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DEVELOPING YOUR BUSINESS STRATEGY

Okay, you have a dynamite idea for a business. Perhaps it is a hobby you know you can turn into a money-making success. Perhaps you have just gotten tired of someone else making money off your knowledge and skill. Regardless of how your idea for a business evolved, you will greatly increase your chances of making your business a success if you will take the time to develop not just a business plan but a real "business strategy." A well-thought-out business strategy can help you make your company unique and can guide you to make the kind of day-to-day decisions that are right and will enable your company to prosper and grow.

Why You Need a "Business Strategy"

Why do you need a formal, written "business strategy?"  Simple. You need a strategy if you hope to beat your competition.

Regardless of how good your idea for a new business happens to be, chances are someone has already thought of it or, if they haven't developed an idea of their own, they'll be very happy to steal yours. In short, no matter what type of business you start,
you will have competition, or at least the potential for competition.  You need a plan - a business strategy - outlining how you are going to beat that competition.

Taking the time to sit down and carefully write out a business strategy is probably not something you relish doing. If you are like most entrepreneurs, you would rather just get on with starting your business. Yet there are two good reasons why you should take the time to develop a written strategy.

First, the process of developing a written business strategy will help you clarify your thinking about your business. In our experience, small business people all too often tend to make their decisions on the fly without due regard for the future implications of those decisions or how one decision can impact others. The process of putting together a written strategy will force you to think through your business. Then when you do have to make quick decisions, you will have some basic guidelines to ensure that you make the right decisions.

Second, a written business strategy is a critical management tool. To assist you in running your business, you will have to hire employees, and if they are to serve you well and not have to come to you for every decision, they need a sense of common purpose or direction and guidelines they can follow in making their own decisions. In short, they must understand your business, where it is going, and what is critical to make it a success. A written business strategy is an invaluable aid to help you communicate your "vision" to the people who work for you.

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