Small business owners have passion and a fantastic work ethic but sometimes get hung up on critical elements like developing a winning small business strategy. Never fear! It’s far easier than you think. Let’s explore 7 easy steps to take to create a new and very successful small business strategy for the second half of 2021.
1. Develop a true company vision
The meaning and concept of the word “vision” mean something different to everyone. Take some time today to pare down your vision for your company and make it as easy to understand as possible. Your mission statement should clearly articulate what you provide to customers and markets and set you apart from the competition. Avoid getting too detailed or falling victim to the temptation to over-write your mission statement, an easy way to trail back into ambiguous and consuming territory.
2. Define competitive advantage
How does your company provide a unique value to customers, and how are you different from the rest? So many companies are afflicted with sameness that makes them boring and uninspiring to new customers. Carefully thinking out your business strategy gives you a chance to define where you want to be different and where that difference will provide value for your customers. For example, implementing a discrete manufacturing strategy or the process of automatically monitoring and optimizing your production line means more profits and happier customers.
3. Define your targets
Poor targeting can lose you money and customers. Take time to really hone in on your targets, and align your sales and marketing messaging and branding to achieve these goals. Clear targets mean employees have a concrete idea of how to help the company achieve goals, and keep all departments streamlined and organized, even when time or budgets are tight.
4. Focus on systematic growth
Rome wasn’t built in a day, and neither is the success of your business. Growth takes time, layers of satisfied customers, experience, and long-term motivation. Growing too fast means essential elements will fall by the wayside, and some companies have even found that unrestricted growth has hurt them. Systematic growth means companies have the opportunity to plan for increased sales, manufacturing, and size, making the process of predicting CAPEX or overhead expenses easy.
5. Analyse your competition
Your competition is a valuable data source on what products and processes work well and what isn’t working at all. Keep a careful eye on your competition to take advantage of their successes and failures. For example, if a competitor is running a successful marketing campaign, you can adopt elements to make your own marketing more successful. Keeping a close eye on competitor failure is also a great way to ensure you don’t fall victim to the same issues on your own journey.
6. Learn from your customers
Your customers are your greatest asset when developing a business strategy. With 95% of customers making purchase decisions based on customer service experiences, customers could also be your greatest weakness if you don’t focus on providing excellent customer service. They use your product and know how it’s great and what elements they would change to make it more useful. Create ways to communicate with your customers and get their opinions on new products or services. Regular, positive communication with your customers improves your products and business practices and shows that you care about their needs.
7. Provide great service
Customer service might be the most important element of your new business strategy. Take advantage of instructional design techniques to train your staff to provide excellent customer service. Instructional design analyses learner needs sets objectives, and goals help create a method of evaluation, and informs the choice of materials and learning strategies.
Consider outsourcing your business strategy planning to the experts for small business owners with less time on their hands. Taking advantage of the experience of skilled consultants is a great way to get advice, get organized, and start your transformation on the right foot. 2021 has been a monumental year of growth for small businesses, and now is the perfect time to prepare yourself for a record year in 2022!
