How to Create a Successful Business Strategy

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how to create a successful business strategy | FutureBusiness

Once you’ve conducted your assessment, it’s time to think about your goals and what you want to achieve – what are you big dreams? What are your realistic goals and options? Don’t rule anything out because it ‘seems unachievable’ – your strategy isn’t just for the short-term, if there’s something you want to achieve, break it down into little manageable parts, and plan out how you can get to the result you desire!

By this point, you now know where you stand, how you’re currently doing, and where you want to be going – so you can start working on laying out your goals into short, medium, and long-term achievements. Think about consulting with your team and employees when you’re working out timelines – your staff are the ones that do the work, and are best placed to know what timescales are going to work, and what are completely inappropriate.

Short-term goals should be ones that can be achieved in time periods from a single quarter to 1-2 years, these are the ones that are going to lead to bigger things, so they need to be prioritised and worked on in the right order.

Medium-term goals are ones that will largely rely on short-term successes, and these may change as the industry fluctuates or changes, you shouldn’t “lock-in” a goal as an absolute, there should be flexibility to pivot or adjust the plan depending on how your industry and business is performing.

Long-term goals are also likely to change as you go along, especially if you’re looking 5-10 years ahead for the company. Again, it’s important not to treat them as absolutes, and single-mindedly focus on making them happen, without looking at how the industry and the consumer mindset is affecting the goal.

Key Take-Aways

Essentially a business strategy is a layout for direction, and a blueprint for how resources should be used.

When putting your strategy together, it’s important to keep in mind:

  • The purpose of the strategy – what is it you want to achieve? There’s no point creating a strategy that does nothing, there needs to be a point and purpose to your actions, and it’s up to you to identify what this (or they) are, and ensure that the right priorities are given.

  • Market opportunities – No industry operates in a competitive vacuum, and it’s important to look at what is going on, and be prepared to make changes to capitalise on changes in the market. A strategy is a guideline, not an absolute.

  • Creating value – Your strategy needs to add value, not just to your business, but to enriching your employees work lives, creating value for your suppliers, and providing customers with products or services that they don’t just want to buy once, but to come back and keep buying again.

At the end of the day, you want a strategy that is flexible, allows for growth, and encourages more sales – it’s really that simple.

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