I talk about strategy a lot but let’s break down why you need strategy in your business. A business strategy serves as a blueprint for the different aspects of running your business. When your strategy matches your long-term vision plan, it helps ensure that you are working towards the same goals. Essentially, a business strategy is a roadmap to your business goals.
There are four different types of strategies that a successful business is going to have. You may not utilize all of them on a day-to-day basis, but you want to have a plan for each of these types of areas for your business to be successful.
When people think of business strategy, they often default to having a marketing strategy. The purpose of having a marketing strategy is to help achieve your marketing goals. Marketing goals don’t just include getting more sales. Marketing goals should be specific like increasing an email list by 100 subscribers this month or getting 2,500 clicks to your website. Once you set your marketing goals, you can build the strategy on how to achieve those goals.
You also want to consider having a hiring or outsourcing strategy. When we’re first starting in business, we don’t think about our first hire. But you want to start thinking about your hiring and outsourcing strategy before you ever get to the point of outsourcing. If you’re prepared before you need the help, you’re more likely to hire people that are the right fit for your business. Hiring and outsourcing are important and great tools to avoid a state of burnout.
How will you use or invest the money that you make in your business? A financial strategy is going to help you understand your numbers and figure out where you should be spending your money. It helps you evaluate where you need to be investing your money into your business, and how you can be taking money out to pay yourself.
Lastly, it is very important to have an operational strategy. This is a plan for the day-to-day operations of your business. As you start to grow your business, you want to start thinking about how you want your business to operate with things like standard operating procedures, workflows, and automation. As you develop and enact operational strategies, you’ll free up time to focus on the other aspects of your business. You also want to think long-term and what your operational strategy looks like as your business starts to grow.