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How to Build a Strategy for Business Success

June 30, 2017 By admin Comments are Off , , , ,

To be able to set up, develop and grow a successful business – regardless of the industry – a good business strategy is vital. While a good business strategy defines who you are as a business and where you want to be heading, it isn’t the same as a business plan.

What’s the Difference between a Business Plan and a Business Strategy?

Also essential for the success of a business, a business plan focuses on the financial side of the business such as the operational structure, the financial foundation and who your target market is. A business strategy, however, outlines who you are, why you exist and what is important to you.

The success of a business relies on both strategy and growth so that everyone is working in a coherent fashion, with the same business goals and direction in mind. This will help you define yourself as a business, leading to better marketing and higher sales.

Questions to Ask When Building a Business Strategy

  • Why Are You Here?
  • What is Your USP (Unique Selling Proposition)?
  • Who is Your Perfect Customer?
  • Why Buy From You?

  • What is Your Go-To Marketing Strategy?
  • Who Are You Focusing On?
  • What is Your Pricing?

1. Why Are You Here

You need to know why you (as a business) are here. For developing a business strategy, you need to know your reason for existing. Is it to help people with software solutions for a business problem they have or maybe to provide materials quickly and easily to builders? Effective business strategies will also include value drivers – indicators of the value that you put on various aspects of your business – such as customer service, or the knowledge and development of staff.

2. What is Your USP (Unique Selling Proposition)?

Another core point that you need to define describes what makes your business unique. What makes you different than your closest competitor? By answering this question, you can start to build your branding, logos, strap lines and create your strategies for business success. McDonald’s, for example, used the USP that they will provide low prices, consistency and cleanliness and this has helped them dominate the fast food market worldwide.

3. Who is Your Perfect Customer?

It is important to define your perfect customer. This person doesn’t necessarily exist, but by defining what kind of person you are targeting, you can begin to focus your marketing. Who would be loyal to your business, recommend you to friends and family and of course, love to use your products or services? There are also other factors to consider – their business size (in terms of staff numbers and revenue), their place in the life cycle of your business, attitude, the prospect of retention and the margins that you can achieve.

4. Why Buy From You?

The next part of developing a business strategy is to define why your ideal customer should choose you over someone else. Can you offer the highly skilled workforce what they desperately need, quickly and easily, for example?

5. What is Your Go-To Marketing Strategy?

Once you have figured out the foundational elements of your business strategy, it is time to create a marketing strategy that focuses on your ideal customer, defining your value drivers and your pricing strategy. There are various things to consider when marketing your business, including, whether to use a direct or online sales force, how branding should reflect your company’s look and feel, how the referral structure should work and what online channels and inbound or outbound marketing strategies should be implemented.

6. Who Are You Focusing On?

Many businesses make the common mistake of targeting too broad of an audience. It is actually easier to market towards a small number of people focusing on a specific need, and then expand as your business grows rather than doing this approach in reverse.

7. What is Your Pricing?

Ensuring that you have the right pricing strategy is key to building the right go-to marketing strategy and thus, effective business strategy, so make sure that you think this through properly.

By following these business strategy steps, you can create a solid strategy that helps lead to success.

Here at Nuvest Management Services, we provide highly skilled accounting professionals that can give your business the boost that it needs to grow to the next level. Get in touch today to find out how we can help you.