Let’s talk about what are strategies of a company. It’s important to have your own because if you improvise, the chances of success go down. On the other hand, if you already know what you are going to do, go on a safer platform.
Imagine a road full of weeds, knowing that you will go there at night on the weekend, it is safest that you go there days before, to analyze the road, choose the most convenient way, eliminate the dangers , such as stones, thorns, etc. Then if you have to walk, make it safer by reducing all risks.
Now if you improvise and walk alone during the day, you will have to walk at night, the risk is greater, you can even get lost. That’s what happens in the business world, if you’re not stopped, don’t set a path, you’re playing the wheel of fortune, where the probability of success is less than 50%.
What are business strategies?
When we talk about a company’s strategies, we are referring to the actions that the work team plans to achieve each of the goals previously set.
A company’s strategies include working methods, techniques, steps… that must be followed scrupulously unless an unforeseen event occurs or a better way is considered.
Talking about strategies means talking about the path we need to follow to reach the goals, how and when we should go.
Importance of a company’s strategies:
In the figure at the beginning we could see the advantages of a strategy in our company in general. However, below I list a few:
- You save time that you would waste with trial and error through improvisation.
- You’ll also save money from making mistakes by trying something off the cuff.
- You can have a second option if necessary. If you improvise you can hit, but it can be the opposite scenario. When we design strategies, we usually consider all possible scenarios and what to do in each of them.
There is no doubt that some of a company’s strategies are crucial in order to survive in the market. Even more so when everyone is already talking about strategies and your competition certainly already has one, then if you don’t come up with a good strategy they will have too many advantages over you!
Well, we know we have to use strategies because they suit us. But how do we do that?
How to design business strategies
Remember, strategy will lead us to a point, call it a goal, a goal…or whatever you like. So the first thing to keep in mind is the following.
1- What do I want to achieve?
You cannot develop a strategy without defining your goals.
Remember that you need to make it both general and specific. An example of a general goal could be to be the best marketing company in Spain. But for that I need to achieve some specific goals like being the marketing agency with the most clients, the most revenue and the best image.
In this case, we already have some goals, and from there we can proceed to strategize. And we do it with the following question.
2- What do I need to achieve these specific goals?
You should ask yourself this question for each of the goals. For example, what do I need to be the marketing agency that has the most clients? Well, have 1000 customers (example) since the largest currently has 999.
3- How long do I want to achieve these goals? Which accounts?
Next, you need to figure out how long you want to complete each of the specific goals. It’s not just about what you want, but when you can. So we invite you to be very realistic.
You can study your competition to give you an idea, and the better known the better. For example, you can say that marketing agency XYZ reached 500 customers in one year, could I do that too?
To answer this question, you need to know what accounts you have. Could it be that you have the same resources and machines as Company XYZ? If your structure is similar, then yes. So you can set yourself a time of 2 years to reach 1000 customers (these are baseless numbers, just an example).
4- Schedule of activities
Now it’s time to get a little more specific. You need to create a schedule of the activities you need to complete to achieve what you set out to do. For example, to reach 1000 customers, you need to create a schedule of activities in that time interval that will help you attract them. For example: improving the company’s image, preparing advertising campaigns, attending free courses on how to use a marketing strategy to attract more customers (use and sell your services), etc.
But everything is well ordered, appreciate the customers that you can get with each activity to know if they are enough to reach 1,000. You need to be very specific, such as:
- From January 10th to February 10th we give the course. Logically, the person in charge of this activity must have a specific schedule for each of the courses that he is going to give. You need to set goals, such as “Have 100 listeners and get 10 customers.”
You must do all of this with each of the specific goals and their derivations, because remember that I am just citing one point of many that may arise as an example.
More tips on designing business strategies.
- Design a special product or service based on the customer’s needs. Consider doing something worthwhile, something different that gets her attention.
- Describe what your customers are like and how you can reach them.
- It also drafts loyalty plans.
- Describe your strengths.
- So do with your weaknesses.
To have a better base, I invite you to design your company’s canvas mockup. This way you have a lot of organized information to continue your strategies. More about this here.
that waits? Design your strategy now…
Don’t wait any longer and start creating your strategy.
Remember that a company’s strategies are reality and surely your competition is working on them, don’t be left behind.
Without further ado, I can only say goodbye and wish you every success. Until next time!