Whether you’re running a corporation like Apple or a dental office with 10 employees, there’s always a way for you to continue to grow your business. It doesn’t always involve buying into the latest technology. You don’t have to hire a new executive team. You need to look at your business strategy – your roadmap for the future. Having an effective business strategy helps you prepare for challenges and optimize your resources.
You can define business strategy as a long-term action plan aimed at achieving a particular goal or a set of progressive goals and strengthening the performance of your business. In other words, it’s your statement on how you and your team want to conduct business to achieve defined success.
Sometimes the biggest opportunities for growing your business come from tweaking what you’re already doing. Successful people continuously re-evaluate their business strategy and constantly and strategically innovate – that’s how they ensure they’re delivering consistent results and keeping shareholder value at a surplus.
Developing an ultra-effective business strategy isn’t impossible, but it does require some expertise. By attending Business Mastery, a five-day, life-changing event with Tony Robbins, you’ll learn strategies that drive lasting success from some of the top minds in business. Armed with meaningful business strategy examples and practical techniques, you’ll leave empowered to steer your business to the top.
As all small business owners know, running a business is never a linear process. There are always ups, downs, roadblocks and unexpected challenges. If you don’t plan in advance, you’re at the mercy of whatever obstacles come your way. You’ll spend your time putting out fires instead of creating raving fan customers. When you create an effective business strategy, you anticipate issues before they happen. You’re empowered to succeed, since your strategy is targeted to your industry, market and ideal customer. Your business strategy is much like your business map in that it’s a guide for getting where you want to be.
Creating a business strategy starts with getting back to your business identity and what inspired you to launch a business in the first place. From there, determine a course of action that will align with your business’ true purpose. The most effective business strategy examples are those that dig deep into your company’s unique traits.
When you define business strategy, you don’t use words like “periphery” or “low-level.” Business strategy is all about making the biggest impact, and that starts at the top. Before you can focus on high level objectives, you need to identify what they are. Are you struggling to stand out in a crowded world? Need to foster a culture of innovation to facilitate growth? Keep in mind that many objectives will be intangible, such as changing the limiting beliefs that are restricting your growth. Identify tangible changes or improvements to reach those goals and put your energy into the most crucial issues.
A mission statement is crucial to business strategy because it defines your business. A strong mission statement will address questions such as, “What do we do?” “How do we do it?” “For whom do we do it?” “What value do we bring?” Your mission statement is meant to ensure that everyone on the team is rowing in the same direction and holds the same corporate values. To create customer loyalty, your team must be cohesive and display the same values and levels of customer service. Having a clearly defined mission statement will help you do this.
Break down your business strategies into different areas that can be addressed by certain parts of your team. Individual business strategy examples include sales strategies, marketing strategies, information technology strategies, human resources strategies and outsourcing strategies. This allows you to work with those team members who are most involved in the area of the company you are focusing on and break down how each part contributes to the greater whole.
A business strategy is not complete without clear goals, a path and a timeline to get there. Implement short-term tactical plans by choosing your most important goals in the immediate future – usually the next quarter. These could include developing recruitment strategies to enhance your next hiring push, increasing sales by a certain percentage or creating a marketing program for a new product. Continually evaluate these short-term plans so they can evolve as your business does.
Now that you’ve identified your purpose and recognized what’s holding you back, it’s time to look ahead to the future. What is business strategy planning going to accomplish if it’s not forward-thinking and adaptable? You don’t have a crystal ball that shows you how everything works out, but you can plan ahead to ensure the success of your company. Think about how much time is needed for you to start seeing results. Once you put your business strategy into action, you need to measure the successes and failures of your new plan.
Set yourself a date to review. Check in with yourself in one month, six months and then a year. How has this new strategy helped you to succeed? What about it can be updated to create further progress? You won’t be creating a business strategy just once. At Business Mastery, you’ll learn the skills needed to continually develop new, effective strategies that will allow your business to thrive, such as utilizing cross-functional teams and improving crowdfunding techniques. You need to consistently check in with your company’s progress and make sure the business doesn’t become stagnant – because if you’re not growing, you’re dying.
One of the biggest challenges faced by businesses is acknowledging and accepting that future failures are inevitable. After all, Rome wasn’t built in a day, and neither is a successful business. At Business Mastery, you’ll receive the tools you need to anticipate and overcome those failures. Learn to point out issues before they arise and constantly innovate to stay on top of any potential problems.
Business Mastery brings together some of the biggest names in business to share their specific strategies for success. You’ll learn to apply lessons from top business leaders and coaches into actionable strategies that deliver on your business’ core values and increase your revenue. By diving into the approaches used by leaders at Apple, American Express, Facebook and Zappos, you’ll gain invaluable insight into creating a business strategy that exceeds your goals.
Business Mastery has helped millions of business owners and entrepreneurs all over the world. You’ll hear from industry leaders and learn their tactics for rising to the top, as well as how they overcame obstacles and used their failures to fuel their success going forward. You’ll tap into specific strategies, skills, and resources used to create powerful business strategy examples that drive growth.
Are you ready to take your company to the next level with a bulletproof business strategy? Sign up for the next Business Mastery event today.