Does Your Strategy Create Value?

Empowering SMEs (Issue 047)

Does your business have a strategy that differentiates your business from your competitors?

A “ Differential Strategy” is one of the key factors in creating a successful life cycle of a business.

Have you talked to your accountant about assisting you to develop an update of your strategy and to make sure that your strategy has important differences incorporated which will differentiate your business from your competitors?

Where do you start?

Why not lock yourself away for a couple of hours of “quality time” and identify the key ideas that you have relative to the operation of your business.  The items that you are noting should cover the key aspects of your business including:

  • Your customers
  • Your prospects
  • Your products or services
  • Your team
  • Your premises
  • Research and development
  • Marketing strategies
  • Plant and equipment/computers
  • Your vision
  • Where do you want your business to be in 3 years’ time?
  • Turnover
  • Gross profit
  • Net profit
  • Number of team members
  • Locations
  • Your big audacious idea!
  • Funding for your business
  • Your competitors
  • What are your competitor’s key points of differentiation?
  • What feedback have you received from your customers on the types of services that they would like to receive from your business?

You are now ready to list on a spreadsheet the key strategies that you have identified alongside the strategies that you have identified that your competitors are trying to implement and the strategies that your customers are looking for in the services that they require.

When you have completed this analysis you should then be able to “pick the good points” and create a strategy for your business that incorporates the best practical objectives that you have selected, based on what your customers are requesting and other good strategies that your research has uncovered.

  • You will need to develop a marketing strategy that will enable you to implement the differential strategy that  is suitable to your business.
  • This will encompass making sure that:
  • your website is current and is projecting the type of image that you want to project to the market;
  • that you have a social media policy in place which will enable you to effectively promote your brand;
  • you have developed videos and other promotional material;
  • you have developed some themes that you can present at industry conferences.

Want to know more?  Why not join us for a free webinar on Tuesday, 1 October 2019 at 2.00pm AEST to register for the “Does Your Strategy Create Value?” Webinar click here.

If you would like to access articles that we have written on key aspects of business operations please visit our website www.esssmallbusiness.com.au where you will find a range of articles some free some for a charge that you can subscribe for.

If you have any questions, please send an email to peter@essbiztools.com.au or telephone Peter on 1800 232 088.

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Episode 047 - Does Your Strategy Create Value?

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