Do I have the right business strategy as an entrepreneur?

Do I have the right business strategy as an entrepreneur?

You’re excited, you’ve just started your first business and some time has passed. You have now been looking at your competition and realize that they each seem to be doing things a bit differently. A bit confused you went straight to google and found out that they are using different business strategies. What are business strategies and how do you pick the right one?

What is a business strategy?

The simple definition is that a business strategy is the plan of actions a business will use to reach its goals. You can think of it as a road map that will guide you straight to your destination.

By clearly defining your strategy you can give your business a competitive advantage in the market and have a growth plan to achieve your goals. It’s important that your goals are clearly defined before creating a strategy because you can’t use a map if you have picked a destination yet.

Creating a business strategy

Once a strategy is put in writing it will help your team to prioritize what’s most important to the company. To start the creation of the business strategy we will first determine what form we want it in either bullet points or paragraphs. When writing the strategy remember your business strategy is a summary of how the company will achieve its goals, exceed the expectations of customers, and sustain a competitive advantage in the market. Here are a few questions to keep in mind:

Why is my company in business

What is my product/service?

What are my core strengths?

What value do I add to the market?

Who are my customers and should we continue to serve them or a different group

What advantage do we have or can we create for ourselves

Advantages of having a business plan

Having a business plan sets the direction for your business and team so they aren’t operating blindly.

Improves the coordination and focus efforts of managers and employees.

Reduces uncertainties and acknowledges organizational actions clearly.

Better meet the needs of the target customer.

Helps you to discover what makes your business stand out

Disadvantages of having a business plan

The strategy may become too focused, which can allow management to overlook opportunities.

Cost – executing a successful business strategy can take a lot of time, money, and resources that can put a strain on small businesses.

It can be challenging to generate momentum. Though you may have an innovative idea and a capable team to execute, there’s no guarantee of success.

Examples of business strategies

Foodmart

Foodmart offers a line of organic foods that range from cereal and soups to cheese and chicken.

Business strategy

Foodmart will provide its customers with the freshest and finest organic food available.

Foodmarts’ team ensures each customer has an outstanding shopping experience by providing a high level of service and product information.

Implement an employee stock ownership program for those employees who have worked for the business for a minimum of one year.

Develop an employee training program to further enhance all employees’ product knowledge and customer service skills.

Create a unified look for the stores, the website, and the product packaging.

Design a marketing plan to increase purchases by current customers and attract new customers within the existing target markets.

Increase operational efficiencies.

Improve shipping capability so that perishable products can be ordered from the website and shipped anywhere in the United States.

Welcome new entrepreneurs

Business blogger

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Welcome new entrepreneurs

My personal favorites

Do I have the right business strategy as an entrepreneur?