Do you have a strategy for your business?  My previous entry explained the importance of investing some time into developing your business strategy. It is crucial to your success. Reserve some time annually (or quarterly if you can!) to review your progress and to re-evaluate your vision for your company.

Here are three steps to get you started in your strategic planning:

1.      Where are you going? Be clear about your picture. What are you building toward? What will it look like, how will it evolve? You can bet the big companies have a 10-year plan. While that may not be practical for a small business or solopreneur, at least strategize for 3 years out.

Know what your objectives are and make sure they are measurable. Do you want to be the #1 pizza delivery business in your community? What does that translate to in terms of dollars, profitability? What is your plan to get you there? How will you know if you’ve reached the #1 position?

2.      Understand your competition. Knowing your competition’s weak points and strengths will help you capitalize on your unique offerings. Many of us call this our Unique Selling Proposition - or USP. In other words, what is it that we provide that no one else does? Once you know that, market the heck out of it.

Step back out of the trees, if you will, so you can see the forest when you identify your competitors. Coming up with the obvious ones will be easy. Think broader, more creatively; where else might your customers - and potential customers – go instead of coming to you? Why would they go there? What is offered there that you don’t – or can’t – offer?

In most situations, there are 2 ways to compete: price or service.  Generally, the bigger companies, the chains (the GM’s and Wal-Mart’s) can compete on price. They have sufficient buying power to buy products in volume and at reduced costs. Their “just-in-time” production or delivery technologies enable them to cut warehousing costs. One of the most powerful ways a small business can compete is on service – that personable, one-to-one communication. Another aspect of this is the ability to make decisions quickly and treat each situation uniquely. 

As you evaluate your competitors, understand which path they follow through the forest. Know what your advantage is and be decisive in your approach.

Once you start marketing your USP, you can bet your competitors will soon start imitating your capabilities. What will you need to do next to strengthen your message?

I owned a computer retail store during the early years of that industry’s spurt of growth. Times were exciting, new discoveries and products were being introduced daily, everyone was learning. And competition was tough. When my competitors started imitating us with their “message,” I knew we had identified our USP. And I knew no one else could deliver what we promised. We had a proven track record of high-quality service and support (really important in those early years!)  Eventually, the word got out throughout the region that yes, we could deliver as promised. It was that reputation that sustained us for the 10 years we were in the business.

3.      Develop action plans and execute them. This is the time for the details. Plan out what actions you can take over the next 12 months that will support the strategies you’ve outlined in the above steps. 

Will you have sufficient resources (people, money and product) to sustain your plan? Often, this is the area in which many of us struggle. Let’s face it, there are never enough people or financial resources to go around. This is all the more reason careful planning is so important.

Then continue this planning step for the second 12-month period. Granted, this 2^nd year plan will be a bit more loosely structured; but keep it handy and review it along with your current plan adjusting as you go. A bonus tip for you: Remember to share your strategic plan with your staff so they’re working for the same goals.

If you’re not sure how or what to do about a strategic plan, consider hiring a business development coach. During your time together you can clarify your visions, identify your Unique Selling Proposition (USP) and build a plan toward achieving the success you want and deserve.

Clearly, taking a step back and devoting some creative time to your business will pay huge dividends once you get back down into the trees again. So step out of your daily routine and clarify your visions. You’ll be glad you did!

Happy Selling!

Coach Darlene