When you think about strategy, what comes to mind?
Do you imagine a group of executives in a conference room at a retreat writing on big posters and pressing sticky notes against the wall?
If this is the only image you can conjure up, then you may not think strategy is relevant to your small business. After all, you sell a product or offer a service. Isn’t strategy development too complex for what you do?
As someone who loves strategy, I’d encourage you to re-think strategy and what it can do for your business!
How to Know If Your Business Needs a Strategy
Let me ask you something. Is your business experiencing any of these things?
- an inconsistent customer acquisition process
- confusion about what to post on social media
- employees who seem to never be on the same page
- challenges in pivoting in a changing market
- lack of clarity on how to grow your business
- confusion about why people aren’t engaging with your social media
- doubt about starting a new business
Then, you may benefit from revisiting the idea of developing a strategy.
Developing a strategy can help you work with your dream clients and develop the business you envisioned when you first started out.
Strategy can give you the opportunity to
- Make more money
- Have a greater impact and
- Gain the customers you want to work with
Developing a Strategy that Impacts Your Business
If we’re honest with one another, and we think we can be, many companies have strategy documents that are as thick as a phone book (remember those?) and those strategies often serve the same purpose. They’re practically academic exercises more than living documents.
Executives sometimes spend hours and hours filling out templates, projecting their plans and going back and forth between vision and mission statements. But in all the effort they often end up with employees who are unaware of the plans, organisations that are floundering along and an obvious lack of intentionality.
This doesn’t have to be your fate.
Strategy is important for any sized organisation, and we believe it’s just as important for small businesses as it is for larger ones.
And in today’s climate, many small businesses are only one disastrous situation away from bankruptcy, so, resources management is crucial.
Developing a strategy ensures the most efficient and impactful use of those resources.
The Strategy Formula
We break strategy down into something we call The Strategy Formula.
How to Start Building Your Strategy
If you’re ready to start building your strategy, there are a few questions you should ask yourself that fall into the three categories we’ve mentioned.
If you’d like to get started with building your strategy, you can download our guide, “Questions to Ask When Creating a Profitable & Impactful Business Strategy“.