The opinions expressed are solely those of the author and do not reflect the views of Rolling Stone’s editors or publishers.
You’re a business owner, and you’re looking to make your business the best it can be. But where do you start? Unfortunately, there are many solutions available and a lot of feedback on where to start. Free solutions often don’t work well enough (you’ve tried), and paid ones don’t seem to work fast enough or don’t work for you (you’ve tried them too).
I’ve seen that happen over and over again. As a leader in business development, I’ve seen companies try cookies-cutting strategies to build a web presence, publish more, focus on SEO, and more. Thousands of dollars later, they are usually there. the same situation as before or worse. Others are told to incorporate some influences, make organic content, and so on. Some are said to bring in some members of Group A in sales, operations, HR, etc.
After all, these suggestions are rarely fruitful. It’s not because one of these tactics is bad or unnecessary. These tactics did not follow a specific strategy for each business or the business itself did not follow a clear strategy. Therefore, these attempts to make a business better often fail.
Business strategy is the foundation that helps you get ideas in any business. None of the most successful companies out there have achieved that by following trends or copying others, to the point. They had to have a clear strategy for making decisions.
My suggestion is to start with the basics: do your strategic planning well. If you answer the following questions, you are in a good position to start. What does your business offer? Who are your customers? What benefits do you get? What is your business trying to achieve? If not, answer these questions clearly. This would be the role of your company.
Then evaluate what you have done so far. Make a list of your business goals (aka goals) and see if they are within your capabilities or capabilities to accomplish. See if you are measuring success well. This is crucial to understanding, because sometimes we measure something important in the wrong way. Make sure your goals are also continuous, that is, long-term and open. Assess whether you are setting deadlines, budgets, and scope for each initiative you are undertaking to meet your goals.
So far so good. You have thoroughly evaluated your mission and goals. What now? The next step is something that most business leaders forget because they don’t know how to do it right or because they don’t know how to use the information they get from it.
You need to look at how it affects your business outside of your business. This is your external analysis. Is there anything in your industry that could affect your business? If so, what is the threat level for your business? By defining not only the threat but also its level, you are better prepared to produce more reasonable goals as part of your strategic planning process in the final steps.
Then you look at your business – this is your internal analysis. You want to understand your strengths and weaknesses. I know you’ve heard that before. I am using these familiar terms to take the next level of internal analysis. Ask yourself, what is it that you do well as a company, based on internal or external references? Is imitating what you do valuable, strange, or expensive? That would be the strength of your business. Now ask yourself, is there anything wrong with your business? Or is it missing something that will help your business significantly? These would be your weaknesses. From the outside, but from the point of view of your company, ask yourself, is there an industry trend that could harm or exploit your company? These are your threats and opportunities, respectively.
This next part is crucial. So far no one was able to send in the perfect solution, which is not strange. Now you need to choose a strategy that matches your mission, strengths, and opportunities in your industry. Your vision should use everything you offer. There are many different types of business strategies. Some are cost leadership, differentiation, technology leadership, economies of scale, or focus strategies, these are the strategies I just mentioned, but applied to niche markets.
Finally, once you have completed your analysis and chosen a meaningful strategy (based on the results of your analysis), you need to create and set new goals that are consistent with your mission and business strategy. Here’s a tip for success: Make sure you use information from your previous goal analysis to create better ones.
All of these suggestions seem to have something to do with your current business problems, but a clear strategy is driven by hiring. You wouldn’t hire someone who is a media expert if you realize that your business has the potential to grow online, right? You will be able to analyze the services offered to you by analyzing your goals and deciding which of these service offerings would be the best initiatives to meet your goals. The list is endless.
If you want to improve your business, have tried a lot of things, and are wondering where to start, I encourage you to start your strategic planning well. Your business, your family, your employees, and your business partners will appreciate it.