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When it comes to starting a company, there are millions of individuals with promising ideas. However, without a business strategy to back them up, many of these entrepreneurs will fall short of their goals. If you’re hoping to develop a plan that delivers, review the following list of essential elements for any business strategy.

3 Elements of an Excellent Business Strategy

1. Visualization

Every success story starts with a big dream—or, at least, a little imagination. When forming your business strategy, now is the time to envision what could be, even if it seems unattainable now. Ask yourself where you want the company to be in a year and then five years from now. Whether you’re focused on expanding to other cities, building a roster of respected investors, or being profiled in a top newspaper, these goals are a crucial jumping-off point for all your future endeavors.

2. Definition

business strategyOnce you’ve visualized the bright future ahead, focus on building a name for yourself in the present. What core values do you want your clientele to associate the company with? While some businesses might focus on sustainability and affordability, others might concentrate on innovation and luxury. Now is the time to build your brand from scratch, and leave a lasting impression for future customers.

3. Adaptation

After you’ve started to put your plans into motion, such as building a team and selling your products, you’ll need to reassess your strategy at regular intervals. Using a SWOT analysis—strengths, weaknesses, opportunities, threats—you look over an in-depth evaluation of your progress to date. Are you being drowned out by a competitor in the online marketing sector? Or are your unique promotional techniques gaining you customers by the day? By recognizing and adapting to the results, you can optimize your business strategy as you go.

 

If you’re having trouble perfecting your plan, you might benefit from an outsider’s perspective. Turn to Yancey Consulting of O'Fallon, MO, for quality business strategy consulting. Lori Yancey has over 20 years of experience in helping companies define their ideal organizational structure and improve their work environments. To learn more about her problem-solving skills, visit the website or call (314) 614-7542 today.

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