What is a business strategy?
Hello my Business Networking Link friends and readers, this evening I thought I would write a blog post about business strategies… So what is a business strategy and how can it help your business to blossom and grow?
Well, a strategy is all about how, when and why… It is setting long and short-term goals AKA a plan of action to achieve your business objectives. So the long and short of it is, your business strategy should be able to tell you in which direction your business is going.
Like with any new goals or targets in life, a business strategy will need to be frequently reviewed and monitored to increase your chances of success. It is easy to get lost in the moment, work hard and not clever when you are setting up a new business! The purpose of a business strategy is to help direct and channel this energy…
If you missed our post on the Pareto principle and the 80 / 20 rule in business then this is well worth a read. The 80 / 20 rule states approximately 80% of your business will come from 20% of your clients, so is less is actually more? Taking this rule into account in your business strategy is important, identifying quickly what works for you and getting rid of the things that hold you back… Sounds simple doesn’t it.
As a business owner, some form of business strategy is important to have… To create a basic one try picking up a pen and paper, write at the top where your business is now and at the bottom where you would like it to be in say three years… Next, in the middle of the page, write down a list of what you need to do to reach these business targets, a short little exercise to get your creative and entrepreneurial juices flowing!
Lets face it; everyone’s business strategy is going to be slightly different and having one will force you to constantly assess how things are progressing… We all need to develop existing and consider new strategies; the world of business is constantly changing so keeping one step ahead is part of the challenge.
