Running own company without specific business strategies is very hard. Most large enterprises hold business strategic planning meetings to administrate budgets and resources for specific projects in the coming year. So should do every small business owner.
Business Strategy implicates all the internal and external market forces, your business merits and flaws, your vision, purposes and values, the service or product your business sells and the marketplace that you are selling into. Here are 5 simple steps to build a strong business strategy in the year 2018.
1. Gather the facts
Before you start moving your business forward, you should review your past performance and current situation. Look at your competitors and determine what worked well, what could have been better and what opportunities lay ahead.
2. Develop a mission statement by giving answers to the following questions:
- What does my company do?
- How does my company do it?
- Whom does my company do it for?
- What value does my company bring?
- Where do I want my small business to be in 5 years?
3. Tactical Plans
Focus on measurable results and communicate to stakeholders what they need to do and when. Work out short-term plans. These plans will contain actions for departments and functions in your small business.
4. Make strategy a habit
The plan needs to be supported with people, money, time, systems, and above all communication. Communicate the plan to everyone in your company. Check the progress of implementing your business plan monthly. Don’t forget to take corrective actions when needed and adapt as the environment changes.
5. Keep the plan alive
Make sure you have enough capital for implementing your business strategy. One of the biggest challenges for entrepreneurs and small business owners is finding the funds necessary to launch specific business strategies and as a result grow their businesses. Unified Capital is alternative lender that opens the doors for business owners looking for financing.