Succeed As Your Own Boss

ENDING SMALL BUSINESS FAILURE

  • Home
  • About
  • Book Melinda
  • Consulting
  • SBL Store
    • Books/Workbooks
    • LifePlanningJournal
    • 30 Day Fast Start Program
    • Become Your Own Boss Course
    • Become Your Own Boss Bundle
    • Fix Your Business Masterclass
    • Write A Business Plan Course
    • One-on-One VIP Coaching
  • Subscribe to Podcast
  • #Smallbizchat
    • Be a #SmallBizChat Guest
  • Blog
    • Write For Us
  • Contact
You are here: Home / Become Your Own Boss Tips / How to Develop a Business Strategy – Part III

How to Develop a Business Strategy – Part III

September 17, 2018 By Melinda Emerson Leave a Comment

Feel free to share...Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Share on Reddit
Reddit
Email this to someone
email
Print this page
Print

Developing a business strategy is all about looking at where you want your company to be in the next 3-to-5 years and figuring out what you need to do now to get there. If you spend your days constantly putting out fires in your business, it’s doubtful that you have much time for developing a new business strategy. But if you ever want to stop living like that, you need to make time. Strategic planning can reignite your passion for what you’re doing. By reconnecting with your “Why” story, you can reclaim your original business dream. The daily stress of a business is tough. It’s easy to flip into survival mode and lose sight of that dream that you set out to accomplish in the beginning when you started your business.

But you can always hit the reset button. By clearly identifying your niche target customer, validating your value proposition and setting sales goals, you’re no longer winging it. In my series on developing a business strategy in Part I, we discussed how to create a strategy and in Part II, we focused on why strategy fails for small businesses and the criteria for good business strategy. In Part III, we will focus on the benefits of a business strategy. Just consider this, developing a long-term business strategy will increase your chances of business success by forcing you to develop strategies and tactics to address any identified problems. Here are the 7 Main Benefits of Developing a Business Strategy.

1)    Minimizing Risk:

One of the main benefits of developing a business strategy is that it reduces risk. Once you’ve envisioned your company’s future over the next 3 to 5 years and done a thoughtful analysis of current state, resources, strengths and weaknesses, competitors and the business environment, you will be better equipped to make decisions and therefore to minimize risk to achieve your company’s potential.

2)    Cost Savings:

Once you’ve defined your long-term goals, you will have significant cost saving because you will not waste any marketing resources or time on business appointments or opportunities that are not a fit for your core expertise, focused on your niche target customer or don’t drive the ideal profit margin.

3)    Keeps Focus:

Without a clear vision of what you want to achieve, everything might seem like a good idea. With a clear strategy, you can build a go/no-go list to clarify the right business opportunities. When you are clear about the customers you want, you are able to make good decisions about your marketing investments such as attending conferences and trade shows or investing in direct mail campaigns and online advertising. You have limited time and resources, so it’s critical that you stay focused on the right opportunities.

4)    Business Goals Are Easier to Achieve:

Focused planning and strategic thinking will uncover the customer segments, market conditions, and new product and service offerings that are in the best interest of your company.  A targeted approach will guide your sales and marketing efforts. When you are focused on specific business targets, you are able to focus on customer retention activities and providing better customer services and anticipate customer needs.

5)    Improved Company Morale:

When profits are going up company morale goes way up and it makes it much easier to attract top talent. When you start to get positive press for your success like making the INC 5000 or best places to work in your city these accomplishments will make people want to come work for you.

6)    Unique Value Proposition:
Some small business owners study their competitors best practices so closely and then try to duplicate them, and then risk losing their unique value in the marketplace. Strategy means having a unique differentiation that sets you apart from your competitors. Your strategy should reinforce your unique value proposition.

7)    Create Longevity From The Business:
The world market and industries are changing faster than ever and those small businesses who do not have a solid foundation and have relied on luck, word of mouth referrals or opportunity most likely will not be around in the future. Data reflects that one out of every three companies at the top of their industry will not be there in five years. Focus is powerful. Your business strategy will give you direction and focus.

A final note of advice about developing a business strategy. You might want to seek an external, objective point of view to review your plan once it’s finished. It might also make sense to hire a consultant to guide you and your team through the strategic planning process. A consultant will also ensure you finalize your plan and establish clear timelines and assign responsibilities to you and your team.

Feel free to share...Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Share on Reddit
Reddit
Email this to someone
email
Print this page
Print

Filed Under: Become Your Own Boss Tips, Fix Your Business, Grow Your Business, Solopreneurs, Your Small Business Tagged With: benefits of business strategy, business strategy, develop strategy, long-term strategy

Fix Your Business Now!

Order SmallBizLady's new book Fix Your Business, 90-Day plan to Get Back Your Life and Reduce Chaos in Your Business. It includes the 12 Ps of Running a Successful Business and readers will finish the book with a new strategic plan to take their business to the next level.

About Melinda Emerson

Melinda F. Emerson, known to many as SmallBizLady is one of America's leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. Her latest ebook, How To Become a Social Media Ninja; 101 Ways to Dominate Your Competition Online was released in 2012.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Let’s Connect

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Let me send my best blog posts to your inbox each week.

Click Here to Sign Up!

Get 2 FREE Chapters of SmallBizLady’s Book,
"Become Your Own Boss"!

Become Your Own Boss Download Two FREE Chapters

Most Popular Posts

>Seven Ways to be More Profitable in Your Small Business
> 7 Ways to Attract Customers to Your Small Business
> 6 Tips for Managing Small Business Finances
> How to Run a Successful Multilevel Marketing Business
> 10 Ways to Grow Your Small Business With Instagram
> How to Sell on Facebook
> How to Get Over the Fear of Starting a New Business

Featured Videos

“12 Principles of Highly Profitable Businesses with Melinda Emerson” from Sonia Dumas
October 2020

#SmallBizChat LIVE from NYC
May 2017

MSNBC Interview
Top Tip: Never Let a Customer Down

National Speakers Association
Winter Conference 2016

Tune in to Exhale, Wednesdays at 9 pm EST, only on ASPiRE. Join the conversation at #EXHALETV

Fox Business
Five Steps to Becoming a ‘Social Media Ninja

MSNBC
The importance of job mentoring for women

#SmallBizChat Live
National Small Business Week: Q&A

Good Day Philadelphia
Expert Shares Tips on How to Become Your Own Boss

Google
Best Practice for Social Media

Testimonials

Become Your Own Boss is a must read if you’re thinking of launching a business of your own.
Jean Chatzky, Bestselling Author of Money 911 and Financial Editor of NBC’s Today Show
Great step-by-step advice for anyone looking to start their own business.
Andrew C. Taylor, Chairman, Enterprise Rent-A-Car
Melinda Emerson has written a remarkable book. It is essential reading for anyone seeking to make the transition from working girl to successfully working it, as an entrepreneur.
Cynthia McClain-Hill, Past President, National Association of Women Business Owners
The perfect companion for those planning to go out on their own. Melinda delivers firsthand practical advice on how to be the successful entrepreneur. Read it if you want to get it right the first time.
Kenneth L. Shropshire, Professor at the Wharton School of Business, University of Pennsylvania
If you are looking for a versatile speaker who can talk about how to grow small businesses or get started with social media, look no further.
Heather Van Sickle Executive Director, National Association for Community College Entrepreneurship (NACCE)
Her wit and depth of subject knowledge were entertaining and empowering. Melinda is definitely on our short list of seasoned entrepreneurs and business leaders we look to invite back in the near future.
Tennille M. Robinson Senior content & Event producer for Inc. magazine
Melinda Emerson, “SmallBizLady,” is an engaging and witty speaker and a great addition to any conference. Her terrific presentation and compelling delivery give people the information they need and want to become their own bosses and grow success… Read more
Laurie Dalton White Conference Director, Pennsylvania Conference for Women
Melinda Emerson has been a fantastic small business and social media resource for the Pitney Bowes team. Not only is she personable and easy to work with, but she also has an innate understanding of the small business audience. My marketing programs … Read more
Justin Amendola, Former VP, Global SMB Digital Strategy, Pitney Bowes

SmallBizChat

  • Twitter

Latest #SmallBizChat

The Future of the Workplace in a Post-COVID Environment Featured Image

The Future of the Workplace in a Post-COVID Environment

The workplace is shifting and evolving in some surprising ways as the response to COVID-19 develops. I know I’m not the only one who’s had to adjust and rethink the way I do business. No matter what industry you find yourself in, you’re facing some unforeseen challenges from the ongoing virus, and you’re probably wondering […]

Recent Comments

  • Bada Business ibc on 5 Tips for Getting More Online Reviews for Your Small Business
  • Justin Marble on TikTok vs. Snapchat: Which One Is Better for Marketing? [Infographic]
  • sathya on 15 Mistakes Not To Make In Your Digital Marketing Approach
  • Agency Platform Ebrandz on TikTok vs. Snapchat: Which One Is Better for Marketing? [Infographic]
  • Sejal on 15 Mistakes Not To Make In Your Digital Marketing Approach

#SmallBizChat

  • SmallBizChat Archive
  • @SmallBizLady

Business Advice

  • How to Start

SmallBizLady Store

  • Products
  • Free Chapter

Get In Touch

  • Write For Us
  • FAQ
  • Be a #SmallBizChat Guest
  • Contact Us
Copyright © 2019
Quintessence Group
PO Box 280
Drexel Hill, PA 19026
(610) 352-0680
Privacy Policy · Refund Policy

Copyright © 2021 · News Pro Theme on Genesis Framework · WordPress · Log in