You cannot successfully set up a business without a proper strategy. A strategy is very much like a map because it will guide you to where you want to go. Without one, you will be operating the blind and will not succeed in your business. A business plan will determine investment decisions, goal, plans of action, among other factors.
So what do you need to do to come up with an effective strategy?
Get your facts together.
The easiest way of getting a strategy together is to do a SWOT analysis, this looks at the strengths, weaknesses, opportunities, and threats Surrounding the business. Without this, you will not be able to know what can negatively impact on your business, how you may have some weaknesses within the organization that need to be corrected, what opportunities are available in the market for you to take advantage of and finally what threats face your business whether internal or external.
What is your vision and mission statement?
The vision statement describes the direction your business wants to take including the long and short term objectives. the purpose of the organization is defined in the mission statement. While the vision has to do a lot with the future, the mission statement will answer the more present questions like the what, the who, the where, the how among other questions.
What are your strategic objectives?
Develop objectives for the business that are achievable. you will arrive at your objective considering the facts and the swot analysis you have undertaken. Follow the SMART principle when working on your objectives meaning they should be Specific, Measurable, Achievable, Realistic, and Time-bound.
Make sure you also put into the place the key performance indicators which are very important for measuring how your employees are working. also, consider how you will allocate your resources by drawing up a budget that clearly highlights what you need for effectively running the business.
How will you achieve your objectives?
you need to focus on how you will achieve the set objectives, simply put, what are your plans of action, whether short-term or long-term, have well thought out plans of action that will enable you to realize your objectives within a timely manner. All your actions should be measurable and everyone should be able to give an account of their work.
Have the right personnel.
Your employees are the brand ambassadors and it is therefore important to hire people with the right qualifications and people who would represent the company well wherever they are. Have job descriptions for everyone and fair pay. Having the right people in the company is important and ensuring that they are happy will keep them in the organization because unhappy employees tend to move and do not care about how they represent the company out there.
You need to keep on reviewing your strategy document to enable you to tweak the document appropriately in case there are some areas that did not work. Most importantly never stop learning and keep on engaging with other people so you can use their knowledge and expertise to build your business.