Creating a Winning Strategy for Your Business
Strategy is thinking about and establishing new ways to reach business goals. A strategy is describing how you are going to get things done. It is less specific than an action plan, instead, it tries to generally answer the question, "How do we get there from here?"
A good business strategy that will make a difference should take into account existing barriers and resources. The overall vision, mission, and objectives of the initiative will also be keenly considered.
A good business without strategy will struggle and not grow. Every successful business has a strong business strategy that they work with. Several businesses fail today for want of a good working strategy. The right product or service in the right market may still struggle to sell well with a winning strategy.
Every business needs a strategy, what works for the others may not really work for you. Develop a unique strategy and stick to it.
Why Develop A Strategy
A well developed business strategy will help you do the following:
- Take advantage of resources and emerging opportunities
- Respond effectively to resistance and barriers
- A more efficient use of time, energy, and resources
- Increased productivity
How to Create a Business Strategy
A Compelling Vision: A strong vision is the driving force of any business. A business without one is a business doomed to struggle and fail.
Know your product well: Creating a winning strategy begins with your product. It is easier to develop a winning strategy with a good in-demand product. Discover and outline clearly the strength of your product. Know the benefits the prospects will gain buying it. Emphasis the benefits not the features, the benefits of the product is what you will front in your marketing efforts.
Know the business you are in: You are not in the business of selling a product; you are in the business of selling a benefit or an experience. Find out what benefit or experience you want to sell.
Know your market well: Every product has its own market. When creating a product spend time to research it market. Don’t just throw a product into the market. Create and position a product to fit well in it designated market.
Know Your Customers: If you know them well you will be able to create a plan that will fully cater for their needs. Business is all about meeting needs, solving problems and answering questions.
Know what others are doing: You should learn from what others are already doing. That will help you gain insight into what you should do and what not to do.
Study the trends: Trends reveal what people really want at the moment and how they want it.
Predict the future: This is what Apple does better than all it competitors. Sometimes people don’t know what they want until you show them.
What are your Goals: The goals of your business are what will guide you in creating a workable strategy. Take time to put down clear cut achievable and realistic goals before you begin to strategize.
Questions Your Strategy Should Answer
- What are your business broad aspirations and the concrete goals against which progress can be measured?
- Across the potential markets, where will you choose to sell and not to?
- In your chosen market, how will you choose to win against the competitors already there?
- What capabilities are necessary to build and maintain to win in your chosen market?
- What management systems are necessary to operate, to build and maintain the key capabilities?
- What resources and assets exist?
- What obstacles or resistance exist?
- Do you want to reduce the existing problem, or does it make more sense to try to prevent (or reduce risk for) problems before they start?
- Does the strategy give overall direction?
- Does it fit your resources and opportunities?
- Does it minimize resistance and barriers?
- Does the strategy connect with those who it should benefit?
- Does it advance the mission of your business?
You should sit down with your team and develop that winning plan today.
© 2017 Kevin Ashwe