A business strategy is the answer to the question, “How will my company compete in the marketplace?” It’s the roadmap that your company will follow to achieve its goals. This plan should contain several elements that will help you define your core values and guide your company. These elements include understanding your strengths, weaknesses, opportunities, and threats.
First, you need to understand your business’s external environment. You can use a SWOT or PESTLE analysis to help you decide where to focus your efforts. Then, you need to set objectives that are SMART (short-term, medium, and long-term), and have KPIs for each. You’ll also need to consider how you’ll allocate your resources and budget. During this step, you’ll also need to define your Unique Selling Point (USP) to help you stand out from your competitors. This is especially important if your industry is highly competitive. It will also help you determine how to create demand and increase sales.
Once you’ve determined your top level objectives, your business strategy needs to be turned into an operational plan. The objectives should be clear and specific, so that everyone can follow the plan. The vision and mission statement should be compelling enough to grab the attention of employees and customers. The values of your business are also important, because they will determine how you conduct your business.