How to Develop a Business Strategy

At a high level, your business strategy is essentially how you’re planning for the continued and future success of your company or organization. Formulating and executing a strategy includes a range of activities that ultimately should help your business grow and meet your goals. Crucial activities include being prepared for risks from your competitors and recognizing opportunities from the market.

• Competitor Research: who are your competitors?

• Competitive Advantage: how will you get your customers to pick you instead of your competitors?

In both cases, doing your research and having all of your information in one place, like an Excel spreadsheet will give you a high-level view of your business’ position in the market. Useful exercises that will help you structure your thinking strategically include:

• SWOT Analysis to understand if your business or project is in a good place to grow

• SMART Goal Setting for success involves intelligent step-by-step planning