the person ran and implemented the idea based on gut instinct, passion, and perseverance. The business plan was compiled mainly for financial purposes, and may have included both a business strategy and even a marketing strategy, but now, forgotten about as operations took over.
The Role of the Business Strategy
It provides clarity in terms of the direction you want to take the company and the step-by-step process on how to get there. Business strategy looks at the business in its entirety, from operations, to staff, to the values of the business. It includes your company’s vision and mission, goals and objectives, your company structure, the type of products/services that you plan to build, the customers who you want to sell to and the markets that you serve to make a profit. A good strategy will help you make good investment decisions, like how and where you’d like to spend money.
Considerations When Developing Your Business Strategy
Clear, Long Term Objectives … Prepare a strategic plan that is long-term and realistic. What type of products/services would you like to build? Who will be your customers? What markets would you like to serve?
Opportunities … Carefully analyze what opportunities exists in the future and how it might evolve over time. Look for icebergs, by diagnosing the risks and challenges in pursuit of these opportunities and then come up with a plan to address them.
Innovation … Ensure that the products/services you plan to build and develop are unique, with clear differentiation … and that they are aligned with your business direction.
Competition … Ensure that your strategy remains competitive. Choose a market that is either not served or underserved with little or no competition. This way you capture market share, build your brand and position your company well within that marketplace.
Do you want your company to be successful and perform better than your competitors? Develop and execute a solid, competitive business strategy to make profits that generate above-average returns for you, your employees and their families.
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