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March 1, 2023
Author: Webster Bank
If you’re ready to build your business, you need to make sure that every decision you make takes you one step in the right direction. Creating a business strategy is a vital part of business growth—here’s where you should start.
First, start by revisiting the mission and vision of your business. Whatever your initial mission and vision statement were, it’s time to make sure that you have an appropriate representation of where you see your business heading. A quality mission statement will represent what purpose your company has right now, while a vision statement is where you see your business in the next 3-5 years.
Analyze the performance of your company as it currently is. A SWOT analysis is a great way to sum up where you are and provide potential ideas for growth. This is a great chance to bring your team into the conversation to gain the valuable insights they can provide into your business, as well as your competition.
Your clients are the life-blood of your business. Take the time to find out what it is that they value in your business and what you could be doing better. Whether this be an in-person conversation or online survey, make sure all responses are recorded for future use.
Don’t get lost in all of the possibilities for your business. When you’re creating your strategic plan, a smart goal will ensure that your strategic goals are achievable. Each goal you make must be Specific, Measurable, Attainable, Relevant, and Timely.
Once your strategic goals are in place, it’s time to build your plan. Gather your team and dig deep to decide what needs to happen to achieve the goals that will grow your business. Ready to create the strategy that will take your business to the next level? A SWOT analysis will give you the insight you need. Use this tool to analyze your:
Strengths. Consider what it is you do well. What keeps your customer coming back? Where is your business most profitable?
Weaknesses. Consider the areas that you need to improve. What necessary resources do you lack? What costs you most of your time or money?
Opportunities. Consider where you can grow. What goals are you currently working towards? What have your current customers indicated they want more of?
Threats. Consider what external conditions limit or damage your business’s performance. What do your competitors do better than you? What drives customers away?
The opinions and views herein are for informational purposes only and are not intended to provide specific advice or recommendations. Please consult professional advisors with regard to your individual situation.