Nowadays, the Business Strategy world is more and more ruthless, and we must be shrewd brand strategist to maintain and develop the results of our company. But how to achieve it? This is a question that every entrepreneur asks himself constantly…
Have you adopted a business strategy? Is it formalized? You may know that around 60% of companies have a business strategy and only 40% of them have formalized it… Moreover, this figure decreases even further when we realize that only around 20% of these companies translate it into an action plan.
In fact, it is quite legitimate to ask the following questions:
Why is a business strategy so important to my business?
How to define and implement it? Here is our objective, to give you some answers to these relevant questions that you are asking yourself.
First, let’s define this term: “Business Strategy”
Definition by M & BD Consulting: “The commercial strategy is the definition, the weighting, the prioritization and the search for a coherent and profitable balance of all the means to be implemented to achieve the commercial objectives according to the global resources of which we have.
In other words, the business strategy or trade advertising is the implementation of coordinated marketing and sales means aimed at achieving the set business objectives while considering internal resources and the external environment.
Why is a business strategy so important to your business?
Here are the main advantages because a business strategy is above all:
- Know where we are going and how
- An indispensable decision-making aid
- Anticipate errors and be “proactive”
- Be able to create an “Action Plan”
- A reference guide accessible at any time
- Be more efficient and in control
Moreover, if your ambition is to develop your business in a significant way, the most important and the most dangerous for you is to dare to take risks and to venture where your competitors have never risked, this is where that you will find the best bargains to be made. And for that, it is better to have a solid commercial strategy, formalized and translated into an action plan.
How to define and implement it?
The first thing to keep in mind before committing to creating a business strategy is that basically, a business strategy is above all one or more answers to simple questions:
- WHO is my target?
- WHERE are my clients?
- HOW to reach them?
- WHAT would I like to sell them?
- WHY will they be interested in my product/service?
- WHEN will I approach them?
Carry out an internal and external diagnosis: i.e., carry out an inventory of the organization, the market, and the environment
Define the objectives: they must be SMART: Specific, Measurable, Acceptable, Achievable, and defined over time
Evaluate and choose the strategy: analysis of options and strategic choices
Implementing the strategy: setting up tools
Defining resources: financial, human, technical, etc.
Creating a dashboard: setting up relevant performance indicators “KPIs”
Once your strategy is developed, it can be communicated to your company’s stakeholders. However, there is one last point that should not be overlooked for the success of your project, transforming your strategy into an “operational level” Action Plan.
However. If you do not want to establish your own business strategy on your own. You can call on specialists offering this service. Such as consulting firms, who will take care of all or part of this sometimes-delicate task for you. In addition. A commercial audit can be a good starting point in the development of your commercial strategy from a brand consultant.
