Business strategy development is an exercise that you cannot just do once and then expect your business to run on them forever. In this day and age, when the business world is so fluid and changing every moment you need to have a strategy that is equally flexible. Every single aspect of your business should be open to this change and fluidity, so keep that in mind when you strategize for the future. Don’t make the mistake of thinking that only big business and huge capital can be conducive to business success. If you have the common sense to foresee and recognize changes and adapt to them then you can succeed despite size and lack of capital. Here’s what you need to do:
Tips for business strategy development: #1 – Marketing plan – The first to developing a successful business strategy is to create a marketing plan. This should include your specific goals and targets which will in turn define your approach to meeting the demands and needs for your services and products. There should be measurable milestone, action plans, allocation of responsibilities, performance monitoring and a budget, all of which should be flexible enough for change as per the need of the quarter.
Tips for business strategy development: #2 – Making a Budget – Allocating a budget is essential to a marketing plan but make sure that your budget is flexible enough to accommodate changes fast. This doesn’t necessarily mean that you have to set aside larger funds but you must learn to roll the revenue money right into the marketing budget as and when needed. In the long run this will create a healthier return-on-investment than having rigid funds.
Tips for business strategy development: #3 – Talent retention – Now business is not just about profit and loss, it is about people who make that happen. Focus on creating a healthy organizational culture and developing potential leaders from your existing workforce so that you can delegate with ease and they can take the business forward. With a strong growth path they will be less inclined to change organizations and stay on.
Tips for business strategy development: #4 – Brand building management – No business strategy is complete without talking about the brand. You have to keep in mind that your plans for the brand will not just be to promote it but also manage its steady growth. This also includes counteracting negative feedback and competition all of which means that your strategies have to be a step ahead of the constant changes in the global business world.
Tips for business strategy development: #5 – Social media management – Of course, today no marketing plan or brand building program is feasible unless it has a healthy social media focus to it. It’s time for instant communication as well as organic feedback so make sure that you are not only out there and reachable for all your consumers and business partners, but also doing the right things so that you have the best of positive feedback to boost your brand presence.
Gary Takacs is the founder of The CEO University is a US-based, CEO and Executive Peer Group Organization that creates opportunities for accelerated business growth and personal development through CEO Peer Group Meetings that are CEO-led, one-to-one mentoring focused on unique business and personal challenges, and purposeful learning events.