‘I HAVE A CUNNING PLAN’ – BALDRICK
At the beginning and throughout the life of your business you will have to create strategies to give yourself the best chance of success. These can be formal or informal, whichever works for you, but should never be underestimated or ignored. Your business strategy will feed into your business plan, will be a ‘working’ document and should touch on every part of the business. Collectively, these should deliver the results you want the business to achieve.
There are a few areas that you may want to create focused strategies on that fit within your wider business plan:
• Business Plan - a considered business plan will not only help you get organised and crystalise your vision, it is also essential if you are seeking external funding.
• Marketing Strategy – this will include elements from the following; social media, digital, print, adverts, influencer, affiliate, partnerships/collaborations, flyers, PPC, SEO etc. You can’t go after everything at once, so prioritise and you can come back to other ideas later.
• Pricing Strategy – this will be devised from a few sources including your own internal cost base and also market research from customers and competitors.
• Growth & Exit Strategy – your business may have started as a side-hustle or hobby but if you are wanting to take it full-time it’s good to have a structure in place for how you will reach your goals.
• Organisation Strategy – having the right people in your business is integral to your success and growth. Therefore, it is essential to plan how you attract the right people to fit with your company's culture and development.
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