Are you struggling to grow your sales? Are you wondering why you’re not reaching your business goals?
Behind every successful business is a well-structured strategy. Be it an established business or even a small business. Yes, it might be obvious that any start-up will need a new strategy, however for big organizations, the need for a well-defined strategy is even greater.
A strategy is an explanation to how your business will move forward towards a certain aim. Moreover, it’s what keeps your employees motivated and productive while working. With clearly defined objectives and goals, your team members can ensure that their efforts are moving in the right direction (towards your business goals).
Crafting a winning strategy for your business is not easy! This guide will help you through planning your strategy step by step.
First step. When crafting your business strategy, the first thing you need to define is your goals. Ask yourself what it means to win? What do you want to achieve? Your goals could be quantitative, such as growing your revenue with a certain percentage in a given period of time.
You can set qualitative goals as well, for your team. Such as developing new customer service techniques or growing your customer base. Another thing to take in consideration is why you have come up with that objective. Why are you pursuing the path you chose? What would be different if you chose a different target or a different time frame? You should always make sure that your goals are specific, measurable, attainable, relevant, and time-bound (SMART). Choosing SMART goals can direct your strategic choices in the most efficient ways.
Second step. The second step you need to decide is how and with whom you will win. You should familiarize yourself with three main things: your product, the customer and the market. Do your research well and learn everything about the product or service you are offering, especially if you’re introducing a new product to the market.
Identify your audience. Who are you targeting your product to? Who is your ideal customer? Use your social media to gain more information about their behavior and interests.
Third step. Identifying your competitive advantage is your next step. What makes your product unique compared to the same products available in the market. A SWOT analysis could be effective in this stage. So, you can have your strengths, weaknesses, opportunities and treats clearly defined. Your strengths and weaknesses will help you determine where to focus and will shape your business strategy.
Fourth step. In this step the whole team should be involved to break down the results of the SWOT analysis into tangible strategies and approaches to reach the collective goals of your organization. Focus on matching strengths with opportunities and addressing the identified threats and weaknesses. Discuss which tasks you want to work on and prioritize, and the resources you will be using toward accomplishing each goal.
Fifth step. This is the last step where you’ll be crafting your business strategy. In this step you should be focusing on the “how”. How are you going to reach your goals? What competencies do you need to develop in order to manage your business? Your strategy should define the capabilities that you will craft or enhance to achieve your underlying objectives. Another thing to put into consideration is having a plan B.
When a major change or event happens, this may cause you to shift. Therefore, you should be ready with a plan that includes choosing a different road to success. A well-crafted strategy allows you to shift to alternative routes when certain predefined circumstances come to pass.
Strategic planning is not a task to be done alone, especially if this strategy is for a huge organization. You need the right team. We’ve got your back!
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