You’re in the planning stage and you need business strategy examples. As much as your team has considered the future, you may realize the solutions that will lead you to success remain elusive. You can write an excellent business strategy and still struggle in execution. So, here are four ways to supercharge your business strategy, the ways to achieve it faster, the elements of a successful strategy, and examples that will help you define steps of implementation.
1. Avoid trying to reinvent yourself.
Companies fall into this trap all the time. It is not necessary to define a new, completely different plan every year. Sometimes, this may be warranted, but in most cases, you should focus on what stands in the way of your goals.
2. Limit the number of people involved in planning.
It is tempting to bring in everyone who plays a role in the company, so that you can get as many opinions and ideas as possible. But when you’re planning, too many ideas may lead to bunny trails that you’ll never come back from. Keep your planning group small and then pass information through the channels as necessary.
3. Direct your resources appropriately.
This is one area many companies struggle with. You make an amazing plan, but you forget to move resources around so that the plan’s objectives can be accomplished. Whether it is reallocation of funds, adding staff in a certain department and paring down in another, or hiring top talent to achieve your goals, you absolutely must align the budget with the strategic plan to supercharge it.
4. Focus on the barriers.
Consider the 5 Core Principles of Strategic Planning. Look to the future and what immediate barriers will prevent you from reaching the goals you have. Your plan should describe how to get where you want to go and solutions to disrupt and overcome the obstacles that remain in your way.
Three ways to achieve your business strategy faster
Some business strategy examples are easier to achieve than others, but there are key ways you can achieve your goals faster, and paying attention to these tactics will supercharge your strategy for success.
1. Set your goals right.
Ill-defined or intangible goals will lead to failure. You can create an umbrella goal, but your objectives should be broken down into smaller, manageable, clear directives. The overarching goal of “Gain 100 new clients” has a series of goals within it that must be defined and measurable.
2. Use short-term tactics.
When you look at the barriers to your success, you may notice that some are immediately addressable while others will take time to overcome. Long-term plans should still be treated as if they could be accomplished in the short-term. Figure out the gap between where you are now and where you want to be and identify 2-3 tactics that you can achieve in the next 6-12 months. The payout may not be until later, but looking at the short-term solutions will eventually lead you there.
3. Meet regularly with your team.
Having irregular or annual meetings will not help you achieve your goals. Results-oriented management must include weekly or monthly meetings that grade the progress and achievements. This not only boosts morale as everyone sees the success of the plan, but also allows for course correction in situations where the plan is not meeting it’s goals.
Elements of a successful business strategy
All successful business strategies include five key components: a vision, core values, clearly defined outcomes, and accountability. The vision aligns the company around a common goal while core values are a frank framework for how the business will behave. The core values should go beyond the frontward facing information you give to customers. Instead, they should be the values that your best people hold when coming to work every day—the values that make them a success.
Defined outcomes should be specific, and they should be written for every goal. What date for achievement, how much do you want to achieve, by which metric will success be measured, and what action will be taken to get there are all questions that should be defined for every goal. And then you must outline lines of accountability. This should never be ignored. Who is responsible for ensuring the success of the outcome? Decide it during planning, and make sure the accountable person is a contributor to the plan so that he or she is personally vested in it.
Business strategy examples
These business strategy examples can help supercharge your plan to propel you toward success.
- Corner a growing market.
- Adjust pricing strategies. Figure out where your pricing should be in the marketplace.
- Make sure everything is scalable. Ask yourself where else it can go.
- List your weaknesses and make them your strengths through targeted efforts.
- Consider what partnerships may lend to your success and who may be holding you back. Write pros and cons and analyze data to gain insights into how to best manage partnerships.
- Refresh marketing. Maybe it’s time to seek outside help through an agency or hire a talented newcomer to run the department.
- Never forget tech. Advancements and adjustments to current tech are absolutely crucial when looking at the business strategy.
For more help regarding Strategic Planning, Performance Management, Employee Relations, Leadership and Executive Coaching and Development, and all things “HR,” The Pendolino Group is here to support you and your team. Contact us today!