How to Develop a Killer & Successful Small Business Strategy

1. What’s your current business strategy?

 Tim Berry, founder of Palo Alto Software, always says, “Strategy is focus. A good strategy is all about the opportunities that you decide not to pursue.” While it may sound complex, a business strategy, in its simplest form, is a way of defining what your business does or creates, and how it does this. No matter the product or service you are offering, you must have goals you want to achieve – and your small business strategy should include all the steps you plan to take to achieve them.

2. How do you develop a business strategy?

There are several things you should remember as you start developing your small business strategy.

· Successful businesses think analytically, are always dedicated, and keep detailed records of their successes and failures.

· Look at your competition and learn from their successes and mistakes.

· You’ll be working harder for yourself than you would for someone else.

· You must focus on providing excellent customer service and services.

3. Importance of building your small business strategy

75% of successful companies have a formal and pre-established system to inform on and manage their strategy. Building a business strategy sounds difficult, but most businesses can easily define their business strategy by following a few easy guidelines and steps.  Let’s explore a few of the most important elements to consider when developing a new business strategy. 

Develop a true company vision

Define who your business is, and what it will do, and make this as clear for customers as possible. This would be the place for idealism, goals and your vision for the future of your company. Here you consider who you represent, and how you best represent yourself in the community. Your company vision should lead off your business strategy, and should inform all future decisions.

Define competitive advantage

Define who your customers are and what they want from your business. Having a clear idea of what your customers value will help you focus on your market. Once you understand your customers well, and are prepared to deliver, beyond the services they are expecting, you have obtained a competitive advantage. Revisit this part of business strategy as often as necessary to stay ahead of the competition, as this element might change frequently.

Define your targets

Define what issues you are solving for your customers, and why they should come to your business before the competition. Are you hoping to enter a new market, or do you see opportunities for your product or service in another country? Consider where you want to be in the future and lay the foundation for that growth within your business strategy today.

Focus on systematic growth and customers’ needs

Define how you are solving customer issues and what customers can expect from you in your B2C relationship. Many small businesses choose to develop new products based on customer needs, or partner with reputable companies to put special touches on products, like providing  custom shipping labels for a more personalized feel.

Analyse your competition

Define how you are different from your competition and make customers aware of the ways you surpass your competitors. This isn’t always a discount or a loyalty program, although those are great ideas. If you find that your customers are a safety-conscious market, consider implementing an office safety culture, to show customers you respect what is important to them, a small step that could make all the difference if your competition doesn’t offer the same benefit. 

Learn from your customers

Your customers are the best way to determine how successful you are. Their feedback is all you need to understand your product strengths and weaknesses. Make receiving feedback and reviews easier, and respond to customer issues or praise quickly and professionally. Emphasize customer communication and transparency in your business strategy, and train employees on the importance of this element of the business.

Provide great service

Customer service is vital to eCommerce and digital businesses, as customers will likely never meet the vendor or visit their location in person. Their only interaction is through the internet, or perhaps by phone, meaning that if their delivery is late or their product wasn’t as expected, they will want immediate service. Be sure your business strategy focuses on service standards, and that your employees take them seriously. 

Creating a great business strategy doesn’t happen in a vacuum. You will want to pull in feedback from your staff, management, executives and customers for a shot at the best and most lasting business strategy. Once it’s complete, remember that it will need to be updated as often as necessary for your business to stay vital. Luckily, following these easy steps will put you on the straight and narrow path toward a fantastically successful business strategy.