How to Develop Strategy in the Right Way?

Much has been said and written about strategic planning. However, the problem remains the same – there are still many managers and business owners who have the wrong concept of company strategy and strategic planning in general. It often happens that the developed strategy either doesn’t work or it has nothing to do with reality. Sometimes, strategies remain on paper, being favorite toys of top managers. In such a case, however, strategies have nothing to do with what is going on in the company, on lower managerial and production levels. Sure thing, strategic planning is not only about design of strategy maps and making presentations for shareholders and top managers. It is easy to set unrealistic goals and say: “We are going to be the best!”

Recent survey has shown that only 20% of top managers and midlevel managers directly participate in strategic planning. However, very few of them have the right concept of company strategy. If a top manager understands strategy in his own way he will interpret it in the wrong way to lower level managers. Thus, employees are the lowest level will have no idea of what the company’s driving at. It’s an interesting question what is worse: to be ignorant on company strategy or to participate in strategic planning but have the wrong concept of the strategy? Still, there is no definite answer. However, it is possible to say that The Best Option is to get the entire personnel involved in discussion and adoption of a strategy.

How to develop strategy in the right way? Most believe that development of a strategy is only about setting strategic goals. This is not so. Company owners, shareholders and top managers should answer some questions “Where will we be in several years?” “What are our values?” “Who are our customers?” “What do our customers need?” There are even more important questions like “How can we implement strategic goals?”

One of the most common mistakes in developing and implementing strategies is designing of unrealistic strategic goals. Of course, a strategy should be ambitious but at the same time realistic. It is impossible to win a 50% market share in one year is at the moment the company has only 3 or 5 percents. So, it is very important to make you a realistic strategy and goals that can be achieved. The same time top management of a company should always look to the future and set new goals otherwise the company will not develop.

Strategy is also often confused with short-term goals. Some managers want to get immediate profits and instead of developing a comprehensive strategy the design short-term goals to get immediate cash. This is also a very common mistake with regards to strategy development. Most experts recommend using services of external advisors. At the same time, one needs to be cautious because somebody else’s experience is still somebody else’s experience. Something that is perfect for one company can be devastating for another. The best way is to involve top managers, company shareholders, business owners, external advisors and ordinary personnel in discussion and development of a strategy.

Business Development Strategy – The Absolute Best Business Development Strategy Ever Created!

Are you ready to learn the absolute best business development strategy ever created? Attraction marketing is the absolute best business development strategy known to man. Now that you know the answer, I am going to explain to you why.

The main goal of any business is to attract customers. People spend tons of money on advertising to gain exposure for their business, hoping to make some sales. What if I told you that there was a free way to do this and it could be done on complete auto-pilot? Would you believe me?

You are your greatest asset. Attraction marketing brands you as the leader, and brings prospects to you on complete auto-pilot. All you have to do is constantly put out valuable content (information that people need), and people will search for you, they will literally hunt you down.

The reason attraction marketing works, and the reason it is the absolute best business development strategy ever created is because you are not pressuring people to buy a product or join a business. You literally ATTRACT the people to you that are highly motivated, and highly interested about your business.

When you are the first person to introduce someone to something new, something that they can definitely use to make their life better, it is easy to make a sale. The beauty of attraction marketing is the content that you are giving away can be tailored to attract absolutely anyone and everyone. Whether you want to attract the people that are new to this industry, or the people that have been building businesses for years, everyone has something to learn.

Attraction marketing is a lot like good customer service. You help other people, you brand yourself as a leader, and those people will be loyal to you until the end of time. The best part of attraction marketing, and one of the main reasons why it is the best business development strategy out there is because you already own everything you need to get started.

As I said earlier YOU are your greatest asset. You just simply need to invest in yourself. The more valuable the bigger your business will be. So by working on your personal development, by learning all you can about things like success, business building, attraction marketing, etc, you are making yourself so valuable to other people that they will buy anything that you tell them to.

Attraction marketing is that absolute best business development strategy, once you learn how to use it correctly. People are naturally greedy and want to keep what they know to themselves, but once you get over that, and learn to give without expectation you will see drastic results in ANY business.

Your Business Development Strategy – Refine Your Plan

So you had a good year last year, that’s a good thing. What do you think was missing that kept it from being a great year? In his book, Good to Great, Jim Collins says “Good is the enemy of Great”. Oh great you say, it isn’t enough that I had a good year, now someone wants me to be perfect. No, not perfect, just great! And why not, after all when you started your Business you likely had a vision or dream about how you were going to do things differently, bigger, better, faster than anybody else. You were going to make a difference, innovate and dominate, leave a legacy that would live long after you left the scene.

What will become abundantly clear when you are growing your company is that the work will be hard and much of your time will be sacrificed to make it happen. The learning curve will be very steep at times, but the reward will be sweet and worth every moment you have to wait. For those of you that think success will happen overnight, you’re probably better off buying lottery tickets, the odds are better. The concepts of business development are not just some irrelevant abstract theory, they are essential to the future success of your business.

The truth is, most Businesses are quite simple to operate, just not easy to do. Almost every Business operates on the same model of gathering customers through various marketing strategies and then having an effective conversion process or sales system to create a new customer. The next step is to implement customer service systems to serve them well, keep them coming back and become raving fans for life. We must also have an effective Human Resources division to select, hire and train our personnel to perform the duties and responsibilities of the various positions. All of these areas affect your business development and management.

Ideally, with a fully executed Business Development Plan, we would have a policy or procedure for every operating component of our Business, a system that would ensure smooth operations. A system that would allow the Business to operate with or without you being there. Finally, we must understand our financials, manage our fixed and variable costs and keep the cash flowing. All of this of course hinges on one critical component. That component is your leadership. You must create a culture that rewards and empowers your team to be their very best and to have them constantly seeking ways to do better than before. All of this must be done while juggling your family life, personal interests and maintaining excellent health!

Simple enough right? Just not that easy to do! So where do you start on this road to greatness? The question our clients hear us ask all the time is “How do you eat an elephant?” “One bite at a time!” That first bit is creating your business development plan.

So in the interest of greatness, take a few minutes and do the exercise below. This is the first step in forming your strategy for Business Development.

The Work/Career Wheel

Draw a circle on a piece of paper and divide it into eight sections, like a large pizza. On the outside of the wheel above each slice, write the following points; Marketing & Sales Processes, Customer Service Strategies, Relationship with Employees; Understand Your Financials, Systematization of Business, Organization & Time Management, Leadership & Vision and Work/Life Balance. These represent the most common ares of business development.

For each section of the Work/Career Wheel, score your sense of satisfaction on a scale of 1-10 (10 = very satisfied). If an area doesn’t apply, replace it with a more appropriate label. Once you have scored all the sections, identify the top three areas that you would like to target. Ask yourself the question “if my current score is ____ in this area, what would a 10 look like?”

I hope this has been revealing and at the same time encouraging that you can build a successful Business with an effective business development strategy. At the very least,set aside 1-2 hours each week to work on your Business in the areas you have identified as priorities to help improve your Small Business Management.