What’s Your Business Strategy?
Business Strategy is one of the buzz words/phrases that I mentioned in the article Don’t Have A Business Plan? It’s a term that gets thrown around and used interchangeably with Business Plan far too often. It’s a word that can make business feel confusing, hard, and overwhelming.
In reality, Business Strategy doesn’t have to be any of those things. Moving your business forward with intent rather than flying by the seat of your pants, means you have a plan. Without a plan, we often chase our tails going in circles, and we become lost without direction. We stagnate, stay stuck and our business suffers. When we have a plan, feelings of being overwhelmed, self-doubt, and anxiety related to our business lessen significantly.
What is Business Strategy?
Business Strategy is a well thought out plan for how you will achieve your goal and meet your objectives. It’s comprised of combining several different types of strategies, and by practical actions taken to bring your business’s vision to life. I know you’re likely thinking that for your one woman show or small business that all this talk is overkill. Take a deep breath and stick with me.
The Big Picture
Strategy is simply having a plan for how you are going to do things. A small business yes, even a one women show, has many different objectives. Multiple objectives means needing different approaches (strategies) to achieve those objectives.
Over All Business Strategy (Top Level Strategy)
How are you going to earn/sustain, scale and grow your profits?
Most businesses know how they plan for their business to make money and what their initial offers will be. However little thought is given to actual growth and scalability.
Increase Your Share of Your Current Market:
a) Expansion/Development Market
The business offers the same products/services and expand their reach into a new market. This is often effective for those who started out with a very narrow niche.
b) Expansion/Development Products and Services
The business finds complimentary products to add to their existing product line. Adds new features to existing products. Offers new and complimentary services. All products and services desgiend for and offer solutions to the same target market.
Market Segmentation is about understanding the differences in your ideal clients: Is there a way to further break down your ideal clients that allows you to deep dive their needs?
As a business coach who focuses on business owners that need to harness their inner “Drunk Squirrel” there are many ways for me to segment my market. I can break my clients into the following categories:
Just starting out.
I’ve been in business a while but something isn’t working.
I’ve been in business a while and want to take things to the next level and I get overwhelmed thinking about it.
Living the dream, Life & Business are better than I could have imagined.
Segmenting allows for a deep dive into each category assessing and looking for common challenges. Once we find the common problems, we look for how we can solve those problems. Thus allowing buisness’s to expand within their current market in unique ways.
Strategic Partnerships: Partnering with other like mind business owners. Projects, products, services, cross promotion of each others businesses etc.
Networking in person and online