Strategy

Every business, regardless of size, should have a Mission Statement that sets out:

• The reason why the business exists
• What the company stands for
• What the company is about.

The mission statement defines the core of the business and determines the strategy of the business.

Developing a strategy for your business is as simple (or as complex) as answering these questions:

• Where are we now?
• Where do we want to go?
• How and when will we get there?

To begin to develop a strategy, consider:

• Focus – On what?
• Growth, decline, stabilisation – How is your market developing?
• Maintain existing markets – Will this be enough?
• Life cycle of the product – What stage are you at?
• New markets – Where? At what cost?
• New products – How?
• National or international – What are your ambitions?
• Broad market or niche market – Where are you aiming?
• Innovation – What part will it play?
• Small steps or big steps – Which are you most comfortable with?
• Mission Statement – What is your business’ Mission Statement? How does this determine your strategy?

Ask yourself what you want to achieve with your business.

Then summarise trends - for example, in the use of technology, in customer needs or competition - in relation to your business.

Consider the threats and oportunities facing your business. How will you see of the first, while exploiting the latter?

What targets will you set for your business? Say, for Year 1, Year 5 and Year 10? How will you achieve them?

Answering these questions will help you develop a strategy for your business. But don’t be misled by the simplicity of this approach to strategic planning. It looks simple. Maybe you found it simple to do. But it is critical to your business.