Why You Need a Business Strategy

You’ve got a great idea, you’ve got the passion, you’ve got the people... How do you bring it all together? The answer is a business strategy. Put simply it is a plan that shows how you are going to achieve your goals.

Ask yourself where is your business now? Where do you want to take it? What do you need to get it there?

A good strategy will set your direction, get everyone on the same page, simplify decision-making and drive alignment. It doesn’t have to be complicated; it’s really about stepping back from your day-to-day operations to define your direction and then allocating the right planning, people and investment to achieve that plan.

A strategic plan focuses on mid to long-term goals and explains the basic strategies for achieving them. It differs from a business plan which is about setting short or mid-term goals.

So how to structure you plan? There is no set blueprint, but as a guide, it is good practice to include analysis of your internal and external drivers, using a method such as SWOT (strengths, weaknesses, opportunities, and threats), analysis, a vision statement, top level objectives, key actions, and a summary of resources you’ll need. An executive summary can also be useful for prospective investors and other external stakeholders.

Next comes implementation. That involves assigning goals and responsibilities with budgets and deadlines to responsible owners. Key performance indicators (KPIs), setting targets and deadlines will be needed.

If you want to learn more, head to our Strategy Seminar on Thursday, 8 July 2021 at the Cordis to hear from award-winning business leaders who have successfully implemented strategies to get them to where they are today.