67. Do you really need a business ‘strategy for your small business?
Do you really need a business ‘strategy for your small business?
I know how sexy the notion of a ‘strategy’ is. It sounds like a magical scroll showing you how easy it is to go from A to Z in just a few easy steps.
A quick Google search tells me:
A business strategy is the set of strategic initiatives a company pursues to create value for the organisation and its stakeholders and gain a competitive advantage in the market. This strategy is crucial to a company's success and is needed before any goods or services are produced or delivered.
According to Harvard Business School Online's Business Strategy course, an effective strategy is built around three key questions:
How can my business create value for customers?
How can my business create value for employees?
How can my business create value by collaborating with suppliers?
Many promising business initiatives don’t come to fruition because the company failed to build its strategy around value creation. Creativity is important in business, but a company won't last without prioritising value.
Does this sound relatable to a small business?
Not at all.
Strategies are often lofty. And they often need a team to implement them.
For small business owners who might be the only person in the business, an overly optimistic business strategy can be exciting initially but quickly becomes overwhelming and unachievable.
Tune in to hear my thoughts on 'Strategy' and what I believe you need instead.
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Episode 59: Four growth strategies to scale your e-commerce business.
Episode 60: Build your business plan for the year ahead.