How to Develop a Business Strategy (1) - PowerPoint PPT Presentation

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How to Develop a Business Strategy (1)

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The fall is right time to start thinking about your business goals and then engage your team in developing a new business strategy. Winging it is NOT a strategy, yet too often business owners venture into new markets without a specific target or value proposition, hoping to come across someone in need of services. If you are looking to identify new business targets, outline a growth plan, determine your product roadmap or plan your funding needs, you will need a clear business strategy. It is one thing to know your business needs, actually developing a strategy is not so easy. This is the first article in a three-part series on building a business strategy. – PowerPoint PPT presentation

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Title: How to Develop a Business Strategy (1)


1
How to Develop a Business Strategy
The fall is right time to start thinking about
your business goals and then engage your team in
developing a new business strategy. Winging it is
NOT a strategy, yet too often business owners
venture into new markets without a specific
target or value proposition, hoping to come
across someone in need of services. If you are
looking to identify new business targets, outline
a growth plan, determine your product roadmap or
plan your funding needs, you will need a clear
business strategy. It is one thing to know your
business needs, actually developing a strategy is
not so easy. This is the first article in a
three-part series on building a business strategy.
STEPS TO DEVELOP A NEW BUSINESS STRATEGY
  • Examine Your Current State
  • Before you start looking to the future, you
    should review your past business performance, or
    the current state. Look at your annual revenues,
    customer lists, and average revenue per
    transaction and review your most popular
    services or products. Then look at how your
    business operates. Look at your market position,
    employees, sales processes, profit margins and
    customer satisfaction. Use a SWOT
  • (strengths, weaknesses, opportunities, and
    threats) analysis to conduct your review. You
    must determine what worked well, what could have
    been better, outline your weaknesses and consider
    what new opportunities are in the marketplace.
    When you look at your business, bring your team
    together to make sure you are collecting all the
    relevant information that you need.
  • Look at External Factors

2
  • There are things that affect your business that
    are not under your control such as industry
    trends, government regulations, legal
    compliance, political policies such as
    international tariffs.
  • Technological advances as well as environmental
    concerns such as a neighborhood community
    protesting your restaurant getting a liquor
    license, can also affect your business results or
    expansion
  • plans. External factors can either be threats or
    opportunities depending on how it impacts your
    industry, your business or your location.
  • Develop or Refine Your Mission Statement
  • Your mission defines your business purpose. It
    outlines your companys primary objectives. It is
    the core off your Why story. It should be big
    enough that it is something that you are
    continually striving toward. Your mission must
    focus on your long term goal. Your mission
    statement should answer the questions
  • What do you do?
  • Who do you do it for?
  • What problem do you solve?
  • Develop or Refine Your Vision Statement
  • You mission and vision statements work together.
    For the vision statement, you want to answer the
    question Where do you want your business to be
    when it grows up. Your vision is supposed to
    push you. This statement should describe what you
    want to be known for and the future direction of
    the business. It is value statement that is
    achievable that gives direction in the medium to
    long term of your business.
  • Define Your Strategic Objectives
  • You want to develop a set of objectives for all
    areas of the business. They need to highlight the
    priorities that will deliver on the companys
    vision and mission. Create SMART goals for your
    business (Specific, Measurable, Achievable,
    Realistic and Time-Driven). Your objectives must
    also include factors such as KPIs, human
    resource allocation and budget requirements. Use
    the data from your the SWOT analysis in Step 1,
    to help identify strengths and weaknesses that
    you can build into your objectives.
  • Develop an Execution Plan
  • Now is the time to turn your new business
    strategy into a detailed execution plan. This
    plan will require actions from you and your
    team. You may also need new reporting structure
    or project management software to keep everyone
    on task. When you are focusing on achieving new
    results you must communicate to do and by when
    dates, so that everyone is clear on their role.
    Be sure to schedule weekly staff meeting to
    reinforce tasks keep all key documents and
    deliverables in one place where everyone can
    access.
  • Source https//nigerialisting.com/how-to-develop-
    a-business-strategy/
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