The importance of a strategy
Stating Your Business Strategy
In my last blog, I explained why starting by focusing on your business is a fast track to a successful business with an unhappy business owner. Instead, we must start with the business owner themselves & understand our own personal vision. Only when we’ve established what we want out of our business should we focus on the actual business. We then need to ensure that our Business Strategy will be set up in line with our Personal Vision.
So what do you want to achieve?
If we don’t take the time to set our business strategy, we run the risk of not having the business we want. Too many of my clients end up with roles they don’t want and aren’t good at in a business that doesn’t reflect their strengths and values – and this impacts on the success of the business.
You’re taking the risk – so don’t let the tale wag the dog!
So what is a business strategy?
A much applied (and mis-applied!) word, strategy is the link between a vision and a plan.
It incorporates the non-negotiables. Strategies are essentially fixed, tactics are flexible.
And don’t worry if you’re running an established business – it’s never too late to change your business into one that is run to reward you in and out of work.
Key questions to answer are:
What do you want your role within your business to be?
You’re taking the risk and will burden the stress – so make sure you enjoy the day to day of working in your business. Do not revolve around the strengths of your team.
What are your key strengths?
As above, it’s your business so put yourself first. If you’re playing to your strengths and enjoying your role, you’re halfway to success.
What is YOUR unique selling point?
People buy from people, so what do YOU bring to the party. If you’ve a corporate background, you’ve probably had your uniqueness knocked out of you by being told to focus on your weaknesses. We need to bin such a negative mindset. You are unique so go ahead & list your unique skills, then build your business around them.
How do you want to earn money?
By being hands on?
By managing a team?
By earning recurrent income?
A combination of the above?
How much are you prepared to risk?
Knowing the limits of what you’re prepared to lose ensures you will never get out of your depth & that you’ll remain in control of your business.
How many hours are you prepared to commit?
It’s your business, so set the rules now. We should have covered this within our personal vision, but let’s just double check we’re being consistent.
What are your non negotiables?
So what are the things you’ll never compromise regardless of how well or badly your business is performing? You may always want to work within the law or you may always want to pay your suppliers within 28 days. More specifically, if your business is internet based, you may never want to travel more than 5 miles to meet a client. Whatever it is for your business, write it down.
Why is this important?
Two reasons – firstly, it’s making us further understand our business principles. Secondly, everything we’ve not written down is by definition flexible. Everything else is just a tactic we can employ to ensure we hit our business goals.
Once completed, we’ll have a Business Strategy to set alongside our Personal Vision.
And by combining the two, we know both what we want out of our business & what we want whilst in our business.
We’re now ready to set our Business Goals & you can find this in my goal setting blog post.