Business Strategy Guide
For Small Business, Startups and Entrepreneurs
Every business needs to have some sort of strategy to follow. The business strategy is your anchor point, it sets you on the pathway to your goals. Without a strategy, it's easy to lose your way, get confused and fall into uncertainty. In this guide we set out the steps involved with creating a solid business strategy for your new startup or small business.
Step 1 - VISION & VALUES
A good vision statement is your anchor point. It should outline what the business will look like when you ultimately achieve your goals. The vision gives purpose to the existence of the company. Values are an extension of your vision – the reason being, that they go to the heart of your business strategy, because it defines you and your people.
Step 2 - DEFINED OUTCOMES
A strategic plan is nothing without a set of clearly defined outcomes. Visions, missions and focus areas are a great starting point – but no-one will take your plan seriously unless you can clearly articulate what steps you are going to take to get there – and what success looks like for each of those steps.
Step 3 - KEY METRICS
Understanding the basic elements that drive your business growth is critical. these are your key metrics, the things that will create the greatest change. Establishing a baseline for your product or service creates a reference point from which you can measure its progress, either up or down.
Step 4 - PROCESS & PROCEDURE
the purpose of this step is to define your accountability in your initial strategic plan as a part of defining your journey. Ideally, the people responsible for a particular segment of your plan should also contribute to the policies and procedures themselves. That’s the best way to drive engagement and accountability.
Step 5 - CUSTOMER EXPERIENCE
Customer experience is an area of business strategy that is often overlooked. It's not until things start going wrong that business realises that they just are not nurturing their customers. The strategy of CX is becoming the great differentiator and should form the basis of strategy.
Step 6 - EMPLOYEE ENGAGEMENT
It’s all well and good for to have a solid strategic plan, but if your people have not bought in or engaged, your strategy will remain as just words on paper. Employee engagement can be described as the degree to which your people are invested in the success of the business.
Don't spend hours worrying about how to right your business strategy, we have done all the heavy lifting. Take advantage of this easy to use template and put yourself back in the drivers seat.
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