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What you need to know when writing your Business Strategy.

Updated: Nov 14, 2018

Running a business means having to deal with a range of time consuming tasks. One in particular which must be continually revised and evaluated, is your Business Strategy. But how do you write one which will draw the right attention for your Business? We can help! 

No matter which stage a business is at, you will have or are currently in the middle of, producing your strategy. 


The question is, what should be included? And how do we create a strategy which actually works and manages to maintain its relevancy in the long run. 

But first...


What is a Business Strategy?

A Business Strategy is a plan produced to meet and manage a range of Business goals and objectives and are used to encourage business growth as well as taking on the role of maintaining the focus and productiion from employees and managers alike.


These usually consist of a variety of factors, all which should remain in consideration by all involved.


These may include: 

  • Initial Goals

  • Funds

  • Business Vision / Aims 

  • Resources 

  • Staff Guidelines

  • Technology Guidelines 

How to produce a business strategy? 

Now we've established what the Strategy looks like, and what should be included, we need to consider preparation for the document, making sure it outlines and highlights everything which is needed.


Below are 4 factors that need to be considered in order to achieve this:


1) Define business goals and objectives 

One initial idea to have in your mind, even before writing up your strategy, maybe even before starting up your Business, should be knowing what you wish to achieve from the outset. 


What will your Business do which others do not? 


2) Understand your business road map 

Every business needs to outline their business road map from start to finish, whilst managing to make it interchangeable throughout the Business journey. 


The road map itself is a series of steps with which an organisation will need to take and aspire to achieve in order to reach the desired goals and objectives initially set up to follow. It enables all involved to be on the same page and push towards the same destination. 


3) Know what resources are available 

One of the greatest assets to your Business, is funding. For some this may be in abundant supply from the outset, although if you are just starting out, this probably isn't the case, and that is OK. 


Saying that however, knowing what you have even from day one, whether that is money, or any other resource needed to help your business growth, is necessary and allows you to understand what you can use at this moment in time to pursue things forward. 


So if you are currently in the planning stages of your strategy, take some time to evaluate what you have at your fingertips right now and think about what it is you will need further down the line. 


After all, the resources you have available will play a huge part in the growth of your Company. 


4) How will you move forward

A lot of businesses know these important factors; who, what, where, when and why. However, many are still unsure of one other integral part of the business journey - the how! 


This could possibly be the make or break factor for some as it means you are unaware of what your next move possibly is, especially if you need to get from A - B within a certain time frame.


Knowing the how is something not to forget. Make sure that at some point of your strategy, this has been mentioned as without it, there could be no clear vision for progression. 


Ready to take on that Business Strategy? We think so. Let us know if this helped you and share this post on social media to help others!

 

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About the WMXchange

 We provide advice, resources, information and industry news to help you run and grow your startup business more efficiently with the West Midlands area.

The XChange is a meeting room facility, housed at West Midlands House, used for business hire, functions, corporate training, networking events and workshops. 

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