Why you need a Business Strategy
A business strategy is a clear set of plans, actions and goals that outlines how a business will compete competitively in a particular market.
A strategic plan focuses on how you will achieve specific initiatives to develop your business.
Every successful business has a strategic plan and knows where it is heading in the future.
Without strategic planning most businesses will not grow and may even go backwards.
A business strategy must take into account a number of important factors including the market, competitors, and the business environment, as well as the company's structure, strengths and weaknesses. It should also be flexible enough to handle change.
SWOT Analysis
Before developing your business strategy, conducting a SWOT analysis for your business can be incredibly beneficial. Here's why:
Identify Strengths: Understand what your business does well. This could be anything from a strong brand, loyal customer base, unique technology, or efficient processes.
Recognise Weaknesses: Acknowledge areas where your business could improve. This might include things like limited resources, lack of expertise, or inefficient operations.
Spot Opportunities: Identify external factors that your business could exploit to its advantage. This could be market trends, new technologies, or changes in regulations.
Anticipate Threats: Be aware of external challenges that could negatively impact your business. This might include new competitors, economic downturns, or changing customer preferences.
By understanding these four aspects, you can develop strategies that leverage your strengths, address your weaknesses, capitalise on opportunities, and mitigate threats. It's a comprehensive way to plan for the future and ensure your business remains competitive and resilient.
Empower Business has developed a free SWOT Analysis online tool to help you develop your own Business SWOT. For access, please contact us.
Our approach to business strategy
Developing a good business strategy, and then actually implementing it, is no easy task.
We will work with you and your team to develop your business vision, values, and a set of goals and objectives. This will become the foundation of your business operations.
We will work with you to review and update your strategy to ensure it continues to meet your long-term personal objectives.
Also, we can provide a mentoring service to you and your team to work through issues as and when they arise.
Consider these questions for your business strategy:
- Do you have a business strategy document?
- Does your strategy have Specific, Measurable, Achievable, Relevant, and Time-Bound (SMART) goals.
- When was the last time you reviewed and updated your strategy?
- Does your management team know your strategy and how it is to be implemented?
- Have you communicated your strategy to all your staff?
- Do you have the resources to implement it?
- Have you set your financial and non-financial goals?
Take the next step: contact us!
Drop us a line and we'll be in touch or call directly on:
Empower Business & Accounting Solutions are business advisors and consultants specialising in strategy development, business systems and processes, and management accounting.
We are based in the Bay of Islands and covering Northland, from Whangarei to Kaitaia, including Dargaville, Kaikohe, Paihia, Kerikeri, Mangonui, and beyond.
Empower Business & Accounting Solutions
Kerikeri, Northland