When you are creating or starting a business you have to understand and know some criteria that are very important and critical in your idea. Starting a business is sometimes harder because permits and so on, but with a great business strategy it will not be a martyrdom.
You have to think about how the business would operate and how you and your overhead will flow with the operations. You know how the business will operate but you have to give to your staff a roadmap. You have to write down guidelines or a framework where the employees understand how the operations should work. Don’t need to be precise or very strict nor the longest document but the principal goal of this is to give the employees how the business works.
Is the turn of the product and services. You have a very clear how your business will operate, now is time to know who services or products you will offer or manufacture. With the frenesi of starting a business and having revenue you want to hoard all the services or products that you can develop. This is a common mistake, because you will get many different offers that can overwhelm your consumer. In this case start with one thing and then keep adding other products and services. Also, you have to think to develop product creating benefits and per se more value for the consumer. In this part, you would consider to make researchs or collect data to understand the consumer and market behavior as trends and processes. Remember your product and your services are the brain of your business.
Once you have this, start with marketing and sales. If Product and services are the brain of your portfolio, marketing and sales should be the spine of any business. What would bring income and revenues for your employees and business are the marketing and sales efforts. Some business owners ignore it because they think that a product or service would sell by itself because it will cover a need in the market and per see, the people have to buy it. But you have started new stuff and the people have to know how it works and add value. Marketing and sales will work to create awareness and relevance to your product or service. Within this strategy, you have to develop marketing and sales strategies according to your budget and your business or commercial goal.
We mentioned budget. That’s another significant part of your business strategy: the distribution of budget and capital flow. Already you work exposing your business products and services through marketing and start to receive revenue. Here with this strategy you have to reflect how you will deliver and distribute that money to keep growing.
These summarized strategies can be developed inside a Porter’s Five Forces diagram or other strategic planning model as a SOSTAC Model. In each industry or company, the strategy changes and some concepts are subsitituided.
Do you want to know more about how to structure and start your Business Strategy?
I invite you to a virtual orientation to talk further in how to delineate your strategy:
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