How to Develop Your Business Strategy
Time to put that theory into practice.
Parts of a Business Strategy
strategy / ˈstratɪdʒi /
(noun) a plan of action designed to achieve a long-term or overall aim.
However, this definition simplifies the three key elements. You will need to dig deep to:
- plan on the basis of the present state,
- aim for the future you envisage, and
- act(ion).
Along with an (4.) executive summary, these three elements form your four-part business strategy.
But, as Leonardo da Vinci noted:
“The greatest deception men suffer is from their own opinions”.
In other words, don’t believe everything you think! This is no time for gut instincts, but rather the time for you to use a collection of established analysis tools so that your business strategy is as accurate as possible.
At the same time, be vigilant about falling into the trap of analysis paralysis!
Business Strategy Step-by-Step
Pause the video as necessary and use the following timestamps to navigate on the seek bar:
00:20 Strategy Definition
01:40 1. Present
01:55 Buyer Persona
02:40 McKinsey 7S
01:00 VRIO
05:30 PESTEL
06:25 Porter’s 5 Forces
07:35 BMG Matrix
09:15 SWOT Analysis
10:40 2. Future
11:05 Company Values & Vision / Mission Statements
13:15 Strategic Objectives
14:40 ICE Filter
16:05 SMART Goals
18:00 V+D+D
18:45 3. Action Plan
19:20 Resources & Budget
21:20 IMPORTANT NOTE
21:40 Map Your Strategy
24:10 4. Executive Summary
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