business strategy in seven steps

Strategy in Seven StepsBusiness Planning for Entrepreneurs and Small Businesses

www.gunterrichter.com

#1 Values of the Founders and Strategic Intent and Purpose

Your principles should define the organisational values.

Translate these to your business’s intent and purpose.

They should be used as a frequent checkpoint.

#2 Perform An As-Is Analysis

Understand your strengths and weaknesses.

Identify the opportunities and threats.

Make sure you have an understanding of the external environment.

#3 Identify your Market, Products, and Value Propositions

Identify who your potential customers are.

What are their needs and how will your organisation satisfy these?

Who are your competitors? Why would a customer buy from you rather than a competitor?

#4 Define Strategic Business Goals

What does success look like?

Make sure that you have goals aligned to your customers, financial targets, your business processes, and your organisations learning and growth.

These goals should be specific, measurable, attainable, relevant , and time-based.

#5 Initiatives to Implement Strategy

Strategy without action is worthless.

How will you achieve your goals?

Each goal should have one or more initiatives.

#6 Measure Performance

It’s important to track progress.

How do you know when you’ve achieved your target?

Do you need to make any changes?

Make sure you have both leading and lagging indicators.

#7 Feedback and Adjust

Strategy is not set in stone and should be dynamic.

Review and adjust. Not a change in direction but rather a pivot.

What should you keep doing, start doing, and stop doing?

In summary then…

#1 Define your strategic intent and purpose

#2 Perform an as-is analysis

#3 Identify your Market, Products, and Value Propositions

#4 Define your strategic business goals

#5 Execute initiatives to implement the strategy

#6 Measure performance

#7 Feedback and adjust

Seven Steps to Defining Your Strategy

Take your business from idea to reality by reading the eBook – “Seven Step Strategy”

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Copyright 2015 Günter Richter. All pictures courtesy of www.pixabay.com