Running a business is one of the most fulfilling and important jobs in the world. Your customers depend on you; your people and their families rely upon you and your suppliers look to you for more business.

If you get it right, you will generate profits which lead to personal wealth and job satisfaction. If you get it wrong, you risk losses or, at worst, the collapse of the business.

That is why it is so important to have a strategy. A strategy is a plan for the general direction of your business. You might think of it as the same way as planning a holiday; the first thing to decide is where you want to go. You then find out what dates are suitable, decide whether you can afford it and agree the finer details.

A business without a strategy makes no more sense than a family that gets up one morning, decides to have a holiday and sets off for the airport. It is theoretically possible that they will get a flight but the chances are that their trip will be a disaster.

An effective business strategy is a statement which shows what you are trying to achieve as a business, where you intend to fit into the market and how you will do business. It covers key questions such as:

  1. Are you a local, national or international business?
  2. Will you be an online business or trade from business premises (or both)?
  3. Will you sell to individual customers or other businesses?

Management Tip

Always have an up to date strategy for your business, take a step back every few months and see developments in your market and review your strategy regularly (never less than once a year!)

Get Your Business Strategy in Shape with the Business Transformation Toolkit

Section 01 will Help You Discover:

  1. Why strategy is so important for your businesses.
  2. The origins of the term “strategy”.
  3. The five things you MUST remember about strategy.
  4. How to prepare yourself to think strategically – and stay that way forever.
  5. The six key questions for any existing business.
  6. Preparing a strategy for a start up business.
  7. How to refresh the strategy for an existing business.
  8. Bringing your strategy to life.
  9. Vision, mission and values statements and how to avoid the common mistakes.
  10. True life examples of business strategies that work (and some that don’t!)

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