Business People Club

How to create a Business Strategy?

0 like 0 dislike
275 views
by Celestiger
How to create a Business Strategy?

Your comment

Your name to display :
Privacy: Your email address will only be used for sending these notifications.
Anti-spam verification:
To avoid this verification in future, please log in or register.

1 Comment

0 like 0 dislike
commented by Emufasa
On a scale of one to ten, having a good business strategy rates about a fifteen!

No matter what kind of business you have -- whether you sell products or a service, as the saying goes, "if you fail to plan, then you're really planning to fail."

Creating a strategy can mean the difference between you working 60 to 80 hours a week all year long -- and then breaking even, or worse, losing money.

On the other hand, many successful entrepreneurs who have a strategy work fewer hours and make piles of money -- and they usually attribute their success to having a strategic plan and following it.

So what is strategic business management? Very simply, it's the process of defining the goals and objectives for your business, creating an action plan so you can reach them and then following the plan.

How do you create a strategic plan for you business?

1. First, know what your vision for your company is. If there were no barriers, nothing stopping you from taking your company as far as you could -- what would that look like?

2. Next, what are your company's core operating values? What are its guiding principles? In other words, why are you in business and how do you do business?

3. Now create a 3 to 5 year plan. Your long-term plan is based on the broad objectives that will help you get from where you are now, to where you want to be.

4. Develop a plan for this year. These are the specific objectives you plan to accomplish this year that will lead you closer to your long-term goals. Remember to be "SMART" when setting your annual goals (Specific, Measurable, Attainable, Realistic, Time-oriented). Include a list of the barriers that are stopping you from getting where you want to go. Figure out what resources you've already got, and what resources you need to get you past those barriers. And then create an action plan that clearly lays out how you will achieve your goals. Involve key employees with this part of the planning process.

5. Create a set of milestones or benchmarks. This is very important, so that you can measure your progress.

6. Share the plan with your employees, and anyone else who will be involved in the process. Your annual strategy is the roadmap that will make sure everyone ends up at the same destination -- but to be effective, everyone needs the same map!

7. Put the plan into action. Now that you have the roadmap, it's time to begin the journey.

8. Check your progress. Just like any trip, you need to check the map every now and then; to be sure you're still on the right road. If something isn't working, the sooner you figure it out and make the necessary adjustments, the sooner you'll be back on track.

9. Follow the same cycle next year. (Dream, Plan, Act, Check).

Creating a business strategy and following it will ensure that you enjoy the journey as much as getting to your final destination.

Related posts

0 like 0 dislike
0 comments 228 views
Five Steps to Create a Budget for your Small Business

How I hate budgets! Every time an accountant told me to put together a budget for my company, my response was - When I get the time I will! I just never seem to get the time. For several years when I first started my company I never paid attention to a budget. ... to review your actual financial statement (Income Statement or Profit and Loss) to your projections. Have systems in place to increase revenue and decrease expenses as necessary.

by UncleRhino
0 like 0 dislike
1 Comment 283 views
How to choose a reliable Business Broker?

How to choose a reliable Business Broker?

by HarmlessRose
0 like 0 dislike
1 Comment 309 views
0 like 0 dislike
1 Comment 1,207 views
0 like 0 dislike
1 Comment 290 views
0 like 0 dislike
1 Comment 295 views
0 like 0 dislike
1 Comment 274 views
How to Inform Employees When You Sell a Business?

How to Inform Employees When You Sell a Business?

by Octopixy
0 like 0 dislike
1 Comment 260 views
How to Build a Customer Focused Business?

How to Build a Customer Focused Business?

by Sumogre
0 like 0 dislike
0 comments 1,070 views
Business – Strategy and Execution

Every company aims to formulate good strategy and execute that strategy well. But many times it is found that it was either good strategy, bad execution or bad strategy and good execution. Why and how to avoid this? Let us begin with what is a strategy? In simple terms, it means ... them with rewards if they manage to achieve the other part also. The synergy between the strategy makers and the executors will ultimately decide the final outcome.

by Scorpeon
0 like 0 dislike
1 Comment 272 views
How Can A Timesheet System Help Your Business?

How Can A Timesheet System Help Your Business?

by OpinionOwl
0 like 0 dislike
0 comments 528 views
8 Ways to Avoid Litigation When You Sell a Business

Based on recent litigation storm clouds, business owners planning exit strategies better batten down their legal hatches. As a small business owner, your company most likely represents a significant portion of your net worth. That's why it's crucial not to let litigation wash it away when ... free transition. Take the time to recognize and act on the many opportunities you have to minimize your litigation risks and reap the benefits later.

image
by TwinNut
0 like 0 dislike
0 comments 1,301 views
7 Tips to Starting a Successful Small Business

Getting a small business off the ground is challenging to say the least. Here are some tips which will prepare the ground for running a successful small business. Have Goals This is where it all starts - the foundation for success. Know exactly where you are heading. What will the business look' ... has not gone right train yourself to ask, What good has come out of this? Understand that in every problem there is potential for good.

image
by Mosquiche
0 like 0 dislike
0 comments 215 views
Business Tools to Help You Run a Successful Business

When setting up a business, even the best prepared among us will struggle to do everything and remember everything. It is very unlikely that we will understand all of the financial and legal ramifications of a new business, especially when we need to concentrate on getting that elusive first sale or completing the first ... with the wrong (or no) tools. You will find that the time it takes to get the right tools will pay off time and time again.

by VirtualAssassin
0 like 0 dislike
1 Comment 208 views
0 like 0 dislike
0 comments 232 views
Business loan and how to acquire it

Business loan can cater to your each and every aspect of your business. The urgent requirement of funds for your business can be catered through a business loan. It is easy to seek a business loan now a day. All you need to do is to fill up an online application form and your application form ... other resources. Don't let funds come your way in becoming a successful entrepreneur. Seek a business loan and expand your business, the way you want.

by Cybora
0 like 0 dislike
1 Comment 793 views
0 like 0 dislike
1 Comment 320 views
How to automate your business with autoresponders?

How to automate your business with autoresponders?

by PlushSeal
0 like 0 dislike
0 comments 784 views
How to go The Extra Mile to Business Success?

You cannot fail when you give more than 100 percent. In whatever endeavour you are doing, always give more than one hundred percent. You will find that whenever you do this, your rewards will always be far greater than the extra effort you expended. Some people refer to this success ... dealing with people and influencing them to buy. However, never lose sight of your most important task right now - keeping your existing customers satisfied.

by AmazingKitty
0 like 0 dislike
1 Comment 442 views
How to Formulatie Legitimate Internet Business Enterprises?

How to Formulatie Legitimate Internet Business Enterprises?

by Dingopher
0 like 0 dislike
1 Comment 281 views
How to manage your business systems?

How to manage your business systems?

by HuggingDuck
0 like 0 dislike
1 Comment 1,365 views
How to look for business opportunities?

How to look for business opportunities?

by TrainedGuy
0 like 0 dislike
1 Comment 272 views
How to prepare business expense reports?

How to prepare business expense reports?

by BouncyOracle
0 like 0 dislike
1 Comment 716 views
0 like 0 dislike
1 Comment 1,486 views
0 like 0 dislike
1 Comment 264 views
0 like 0 dislike
1 Comment 273 views
How to Expand your Business by Leaps and Bounds?

How to Expand your Business by Leaps and Bounds?

by HuggingDuck
0 like 0 dislike
1 Comment 433 views
How to Build a Retail Store that is Made to Last?

How to Build a Retail Store that is Made to Last?

by Butcherry
0 like 0 dislike
1 Comment 287 views
How to start a LLC company?

I want to start a llc company. Looks like process is very complicated. Any tips? I want to start in new york state.

by nicejone
0 like 0 dislike
1 Comment 373 views
How to find a Restaurant Equipment Supplier Crucial for New Restaurant Owners ?

How to find a Restaurant Equipment Supplier Crucial for New Restaurant Owners ?

by PlushSeal
0 like 0 dislike
1 Comment 347 views
How to find a Direct Manufacturer?

How to find a Direct Manufacturer?

by Emufasa
0 like 0 dislike
1 Comment 274 views
How to Choose A Name For Your Company That Makes Sense ?

How to Choose A Name For Your Company That Makes Sense ?

by SilkPredator
0 like 0 dislike
1 Comment 311 views
0 like 0 dislike
1 Comment 237 views
0 like 0 dislike
1 Comment 279 views
How to choose a corporate gift that hits the spot?

How to choose a corporate gift that hits the spot?

by MammothMoth
0 like 0 dislike
1 Comment 240 views
How To Choose A Commercial Painting Contractor?

How To Choose A Commercial Painting Contractor?

by BunBunny
0 like 0 dislike
0 comments 1,421 views
Equipments necessary for starting a business in the production of labels

The labels cover a large range of products for which they are destined, and this determines the existence of several types of label creation according to the type of printing used. From the point of view of the printing type used, the labels are of two types: self-adhesive labels which, ... which don't have a rectangular form, a tunnel puncher whose maximum dimension of processing must be chosen according to the target market that we refer to.

by FatKomodoDragon
0 like 0 dislike
0 comments 1,057 views
Plant a Seed and Watch Your Business Grow

Do you have all the business you could possibly want or need? If you're like me, you're still growing your business. Marketing is an ongoing item on my agenda, and I'm always looking for new ways to market my services. Where do you begin the process of attracting more business? How do you ... just may find new business knocking on your door instead of the other way around. Spring into action...and watch your business grow by leaps and bounds!

by nicejone
0 like 0 dislike
0 comments 455 views
Build a strong business with strong customer relationships

Most businesses spent time attracting customers to a product or service, trying to win their trust and then ending the whole process with a sale. That tactic seems obvious to most people. What often is neglected is the post-sale follow up with customers, particularly when it comes to online businesses. ... perform. Treat your customers like your own family. Go out of your way to communicate with them. If you neglect them, they will go elsewhere.

image
by Cybora
0 like 0 dislike
0 comments 246 views
4 Instant Tips for Running a Successful Internet Business

Running an internet business is not a difficult task; but running a successful internet business can be a bit more difficult. There are thousands of people that have their own online business, but many of them are not having any luck at all. If you want to be successful while running your ... on your way to running a successful internet business. Remember, anybody can run a business, but to be successful you will have to be determined.

image
by AfternoonFay
0 like 0 dislike
0 comments 216 views
9 Marketing Credos for a Thriving Business

1. Differentiate or Die! You Must Stand Out From the Pack. Don't become another me too option for your prospects to choose from. When you allow this to happen, you position yourself to compete only on price - a tough arena to play in. 2. You Are in Two Businesses... The ... a bread-winning marketing tactic. 9. Tap Into Viral Marketing! Get others promoting and selling for you. © 2005 Online Marketing Muscle -- All Rights Reserved.

image
by Octopixy
0 like 0 dislike
0 comments 1,365 views
7 Points In Finding A Home Business

There is so much information online it's amazing. You find something that interests you and you request information and then you are never there. Is it that you are bombarded with calls and emails? Is it that you clicked on something but don't remember? Is it that you were in a ... taking the time to read this over. I hope you have learned something and I hope you use this information to find what you are looking for, freedom.

image
by OpinionOwl
0 like 0 dislike
0 comments 1,046 views
Can a factoring company help you grow your business?

Sooner or later, every business will need financing to grow. Most owners will try to qualify for venture capital or angel financing. Others will try to get a business loan or line of credit, since business loans are popular with business owners. All these business financing tools work well ... days or because you have a large purchase order from your biggest client, a factoring company will be able to offer alternatives to traditional financing.

image
by VirtualAssassin
0 like 0 dislike
0 comments 310 views
A Franchise - Your own business, but include support and guidance

Many people dream of running their own business and of giving up the day job. Most of these ambitious individuals only have the most basic of skills needed, and recognize that their business would not stand a great chance of success. A Franchise is the answer for many of these would-be ... between five and twenty thousand dollars. You may find a vending machine franchise for less, and a McDonald's franchise could cost you a cool $250K.

image
by Octopixy
0 like 0 dislike
1 Comment 384 views
Don’t Let Passions Rule When Buying A Business

Don’t Let Passions Rule When Buying A Business

by Camella
0 like 0 dislike
1 Comment 390 views
Connect with us:
...