Developing Your Business Strategy Is Really Hard Work. Or Is It?
How do you feel about developing a strategic plan? It’s easier to look at it as a journey from Point A to Point B, but it is certainly not a straight line.
A good place to start is by defining where your organization is at today. You could call it your current description of your business. Some of the factors to consider include sales dollars, markets & trends, market share, go-to-market channels, your brand & reputation, product line-up and your value proposition. You would also want to complete a SWOT analysis (Strengths / Weaknesses / Opportunities / Threats) and compare yourself to your key competitors.
Next, you want to define where you want to go. This phase requires creativity, a keen awareness of your markets and a strong knowledge of customer changing preferences. Here, you want to be open and flexible with your thought process. It’s often easier to get a rough draft documented and allow time for others to review your work who aren’t directly involved in strategic planning. Their input can be invaluable.
Once these steps are done, the process becomes a bit easier. You now want to complete a “gap analysis” to understand what has to be done to get from Point A to Point B. As you prioritize and address the “gaps” that need bridged for success, you will find you will need to respond to things you couldn’t know at the beginning of your strategic journey. Every situation is a bit different in terms of execution and outcomes.
I know this is a high level review of an important tool, but the intent is to offer a direction for your thought process.
What has been your experience in developing business strategy?
ANG Marketing Group, LLC is dedicated to helping clients in the industrial manufacturing, service, consumer and nonprofit sectors improve their results. Our focus is to develop customized marketing strategies that drive customer acquisition, engagement and retention.
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