STRATEGY IS OFTEN MISUNDERSTOOD
MAKE A STATEMENT WITH A GREAT STRATEGY!
A simple definition of the word Strategy is a method or plan chosen to bring about a desired future goal.
Sounds simple enough but there is more to strategy than just the creation of a plan.
The strategy that you are planning on implementing to grow your business has to pass several tests.
- The most important test of your strategy is to answer this question: “Will your strategy beat the market”? Good strategies emphasize difference – versus your direct competitors. Thus, to beat the market, your strategies (advantages) have to be forceful and meaningful to your target market.
- Another test is your ability to define your competitive advantages. What scarce resources or information do you possess that become unique benefits available only to you?
- Another test is to know who your market segments are. Even within a target market there may exist many segments; you have to know where to compete to get the greatest return.
- Does your strategy look ahead? Constant change is the key word in strategic planning; planning to continue what was done in the past may not work in today’s volatile market place.
- Do you have the conviction that the strategy you planned will work? Don’t make a strategic plan because it is the right thing to do. You have to believe that your plan will work.
- Last test is the development of an action plan with timelines and accountability to implement your strategic plan.
The term strategic planning has become the “in” word for small business owners. To really have a strategic plan for your business it has to meet these six tests outlined above.
There is no “one size fits all” format for the creation of a strategic plan. You create your vision and then design a plan specific to your industry with the support of a mentor.
Remember, it’s good to be in business for yourself but not by yourself. BizQuack is always ready to review your plan and to discuss it with you.
Make sure your business strategy has an execution plan!
Advice and tips by Nick Petra – CFP, Mentor, and founder of BizQuack and StrategicDuck
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