THE BUILDING BLOCKS OF A
Strong
BUSINESS STRATEGY
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or many leaders , the word “ strategy ” holds a lot of weight . It represents the overall focus of the organization , details the plan for overcoming obstacles , and incorporates the necessary resources and materials for reaching certain metrics or business goals . A business strategy needs to be steadfast yet versatile , bold yet subtle , and broad yet detailed . Getting the foundation of your business strategy right is critical . Focus on perfecting the building blocks of your business strategy .
LEAD WITH A VISION
It ’ s not uncommon for people to think that business-related vision statements are a waste of time , but there ’ s a reason they ’ ve been around so long — because they work ! When the market landscape is changing and business priorities are shifting , a strong vision statement will help remind your teams what their work is for and emphasize the “ why ” behind every business decision . A strong vision will drive alignment , inspire hard work , and give your customers something to connect to .
STUDY THE MARKET AGAIN AND AGAIN
The only constant in any market is the fact that things will change regularly . Breaking into the technology industry will be very different from entering the oil and gas industry , but in both scenarios , preparation and research will set your business apart from the competition . What trends are happening in your industry ? Are your competitors facing new challenges ? Keep a pulse on the market to help differentiate your offerings and navigate conflicting priorities .
OBJECTIVELY ASSESS YOUR BUSINESS
As a business owner , entrepreneur , or organizational leader , it can be hard to stay objective . After pouring so much of your heart and soul into your work , the reality of how your business is doing might become a bit hard to see . Through periodic reviews of how your business is doing , you can adjust your strategy quickly and solve challenges as they arise . If you ’ re struggling to stay objective , rely on numerical metrics and KPIs , which make up the next building blocks of strong business strategies .
OUTLINE METRICS & KPIS
Because numbers never lie and because access to data is ever-increasing , homing in on critical business metrics and key performance indicators ( KPIs ) that you want to track will provide direction and give structure to your business goals . Be sure to measure and compare metrics over time to truly understand how your business is being impacted by strategic initiatives .
SET REGULAR GOALS
Did you know that by writing down your goals , it ’ s 42 % more likely that they will be achieved ? When you record and publicize your business goals , you offer direction to your internal resources in the short term . Strategic plans provide a helpful framework , but without supplemental goal-setting over regular time intervals , the tactical goals that lead to overall strategic success could be missed entirely .
No two business strategies will look the same . You have to figure out what works for your business in your industry . But no matter how you construct your strategic plan , focusing on these building blocks is a great place to start . +
Credit :
• blog . hubspot . com / marketing / businessstrategy
• vistage . com / research-center / businessleadership / strategic-planning / 20181105- 10-steps-building-best-businessstrategies /
• mckinsey . com / capabilities / strategy-andcorporate-finance / our-insights / gettingstrategy-wrong-and-how-to-do-it-rightinstead
• cnbc . com / 2019 / 09 / 13 / self-mademillionaire-how-to-increase-your-odds-ofsuccess-by-42-percent-marie-forleo . html
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