A business strategy is what will take you from someone with an idea to a small business success story. There are tons of business strategy examples and business strategy templates out there, but that might not be what you need. In this guide, we’ll cover what is a business strategy and everything yours needs for you to start growing your business.
You may think that creating a business plan is enough forethought before starting up, but a business strategy is equally important. While your plan focuses on business objectives and targets, the business strategy is more about how you’ll make it all happen and what comes next. The best business strategy examples are the ones that include who and what entrepreneurs need to know to turn their idea into a reality.
Deciding what goes into a business strategy can be the hardest part of writing one. Every business strategy is different, but here’s our list of essentials to make sure you know how you’re business is going to grow.
Write a concise explanation of what your business offers right now and how much money it makes. Don’t exaggerate or overstate anything. Keep it simple and honest.
Now’s the time to dream. Work out what you want your business to offer in five years and how much money you want it to be making. Don’t completely leave the realms of possibility, but do set yourself a target to strive for.
You need to know how you’re going to go from a to b. Write down how many people you need to reach and how many sales you need to make to hit your goal.
Be specific and detailed. If it helps, even set targets for the number of followers you’ll have on Twitter or the number of business events you would have gone to and spoken at. Everything you write here is an objective that will drive you forward towards your five year finish line.
Have an eye on the competition too. You should already know who your biggest challengers are, so think about how they will spend the next five years. It’s going to be almost impossible to get this spot on, but putting some thought into what their goals are will help you know what to expect on your own journey.
Create a definitive list of every person who could help your business reach its target. Be ambitious with it too. Richard Branson could probably help your business, so put him on the list, but make sure you attach some more achievable targets as well.
Look around for mentors, partners and anyone who will unlock the hidden potential of your business idea. These people should form the bulk of your hit list, and then you can start to use any means necessary to connect with them.
Similar to the other list, make sure you know the skills and information you need to reach your goal. From any industry knowledge to an understanding of taxes, it takes a lot to grow a successful business and your business strategy needs to include it all.
Here are some other things to think about when writing your business strategy. The answers will vary hugely for each business, but you do need to know them.
Will you expand your business in a completely new way?
Will you need a bigger team?
How will you be funded?
Of course, if you are looking to start a business that’s purely on-line, you will need a different kind of business strategy. Namely, you’ll need an e-business strategy.
This involves a lot more focus on your website and how it will be benchmarked. Work out the percentage of your browsers you want to turn into buyers and then tweak your website until you reach that point.
To improve your e-business strategy, check out our guide to increasing online sales the ASOS way here.