So you’ve been trying to develop a strategy for a while now.
You see others do it. And it seems like everyone makes it look easy.
But for some reason, success keeps escaping from you. Every time you get close to strategising, something happens, and you end up back where you started.
Well, not this time!
Because this time, we are going to equip you with the same tips and tricks that business owners know. So, give these tips a try, and see if they don’t work for you too…
Tip 1: Try to break down the long-term plan
into shorter lenses to be reviewed. For example, you can try asking yourself:
“what should be my long-term goal? How much market share do I want? How much
should I expand?”
Tip 2: Be sure to
integrate short-term enablers, mid-term strategic initiatives, and your
long-term mission and vision. To illustrate better, if you are trying to join
the fashion industry, you will need to think about the goal of the enterprise
in the market. An example of a vision could be to offer elegance and comfort
for everyone, whereas an example of a mission might be to make available
fashion at affordable prices. Whereas your midterm strategic initiatives could
be efficient marketing campaigns, setting up a sustainable manufacturing
process, and optimising the costs so you can fulfil your long-term mission and
Tip 3: After strategising, implement and measure to stay on track. For instance, you can try creating a data reporting system to analyse the critical elements of KPI (key performance indicator) and implement and modify strategies accordingly.
Tip 4: Be sure to ask yourself how linked your strategy is to the ongoing operations. Make sure that your vision matches what is going on in your operations. For instance, if your goal is to create a grocery delivery application with the main aim of ‘fast delivery, you will need to allocate a lot of resources to optimise the delivery system to ensure that your delivery services will be very efficient.
Tip 5: Understand your
starting position by setting fundamental business choices and aspirations with
the designated team. For example, you can set up a business culture, teach
the company's values to the team members, and teach them to be customer-oriented, team players, and honest.
Tip 6: You should scope
the market size, growth, trends, opportunities, and challenges. To illustrate,
if you are a streaming platform for Arabic movies and series, you will need to
look for how much money is spent annually on Arabic entertainment, the
percentage of people using online services to watch Arabic content and look for
the trend when it comes to online payments for streaming platforms.
Tip 7: Try to research
the competition by collecting robust data and extracting lessons. Attempt to
analyse the current leaders on the market for the product you are
trying to create/sell, what the customers think about these products, and
what the competitors did right or wrong in their strategies.
Tip 8: Map your stakeholders
and collect their inputs needed through meetings, discussions, events, etc. Try
to look for who is affected by what you are doing; it could be the employers,
investors, or customers. What can you offer them, and what can they offer you?
To wrap things up, strategising is pretty simple when you apply the above 8 tips. So, let me leave you with one last tip, always remain open to changes and be flexible to act fast! Stay #Vital.
It is essential to remain flexible because there will always be unexpected changes in the market. And sometimes, things might not go according to your plan, so you always need to adapt, so you do not fall behind. And during these times, it is crucial to have a clear vision and direction for your company’s survival, which your business strategy provides!
So stay vital! Get to it – you’re going to be glad you did!
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