10 Steps to Building a Killer Business Strategy You can Execute FlawlesslyAugust 17, 2021
Nothing seems to go exactly as planned with a company’s strategy, especially today. But that certainly should not stop your company. Instead, GLO sees it as a challenge to make strategies more airtight than ever before. So here are ten steps to building a killer business strategy you can execute flawlessly.
1. Establish a well-defined purpose for your Business Strategy
A quality strategy requires a coherent purpose. Determine the problem your company needs to solve in this strategy. Be sure the objectives are measurable. It is hard to know whether your strategy is working or requires a change if there are not realistic and measurable objectives throughout the entirety of the strategy.
2. Define your competitive advantages
Define what sets your company apart from the competition. Every company needs a unique trait to its name. If the trait is unknown or does not exist, then discover it or create it. This unique trait gives your teams something to hold on to and grabs the attention of your target market. Integrate it throughout your strategy.
3. Establish a clear target market
A lack of clarity when making a target market wastes time and money for everyone involved. Create a target market profile of one fictional person. Make them as real and specific as possible, everything from demographics to their behavior. Your strategy should focus on that one person. Think of this fictional person as the bullseye of a target. If your strategy misses the bullseye, it still has a good chance of reaching a similar target audience.
4. Work hard on systemic growth
A successful company constantly grows; ensure you plan for it. Make growth a part of the goals and objectives you set for the strategy. Think about what parts of your company make sense to grow as the strategy unfolds. A killer strategy will bring your company success, and you need to be ready to capitalize on the opportunities it presents.
5. Make decisions based on facts
Intuition is a great starting point for decision-making, but a killer strategy is built on data, not educated guesses. Plenty of secondary research exists, readily available to the public, which can help you make an informed decision when creating the strategy. Gather enough data to the point where you can have strong confidence in your thought process because of the collected data. Make sure to be thorough. If you have confirmation bias while researching you will pay a costly mistake. Be open and set aside your biases.
6. Think long-term Strategy
The strategy needs to have long-term goals and objectives. Short-term goals and objectives are important, and it is tempting to only fill your strategy with them. But long-term goals and objectives are a sort of North Star. As long as you keep them in mind, they alert the company when it is wavering and ensure success is progressing is being made.
7. Be flexible … as the world changes
For many companies, Covid-19 was the perfect worst-case example of a need for flexibility. Companies that were quick to adapt recovered, those who were slow took a hit but are coming back. And the companies that did not adapt are either on their way out—or gone. Restaurants took a massive blow from Covid-19, plenty shut down for good, but many adapted and reallocated their resources to expanding takeout or eating outside. When your strategy comes across a bump, it should be able to adjust accordingly. If your long-term goals cannot adapt, then the wrong goals were set. Stay curious.
8. Be dedicated to pre-work
Creating a successful strategy requires sufficient information. Make sure that your team leaders are researching information vital to their decision-making before meetings. The more helpful data your teams collect, the better decisions they can make to ensure the strategy is carried out effectively.
9. Be inclusive in your Business Strategy
Different opinions are a part of the collection process of information. It focuses on qualitative rather than quantitative data. Be sure to collect opinions from trustworthy individuals who know the vision of your company well.
10. Consistently Measure the progress and update teams
So now you have the killer strategy, fantastic. Put it into action, and follow up consistently. Your strategy should have quantifiable data that can be tracked and compared to the goals and objectives set in place. If progress is off-target, regroup and adjust the strategy as necessary. Keep all the essential teams in the loop. A lack of communication will ruin all the hard work put into creating the killer strategy. Encourage them to take the initiative and monitor the strategy’s progress. The more eyes on the strategy, the better chance you have of your new killer strategy being executed flawlessly.
On your journey as an entrepreneur, clarify your outcomes, work smart along the way, and adapt as necessary. Keep this list handy and you will find success on your path to sustained growth.