While planning enables entrepreneurs to plan out what they will do and when, a strategy involves the bigger picture. It is here that a business strategy differs from a plan. If your plan is what you’re to take your business up a level, your strategy is the why and the how.
During a business strategy session, you should look at some of the following:
Ø A SWOT analysis, and where you fit in and how you couldidentified
Ø The long-term goals
Ø What is required to achieve those goals?
Ø The alternative options you could use to work towards those goals, and the pros and cons of
Ø The metrics or review process you’ll use to measure your progress
Ø A roadmap of your goals
Many business owners sadly lack the confidence or time to put pen to paper and work out their thoughts and ideas. It is often underestimated how important taking time to strategise is for the growth of a business. However, when the landscape is always changing, these thoughts and ideas can easily get muddled, especially when we’re as busy as we are. So what are the benefits of having a business strategy?
By putting time aside to write a well-thought-out business strategy (and checking in with it regularly), we’re giving ourselves an advantage. This is the guide that will assist us through all the uncertainties we will face as business owners.
A business strategy will allow you to have:
✅ Clarity aroundwant from your business and beyond
✅ An understanding of what success looks like for you
✅ A clear idea of what your goals are and how to get there
✅ A deeper insight into the market and your competition
✅ The foresight to plan for andand challenges
✅ A steady focus on the opportunities that will really serve you, and a plan for getting the most out of them
✅ A system for measuring your progression, where you can celebrate wins butrecognise and support areas
where you are falling short
✅ Accountability,to move past sticking points that have held you back in the past
With all of that will come the confidence and fortitude you need to start making changes and when challenges arise or you feel like you are feeling overwhelmed, you will have something to refer to to get you back on track.