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Your Step-By-Step Guide to Creating an Effective Business Strategy

If you’ve ever made a jigsaw puzzle, you understand the importance of finding the corner pieces first.

From there you work on the foundation of the puzzle, the outline. Starting a small business is very much like solving a puzzle. If you set yourself up for success with an effective outline, it’s easier to fill in the missing pieces.

Setting goals and establishing a plan to achieve them is the first step for any business owner.

Many businesses lack a good business strategy. They are setting themselves up for failure. Even organizations with business strategies struggle to stay focused on their long term objectives and make the right decisions around resource allocation.

The key is to create a business strategy that can easily translate your goals into practical objectives. Keep reading for our step-by-step guide to creating an effective business strategy.

1. Gather Information to Gain Insight

The first step in creating an effective business strategy is taking a moment to gather the facts about where your business currently stands. You need to know where you are before you can figure out where you’re going.

To do this, you’ll need to review the current business situation and past performance. By evaluating each area of your business, you can see what worked and what didn’t.

You’ll also have a better idea of what opportunities the future may hold. It’s important to look at both internal and external factors.

What are your strengths and weaknesses?

What factors beyond your control present risks and opportunities?

A popular strategy for gaining insight into the external factors that affect your business is the PESTLE framework. Using this model, you will evaluate your business and which threats and opportunities might arise under each of the following categories:

  • Political
  • Economic
  • Social
  • Technological
  • Legal
  • Environmental

Another strategy for business analysis is the SWOT method. Using this model, you will evaluate:

  • Strengths
  • Weaknesses
  • Opportunities
  • Threats

2. The Vision Statement

Next, you should create a vision statement that outlines the future (medium to long-term) direction of the business. The goal here is to capture the purposes and values of your business.

The vision statement should be created in conjunction with the mission statement.

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3. The Mission Statement

Your mission statement should identify your purpose, but it should also describe your goals.

The mission statement focuses more on what you will do in the short term to achieve your long term goals. You want to describe what you do, how you do it, why you do it, as well as how your organization brings value.

4. Set Strategic Goals

This step is all about developing high-level objectives for all areas of your business. These objectives, or goals, should focus on your priorities and guide your short-term plans to make sure your mission and vision are successful.

At this point, you should refer back to step one. You can incorporate your newly discovered strengths and weaknesses as well as the results of your SWOT and PESTLE analysis into your goals.

Your goals should follow the SMART model. That is, they should be:

  • Specific
  • Measurable
  • Attainable
  • Relevant
  • Time-Based

Your goals should also include factors like budget requirements, resource allocation, and Key Performance Indicators (KPIs).

5. Develop Practical Solutions

We’ve reached the step in the strategy development process where we start to figure out the “how.”

How do you take the strategic objectives you’ve outlined and turn into practical short-term plants?

What actions do you need to take in the immediate future and on a daily basis to meet your business goals?

The plans you create at this stage will detail what actions the departments in your organization and even your suppliers need to take to achieve your goals. Your focus should now shift to actionable objectives. Tactical plans at this stage are more like short sprints to execute your strategy in practice.

You’ll also communicate to stakeholders what they need to do and when they need to do it to meet the newly set business objectives. You might even create a press release to advise customers and investors of your new initiatives.

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6. Evaluate Your Success

Part of developing a successful business strategy is continuing to monitor and evaluate its success. While you may think the hard work is over, this may not be true.

To stay on track to meet your overall goals it’s important to continually manage your strategy. As you can imagine, managing your strategy can be complex. You must capture important information, break it down, evaluate it against your overall goals and stay focused on the strategic vision.

Many companies are looking to alternative methods for handling business development strategies because of their complexity. These include consulting with business management professionals.

We Can Help You Develop an Effective Business Strategy

As we mentioned before, starting a business is sort of like completing a puzzle. Just like when you start a puzzle, you start with the corners and then the outline, creating a business strategy provides an outline for your business to follow.

You don’t want to just jump into the middle of the puzzle.

Developing an effective business strategy is just the first step. Any successful business strategy requires a comprehensive marketing plan to reach its goals.

We are a team of marketing professionals ready to help your business with all of its marketing needs. Contact us today to learn more about what we can do for you.

Check out the rest of our website to view our products and services like this one, designed to help develop your brand.

7 Small Business Tips to Help Grow Your Business

In today’s competitive world, you’ve decided to start a small business. You’ve invested your time, energy, and resources into this new business venture. Now, you’re ready to help it grow.

Well, the good news is that you’ve come to the right place by reading this article. Detailed below are seven essential small business tips that you need to know about. If you want to stay ahead of any competitors in your local market, you’ll take the following guidance seriously.

The unfortunate truth is statistics show that most startup businesses fail too soon. Experts suggest only a third of small businesses last up to ten years.

There are many factors that go into ensuring the integrity and profitability of a business model. For that reason, it’s in your best interest to keep yourself well-informed of the most successful industry trends. Keep reading to help grow your business and its profit.

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Why Do I need a Website for my Business

Do You  Need a Website for Your Business?

We get that question a lot. Why do I need a website for my business? We have customers that come in. We send out mailers, advertise in papers, we do cold calls. So why do you need a website if you have all of that going? Well, the simple answer to why you need a website can be answered with….do all of your clients live under a rock? Does your company not want to maximize on the advertising dollar that they spend? Society now lives in the digital age. You know it and we know it. Now it’s time to move into it.

In this article, we plan to answer all the questions on Why do I need a Website for my business.

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