A business strategy is an approach used to ensure that businesses reach their overall goals and aims. ‘Strategy’ relates to the steps that are taken to achieve the overall long-term business objectives. Ultimately, these aims and goals are at the heart of a business’ strategy.
An example of a business aim or goal could be to increase sales revenue by 10% this quarter, based on last year’s figures for the quarter. The business strategy would be how this could be achieved. For example, a business with this aim and goal could focus on increasing the sales volume of key products, to increase sales revenue, or the senior managers may task the marketing department to focus on a plan to help achieve the aim from a marketing perspective.
It is essential to have a plan of action and see the long-term future, including where the business is moving toward or away from. A strategy is just as important for new and established businesses alike. It will help businesses keep up with trends in the sector and remain competitive.
As a senior manager or CEO, you must first have an understanding of what it is you wish to achieve. Look back at the road the business has travelled. What worked well, and what did not? Imagine your business five years in the future. How does it look? What has determined its success? Write a set of business objectives and map out how you will achieve those business goals.
Think about your key shareholders and those who have an interest in your business’ activities. What do they expect from you as a business? In addition, consider the stakeholders (if any) who have a financial interest in your business. What are their requirements and interests? The key is balance while creating a long-term vision that considers all of the players.
Secondly, split your goals up into short-term, medium-term and long-term aims so that your plan is manageable. Focus on each part of your plan one step at a time. This allows you to establish clear steps that need to be taken to achieve these goals and your overall business strategy.
Lastly, use SMART goals. Your goals should be: specific, measurable, achievable, realistic, and time-bound. Business goals that have been created with SMART in mind are likely to be successful. Senior managers should ensure that staff are engaged with the overall direction the business is heading in and check-in regularly on goal achievement.
Once the plan has been created, the next step is to ensure that employees are fully informed, trained, and motivated by the overall vision and direction. The success of the business strategy depends on not only the product or service, but also the employees behind it.
Kick-starting a business strategy can be a daunting process, but have no fear — Annie is here! I’m Annie Brooking, a high-technology CEO who specialises in getting disruptive products to market. I’ve developed and managed business strategies for high-tech companies in Silicon Valley and launched 19 products to market, many of which were industry-firsts — and I can do the same for you
My Dream Ticket™ workshops are designed to support businesses to develop and achieve a specific business goal. We’ll work together to create a business strategy that will make your business a success. Want one-to-one advice on your business strategy? Enquire about Dream Ticket™ consultancy sessions with me.