Updated: May 11, 2021
We live in a unique time. A time abundant in Business Startups. Where there is a significant decrease in people seeking jobs, along with imaginary “job security” and an increase in demand for solutions to help small businesses develop, maintain and exceed. The solution that entrepreneurs seek is called a Business Strategy. It is the maker or breaker of startup business, or any business for that matter. But business strategy is most crucial to the first 3 years of your business. Do you ever notice that some startups gain serious traction practically over night while others struggle for years just trying to supplement their 9 to 5? It’s not luck and it’s not just money. You can have an abundance of capital and still blow it. It comes down to their startup business strategy plan every single time. So, we want to offer you some understanding on what business strategy is and how you can start building a business strategy to change the trajectory of your business success.
At its core, a Business Strategy is a systemic plan. Right now, you have blood in your body and there is a systemic plan already in place to circulate that blood to all the necessary parts of your body. If you were mysteriously born without that plan in place, you would have never taken your first breath. We should consider this example when thinking about our own business. How can we expect our business to function without a plan?
So, a business strategy is a plan. Great. Well before you get too excited about jotting down the barebones of your business strategy let me explain one thing. There’s more to this thing than just launching a website to sell your products to the world. I’ll detour from the human body because I’m not a Doctor. But If I were to use a blueprint for a house as an example, you would see that there’s not just an infrastructure for the wood beams and nails. The blueprint details the plumbing system, electrical wiring, gas pipes and more. Likewise, the business strategy that we will coach you through covers every facet of your business.
Qualities of a Great Business Strategy:
Business Strategy details the start point along with your endpoint
Entails startup cost and capital acquisition
startup time frames for each goal
Includes market research
How your startup Business fits in with the other bigger brands
Business Strategy is a continued compass advising you on your continued efforts
3 Things that set our Business Strategies apart?
TESTING. Let’s pretend that you are in the business of creating children’s toys. You are super excited about your newest toy. You have done all the investing to put this amazing children’s toy into production and get it on the shelves of thousands of stores. However, the data shows that your new toy is not selling, and retailers are pulling out of their deal with you. What on earth happened? Well, your business strategy probably didn’t include enough testing. Did you test how children would respond to your toy? Do they like that kind of toy or would they rather make fart noises with slime all day? And what about the parents? They are your real consumer. Did anyone test how parents respond to the idea of their child playing with your toy? Probably not. Testing is so commonly overlooked. Our coaches test various stages of your business strategy to ensure that you are relying on proven data and not just wishful thinking.
SELF DEVELOPMENT. People don’t come into entrepreneurship as business owners. They come in as realtors, artists, teachers, chiropractors, bakers or in my case, a coach. They come in knowing their craft but have probably never been a CEO a day in their life. However, entrepreneurs put so much effort into building and developing their business that they often forget about the most fragile link in the chain… themselves. How are you developing yourself to manage your company? Self-development is essential to your business strategy. It can equip you with the know-how of operations and ensure that you have a healthy mindset to push you past limiting beliefs and keep your business on track.
ACCOUNTABILITY. You’ve created a detailed Business Strategy; you can see the blueprint and see that the Business Strategy is effective and ready to be executed. But unfortunately, many of us are still use to a life of our own personal requirements. Rather it be home duties, family, or relatives, these obligations are difficult to juggle with the growing needs of our business. We have a responsibility to see the Business Strategy through, but we can’t neglect the needs of our personal life either. How do you compromise? You compromise with the power of Accountability. Believe it or not there can be balance. Working with our agency on a weekly basis provides you with outside perspective and non-bias answers that will ensure your business strategy succeeds and you never miss your kid’s soccer game.
5 Rules to creating your Business Strategy
Purpose & Vision: What is your Purpose for creating your business? How did you come to the conclusion that you wanted to be in this industry? Who do you see it helping? A properly executed Business Strategy will help you achieve a certain result. Describe that place and dream a bit. The more details you have, the more it becomes real to the mind. This part of the Business Strategy should be viewed at least twice a day. Your Purpose & Vision should be the start.
Vehicle: Your Vehicle is an assessment of Your current Business capabilities & resources. In order to get to the desired destination, we need to know our vehicle’s capabilities. That’s right how well do you expect your company to perform as of today. That way we know what areas we need to build upon to hit your goals. Top areas to consider include: Time commitment, the Skillset of yourself and Team, & how much do you have in Capital & Resources
Time Frame: Your Strategy needs a realistic time frame. That time frame should be formulated by how much time you can invest and how many resources you have at your disposal. We suggest 12 months or longer for your initial Business Strategy. You want to be in it for the long haul. It’s better to measure 100 times and cut once, than to measure once and cut 100 times.
Market Research: Your Business Strategy Plan will have your product or service details. It must be accompanied by your industry opportunities and weaknesses so you may be able to position yourself to sell. Knowing how your product or service affects your target market is how we increase its influence. Key indicators will show up during your research and this is what we like to call “Your Marketing Gold Mine”.
Risk: What are Your Business Strategy Weaknesses that are causing barriers? What are the risks & uncertainties that are inside your business? There are a lot of miss conceptions that business growth is blocked due to a lack of funds. However, this can be overcome with a clear strategy. Analyzing risk during the Business Strategy phase allows you to avoid and conquer many obstacles.
So what is your Business Strategy?
Using these helpful rules should guide you closer to achieving your Business goals for the year. Remember, your Business Strategy should be innovative and tested. It should provide you with a systemic plan to navigate you through obstacles and setbacks. This is your guide and you should take it as serious as you want others to take your business.