A Business Strategy is our map to our destination. We know that the journey is much more important than the destination. The journey is meant to be one of ease, grace with a marker of where we are going. There will be twists/turns and ups/downs along the way, but we can stay on track if we stay focused, aligned to our why and aligned to the general direction of the destination.
We hear the about the need of a good solid business strategy. Typically, it takes the shape of the 30 page business plan that is never look at. The business plan does have its value though, as it makes you think of every single aspect of your business from the systems to processes to your competitors to your marketing strategy. When someone else is evaluating your business, the business plan is necessary yet in most cases, we have found that the one page business canvas will suffice.
Regardless which business strategy map you use, here are 5 reasons why a yearly business strategy is necessary:
1. The more clarity in the vision, the easier it is to achieve.
Clarity is the key to manifestation and the key to achieving the vision you desire. Clarity has the power to bring into awareness what we most need to know so we can continue our focus on the contribution that we are looking to make.
2. It allows you to do a SWOT analysis on your business.
An important aspect in business is to be aware of the strengths and weaknesses of the business, so they can be addressed accordingly, as well as the opportunities that have been created in the industry or by the business itself and any threats that may not in your control but may impact the business – in this case, the economic climate.
3. It allows for assessment of offerings.
A yearly business strategy allows you to really define why you are offering what you are and whether it is serving the needs of the customer. Reflecting on the questions, “why would they buy from you?” keeps you relevant and engaged with how you are contributing to the lives of your customer.
4. It provides an opportunity to think about the customer.
Being a customer centric business allows you focus on the end goal of making someone’s life better because your product or service exists. Take the opportunity to connect to your customer avatar – how do they need to be connected (i.e.: marketed) to? What will you say that will remind them of their need for their product/service?
5. It keeps you focused.
Focus is a big one, especially for entrepreneurs. Many times, you have great ideas and are willing to take the risk to make them happen. It is important to stay aligned to one idea and move that forward until fruition. The focus on the end goal of the vision is an important one to ensure success is achieved.
On January 12th, veza community will be hosting an one-day workshop on the creation and redefinition of your business strategy. Let us help to make 2019 a year of focus, clarity and tangible outcomes in your business.