A clear business strategy is so important for growth. It’s one of those things that no successful company can live without. But what is a business strategy? Let’s give a clear definition of what it is so that we can make sure we know what we are dealing with!
Business Strategy (n): a plan of action designed to achieve a long-term or overall aim within your business.
So, how do we create a business strategy that WORKS? SIMPLE. At LI Group we follow these five steps:
- Identify a specific measurable goal
- Put the goal on a timeline and identify weekly action steps
- Assign accountability
- Take action
- Assess our progress
- Then, we CELEBRATE.
Let’s delve deeper to discover what it takes to create a winning strategy for your business!
Identify a Specific Measurable Goal
What is your goal?
When making a goal of this kind, you need to be as specific as possible. What is exactly do you want to achieve? When? How long will you give yourself to do this? How will you measure your success? What other ideas do you have currently that could either help or hinder this specific goal?
ALL of these elements (and more!) need to be taken into consideration when identifying your specific goal.
Put your Business Strategy Goal on a Timeline and Identify Weekly Action Steps
The best way to work out your goal and timeline is to simply work backward!
Whatever your ideal launch date is, start from there. Then, work out what needs to be done to get to your goal. That is the best way to keep yourself and your team accountable and work towards your end goal!
You do not and should not have to do it all if you have a team! Delegate the tasks out (with deadlines!) and keep your team accountable.
You hired experts, so let them do what they do best! From content, to design, to tech, your team will work hard in their zones of genius to help you reach your goal on time.
Take Action on Your Business Strategy!
Make sure that you are taking the right steps toward your goal. There is no use in having a foolproof strategy plan that fails due to inaction!
Assess Your Progress
This is a critical part of your business strategy! If you don’t stop to assess the success you’ve had – or not had – then you won’t fully take accountability. It’s so important to look at how far you’ve come to assess whether you need to move a deadline, pivot your direction, or change a goal.
There is no shame in changing the process because progress is progress!
Celebrate Your Success
The most important part of any strategic plan is to celebrate success! Creating a specific strategy for any idea or project takes a lot of time, planning, and discipline – and guess what, you did it!
If you need any help creating and implementing your next strategic move, why not book a call with the LI Group? We’d love to help!
Author: Meg is a copywriter from England but currently lives in Sydney, Australia. She has been with LI Group for 1 year and loves to write for a variety of different accounts! In her spare time, she likes going for coastal walks where she contemplates life.