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How to Develop a Business Strategy – Part III

Developing a business strategy is all about looking at where you want your company to be in the next 3-to-5 years and figuring out what you need to do now to get there. If you spend your days constantly putting out fires in your business, it’s doubtful that you have much time for developing a new business strategy. But if you ever want to stop living like that, you need to make time. Strategic planning can reignite your passion for what you’re doing. By reconnecting with your “Why” story, you can reclaim your original business dream. The daily stress of a business is tough. It’s easy to flip into survival mode and lose sight of that dream that you set out to accomplish in the beginning when you started your business. But you can always hit the reset button. By clearly identifying your niche target customer, validating your value proposition and setting sales goals, you’re no longer winging it. In my series on developing a business strategy in Part I, we discussed how to create a strategy and in Part II, we focused on why strategy fails for small businesses and the criteria for good business strategy. In Part III, we will focus on the benefits of a business strategy. Just consider this, developing a long-term business strategy will increase your chances of business success by forcing you to develop strategies and tactics to address any identified problems. Here are the 7 Main Benefits of Developing a Business Strategy. 1)    Minimizing Risk: One of the main benefits of developing a business strategy is that it reduces risk. Once you’ve envisioned your company’s future over the next 3 to 5 years and done a thoughtful analysis of current state, resources, strengths and weaknesses, competitors and the business environment, you will be better equipped to make decisions and therefore to minimize risk to achieve your company’s potential. 2)    Cost Savings: Once you’ve defined your long-term goals, you will have significant cost saving because you will not waste any marketing resources or time on business appointments or opportunities that are not a fit for your core expertise, focused on your…

How to Develop a Business Strategy – Part II

Your business strategy is your roadmap to business success, but it needs to be adjusted annually. You and your team should take a look at your business strategy every fall to plot out your sales objectives and goals for the new year. 2019 is just around the corner, and you should start your planning process now. When evaluating any business strategy your top concern should be what will help you accomplish your financial goals the fastest. In part II of the series on how to develop a business strategy, we’re going to discuss why strategy fails for small businesses and criteria for good business strategy. Any growth strategy must be measured based profitability, customer satisfaction, conversion rates and retention rates. Why does strategy fail for many small business owners? Chasing too many types of opportunities. Lack of specific targets and time frames means you don’t have an organized sales process. If everyone can use your product or service, no one will. Focus on specific targets and set goals to hold yourself and your team accountable. Make emotional decisions about business opportunities If you shoot from the gut, and make business decision based on how you feel instead of using data to drive business decisions, you’ll make the wrong decision. Instead use careful research, analysis, an experience to make business decisions. Lack of market intelligence We are in the information age. there is an abundance of information about anything online. As small business owners we need to take advantage of market intelligence. Consistently focus on the problems in the business If you are always stressing over your problems instead of doing your daily business development activities. If you turn yourself into a horse with blinders on, you won’t see opportunities right in front of you that might be readily available to you. The criteria for a good business strategy is gathered below: Consider multiple scenarios to evaluate alternative strategies. No small business owner should be wedded to just one strategy. Instead, take multiple approaches into consideration. Factors to consider include cost to pursue a new market, risk, and aligning any strategy…

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