Strategy 101: A 4-Step Guide To Writing An Effective Business Strategy
A business strategy will determine the focus of your company, the role your company will play, and the shape it will take in the future. And for your business to successfully grow and achieve its goals, a clearly defined strategy is essential. It’s impossible to be the best at everything in the world, so figure out what you want your company’s strengths to be and focus on those as a way to set yourself apart from your competitors.
But whether you choose to expound upon it in essay form or get more quickly to the point with bullet points, how you ultimately lay out your business strategy is up to you. Basically, it should summarize how your company intends to satisfy its customers, stay ahead of its competitors in the market, and accomplish its objectives. Try to answer these questions:
- Why are we in business?
- In what areas are we leaders?
- Which customers are we aiming to serve?
- What kind of products/services should we offer or stop offering?
- Why did we decide to take our company in this direction?
In general, here are four things you want to focus on when creating your business strategy.
1. Use clear, measurable language
Steer clear of empty phrasing like “Our Robust Services Are Optimized for Repurposing Operations.” You may think it sounds lofty and impressive, but really it just leaves potential customers scratching their heads. Not only does such “bizspeak” comes across as obnoxious, but it can signal that a company is lacking clear vision because it substitutes overused clichés for actual measurable actions. Consider consulting a “Bizspeak Blacklist” such as this to keep your language clear and easily understood.
2. Implement a solid fulfillment strategy
Getting your products and services to the customer – that’s fulfillment. If your company is growing rapidly and it’s getting harder to keep up with orders, an effective fulfillment strategy is especially important. Remember, the Jack of all trades is also the master of none – by outsourcing your order fulfillment to a company like Elite Ops, you are able to focus on other aspects of your business, such as mastering your market or improving customer satisfaction.
3. Be the best at something
The most successful business owners are always seeking to improve. Being the best means working harder and learning faster than your competitors. Remember that differentiation is key in competition; you never want to be a “me-too” company. So figure out your competitive advantage, and focus on that.
4. Be money-minded
Without sales, profits, and cash flow, there would be no business in the first place. You can’t neglect the importance of money-making. Focus on net profits instead of gross, which tells a more realistic story about the health of your business.
If you’re looking to increase your business organization and management speed, check out Elite Ops, a Utah distribution company. With over 20 years in the business, they have the experience and professionalism to save you time, money, and countless headaches.