Business strategy advice for small businesses
Many small business owners feel they need business strategy advice, as they are often daunted by the prospect of developing a strategy for their business, believing it to be a mammoth task. However, keeping the approach to business strategy simple is often the key to success.
Here are some easy-to-follow business strategy advice guidelines:
Don’t overthink it – a strategy is simply a plan to help you achieve your goals. You need a good understanding of your target audience and market, and some clear objectives, with a route to achieving them – whether that be growth, expansion to bigger premises at some point or extension of goods or services offering. The trick with developing a strategy is to be prepared to deviate from it if you need to, to capitalise on opportunities. Business environments and customers are evolving all the time, so the nimbleness and flexibility that comes with being a small business is a great advantage.
Prioritise differentiation – in a rapidly changing and often challenging economic climate, it’s important to differentiate your offering from that of your competitors. Think beyond price – a very common competitor approach – and consider to make your offering more appealing, or more relevant to certain customer groups. With DIY market research tools at our fingertips offering cost effective ways to gain insight on target markets, use them to full advantage to gain a competitive edge and get to the heart of what matters to your customers.
Get employees involved – the best ideas are usually part of a team effort. The benefits of being a small company is usually a small staff base that makes it easy to get together and thrash out ideas and better ways of working that will maintain a competitive edge. Some may have worked in the market in other companies and can bring insight that can help shape the strategy, or at least warn of pitfalls to avoid. Employees that are involved in processes such as this are much more engaged, so it has the double benefit of motivating the workforce and letting them know their opinion counts.
Be decisive – making decisions is part and parcel of running a business, and deciding on a strategy to take the business forward is key. Taking too long to consider a plan could mean opportunities can pass you by. Take the bull by the horns and go for it!
If the thought of developing a strategy still has you running for the hills, consider getting business strategy advice from a professional services provider. The benefits of employing expert advice from a firm that can provide an objective view can far outweigh the cost, particularly if a new business opportunity can be identified, or a potential pitfall avoided.
Interested in business strategy advice? Call us now on 01827 54944.