Business Strategy

Get clarity on your business, goals, priorities, and future opportunities.

What you will learn in this article:

  • What is “Business Strategy”
  • Why do you need Business Strategy
  • How to do a Business Strategy session

Why you need to read this article:

  • Stop losing money & Clients
  • Stop wasting time
  • Grow your business
  • Get clear on your priorities

What is Business Strategy?

Business Strategy is the process of clarifying your business goals and prioritizing them for the future of your business. Owning your own business and caring for it can be like trying to draw a perfect circle with just a pen and paper. You can try over and over, but you’ll probably never get it right. Imagine doing this or try it for yourself, can you draw a perfect circle? Probably not, but what if you had a stencil to guide your pen? I bet you could draw that circle perfectly on the first try with your eyes closed every time! That’s because that stencil reduces your errors to zero and that’s what Business Strategy is, a stencil for your business’s success. It will restrict the errors that can be made with your business and help you work harder and longer to achieve your vision.

Why do you need a Business Strategy?

Without a business strategy, you will be wasting money on things that aren’t important for your business. If you don’t have a vision and a strategy to reach that vision, you will inevitably spend money on things that aren’t important. That money should be spent towards what will help you achieve your vision, not what will take you further away from it! With business strategy, you will find your primary business goal, how to measure your success, and your priorities to stick to so that you can say no to distractions that will waste your time and money.

How to do a Business Strategy session

Good news! You can do a business strategy session yourself if you can’t hire a professional facilitator to help you with yours. If you do have the resources to hire a business strategy facilitator, we do recommend that you hire us. If you want us to facilitate your strategy session, click here. As professionals, we will help guide you through a proper strategy session so that you can follow your new strategy to the T and trust that everything will work according to plan. If you don’t hire a professional, you could run into problems such as the strategy being too vague, confusing, and/or contradicting.

The whole point of business strategy is to get CLARITY, so if you are sacrificing clarity for professionalism, you may end up wasting more time and money if you get your business strategy wrong. The strategy session is broken down into 2 parts: Business Q&A and Prioritization Exercise. If you are doing this without a facilitator, I recommend collaborating with someone in your organization whom you trust and who can make business decisions. This will help eliminate biases and give a different perspective on your business.

Business Q&A

The goal here is to get clarity and alignment on how your business works, what you’re trying to accomplish, and the primary needs of your business. You’ll achieve this through a series of questions and answers. Make sure to challenge your preconceived notions and go in-depth when answering these questions. They will lay the foundation for your future business success.

  • What’s the name of your business?
  • What are your products and services?
  • How does your product or service work?
  • How do people get started with your product or service?
  • What are the features (aspects that could be technical or descriptive) of your products and services?
  • What are the benefits (how your product will affect your customers’ lives) of your products and services?
  • How much does your product or service cost?
  • What makes your product or service unique?
  • Are you going to sell straight to the user or to an intermediary?
  • What are your primary and secondary business goals and why? (ex. Sales, lead gen, awareness, efficiency, publishing, etc.)
  • How will you define the success of this goal?
  • What will you use to measure the success of this goal?
  • Is it fair to say that you want the results from this project to mainly impact your primary goal?
  • Do you have a mission statement?
  • Do you have a sales funnel?

Prioritization Exercise

The goal of this exercise is to get clarity on your business priorities in relation to your business goals. For example: if your business goal is to double your revenue but you are prioritizing social media content to increase brand awareness for your development goals, that doesn’t make any sense! This exercise will help you pick the right priorities to achieve your goals so that you don’t waste your time and money on the wrong priorities. Here’s an example of how your prioritization sheet will look like:

Prioritization Exercise Example

You can download your sheets here: Revenue, Awareness, Efficiency. Here’s how the exercise works:

  1. Download the Revenue Prioritization Sheet
  2. Brainstorm ideas to increase your business’s revenue and put those ideas in the second column
  3. Write how long it will take you to execute those ideas in the first column. S means you can complete that idea in under 30 days, M is 30-90 days, and L is over 90 days.
  4. Now that you’ve set a timeline for your ideas, rate the idea 1-10 on how realistic that idea is for your business in column 3.
  5. Now rate the idea on the desire that you have to execute it in column 4.
  6. Add up columns 3 & 4 to fill out your score in the 5th column.
  7. Once you’ve finished with this sheet, review your ideas, their score, and the timeline. You’ll now need to pick only 3 ideas to execute for your revenue prioritization.
  8. Now that you are clear on what you need to do for revenue, repeat this process for your Awareness Prioritization Sheet, and your Efficiency Prioritization Sheet.
  9. Once you’ve finished all three, you need to refer back to your business goal (from your business strategy) and narrow your now 9 ideas (from the three worksheets) down to 3 total. Make sure those 3 ideas are helping you achieve your main business goal.
  10. Once you’ve narrowed down your priorities to three ideas, archive the sheets for later and start working on ONLY those three priorities!

Congratulations! You’ve completed your strategy session, but to make your strategy bulletproof, go the extra mile! Review everything you’ve written down and discussed and look for these things:

  • Contraindications
  • Inconsistencies
  • Vagueness/ lack of clarity
  • Alignment with the primary goal

If you find any of these, make sure to fix it and re-review your strategy until it’s perfect. Remember, this is the foundation of your business success, get it right!

In Conclusion

Business Strategy will change you from not taking the right steps to grow your business and spending time and money on the wrong things to getting clear on your vision and the three priorities to bring your business closer to achieving your vision while staying free of confusion. It will bring you clarity, business growth, and relieve frustration and confusion. If you implement this and it doesn't go as expected, give us a call and we'll schedule a strategy session with your business for free! If you want us to do this for you, get started here.