Strategy isn’t just for big business; it’s for small businesses as well!
Before I continue with the reasons why small businesses should use strategy, I’d like to clarify what strategy actually is. Strategy is the means to analyze the competitive moves and the business approaches that management should take to attract and please customers in order to successfully grow your business. Do you understand now why strategy isn’t just for big business now?
You may also be wondering why I am sharing strategy with you as well. I have several reasons. One, I love to learn. I am employed full time, but like to enjoy picking up new concepts and like to apply it in real world situations, and in this case, it is to help local small businesses. It also fits in nicely with the social aspect of what my blog is all about, which is to care – that is to give a damn about where I live and help out wherever I can. The act of giving back – is the greatest gift I can provide to the community at large because, I give a damn! J
Now back to the strategy discussion. What are the elements of the strategy that you can employ so that your business can gain some traction? There are several. The following are highlights of what your strategy can contain:
- Actions, YOU as the business can do to gain sales.
- Actions YOU must react to when a competitor changes their strategy!
- Actions YOU can take to capture more market share.
- Actions YOU can take to enter new neighbourhood, expand beyond your area into national and international markets. And if you are really daring.. Emerging markets.
- Actions YOU can take to strengthen your company’s capabilities, like developing an expertise for what your customers need.
- Actions YOU must decide on, like weather to build, lease or acquire capital equipment.
I hope I have been able to provide you with information to guide you on how to expand your business, in a smart, disciplined manner.