Successful small businesses have one thing in common: a solid business strategy. In these cards, we'll answer:
1. What is a business strategy?
2. How to come up with a business strategy?
3. How to implement a business strategy?
The structure of a Business Strategy has three phases:
One: Diagnose your challenge;
Two: Develop a plan to overcome the obstacles;
Three: Create a set of actions to execute your plan.
Before we go any further it is important that you think about each of these phases for a moment.
After you've brainstormed a bit, it is time to create the bond that will unite your efforts.
1. What is the purpose of your business?
2. Where will you compete?
3. What is your value proposition and competitive edge?
4. What tools do you need to get there?
5. What management systems do you need to support your choices?
Let's say your answer to the first question from the previous card was "to make sandwiches with high-quality ingredients at an affordable price." The opposite of that would be "to make overpriced sandwiches with low-quality ingredients." If can't imagine someone making money out of the opposite of your strategy, it is probably best to brainstorm a little more to come up with something less generic.
To help you figure things out, try to understand your competitive advantages and how to potentialize them. Innovation can come in the form of low costs, brand relationship, marketing, technology, network, location, customer service, talent, etc. So, what is it that you offer that can get you closer to your destination?
After you have developed, refined and matured your Business Strategy, it is necessary to put it to test. When you do so, don't forget to implement a feedback system along with it. Collect and organize feedback from everyone involved and schedule periodic meetings with your team to determine where and when to make adjustments.
Test your business strategy extensively by making constant adjustments and incremental developments to determine whether or not it has the potential to get you closer to your goal. This approach could help you cut losses when your experiments reveal that something isn't working properly and you quickly try something else.
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