Every business needs a strategy. In fact, every business has a strategy but the strategy is not always at a conscious level. Vinil Ramdev, Editor of StartUpGrowthExpert.com discusses what strategy is all about and how you should prepare a strategy for your business.
Which Direction Should I Go?
When I first started off in business way back in 2004, unlike most people who start their first business, I did have a formal business education. I had also taken several courses in entrepreneurship while in college. I am not sure but I think strategic planning was also one of the courses I learned in college. The word “strategy” and “strategic planning” always seemed some sort of a mystery to me. It seemed scientific and it seemed something you’d do if you’d like to be a large company.
I don’t know if I consciously did strategic planning in any of my businesses. But one thing I have realized in business is that strategy is only a general direction you want your business to move towards. The simpler it is, the better.
Also, there is too much emphasis in business on the theoretical side of planning and all sort of analysis and paralysis. Jack Welch, former CEO of GE said, “eventually it’s all about implementation.” The point I am trying to make, is not to get too over-analytical about strategy. It’s important to focus on why customers buy from you and what you are going to do to beat your competition. If you are in the retail business, it could be location or service or your inventory.
End of the day, it helps if you are conscious about your strategy. Because, if it’s not working, you can change it.
About the Author
Vinil Ramdev is an entrepreneur who runs a marketing company and has several other business interests. He is also author of How to write a business plan for astonishing results. In just 3 days!
Image: jscreationzs / FreeDigitalPhotos.net
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