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How to Build a Business Strategy
Business Article
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Business

How to Build a Business Strategy

by Linku2 Limited
07 February 2012
Update: 04 July 2017

Business Strategy
​Creating a strategy for your business doesn't have to be difficult. Often businesses struggle because they either focus too much on the big picture stuff or focus too much on the tools they should be using, analyses, modelling, etc. However strategy creation can be made much more simple by asking yourself some basic questions and developing the answers through a number of steps

Firstly ask yourself the following questions -

  • What are our broad aspirations for our company and concrete goals against which to measure progress?
  • In our field, where will we choose to run our course of action?
  • What will we do, or use, to ensure we show our competitive advantage?
  • What do we need to do to build and maintain our winning position?
  • What management systems and operations are necessary to maintain the position we intend to hold?

Define these then use these to clearly define in writing the following steps -

Identify your long term goal

From where you are now to how much you want to expand and a sensible (you hope) time frame for this.

Identify your key markets

Look at your current markets and markets your business should be competing in. Decide how you think your business could address both your current and other markets in ways better than your competition

Identify the resources you will require

Resources don't just include financials but also skills, relationships, technical aids and assistance and business assets

Identify external factors

These are things that will affect the way you can operate your business, eg if you require retail outlets identify areas where you may have difficulty in fulfilling these requirements or areas of higher rent than you may envisage

Identify your key values and expectations

And those of other stakeholders in the business. Ensure you have the same beliefs, values and goals

Build your business strategy

Collate this information, create your plan, develop your systems, ensure your key players are all aware of their roles and make it happen!

And finally another important principle to keep in mind in your strategy is the pareto principle which lets you identify the 20% of inputs, causes or effort that contributes to 80% of the outputs, consequences or results respectively. You can 'achieve more with less' using this concept!

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  • Home
  • Linku2 Sites
    • Linku2 North Shore
    • Linku2 Childcare
    • Linku2 Finance
    • Linku2 Hibiscus Coast
    • Linku2 Markets
    • Linku2 Retirement
    • Linku2 School Holidays
    • Linku2 Tauranga
    • Linku2 Other Sites
  • Linku2 Articles
    • Babies and Kids >
      • Grandpa So What's In a Name
      • Grandma So What's In a Name
      • Meningitis Types and Causes
      • Secrets of Maternitywear
      • Teething Tips
      • Top Tips for Organising Kids Toys
      • Vitamins and Minerals in Pregnancy
      • What Do I Really Need for My New Baby
    • Building >
      • Building a Home on a Budget
      • Creating More Space Around Your Home
      • Decorating Colour Schemes
      • Designing a Home to Keep in the Heat
    • Business >
      • Simplify
      • How to Build a Good Business Strategy
      • How to Develop Your Brand
      • How to Target Your Market Effectively
      • Kiwisaver in a Nutshell
      • Richard Branson 5 Golden Rules for Business
      • Tips to Create Good Web Content
    • Dining >
      • Asian Cuisines: Indonesian
      • Cuisines of the World - Spain
      • Recipe: French Onion Soup
    • Education >
      • Healthy Ideas for School Lunches
      • Keep Your Kids Safe from Stranger Danger
      • Study Tips - Best Tips for Exam Preparation
      • Study Tips - For Better Learning
      • Study Tips - How to Remember the Boring Stuff
      • Why Learn Maths
    • Health and Beauty >
      • 10 Tips for Radiant Skin
      • Depression Facts
      • Detoxify your Body
    • Motor and Marine >
      • Essential Motorcycle Riding Gear
      • New Zealand Dolphin Tales
      • Swimming at New Zealand Beaches
      • Tips to Save Money When Driving
      • Top New Zealand Diving Spots
    • Pets and Animal Services >
      • A Guinea Pig for a Pet
      • Choosing the Right Pet for your Family
      • Good Dog Breeds for around Kids
    • Real Estate >
      • Auction Buying Tips
      • Building a Home on a Budget
      • Home Decorating Tips
      • Rental Insurance Responsibility
      • Stress Free Home Renovations
    • Retirement >
      • Cardio Tips for Seniors
      • Grandparenting Rules with a New Baby
      • How to Grow Old without Feeling Old
      • How to See the Silver Lining in Times of Loss
      • That Ellusive Retirement
      • The Language and Meaning of Flowers
      • Tips for a Safe Home for the Elderly
      • World War I Legacies
    • Shopping >
      • Caring for Wicker Furniture
      • Ways to Make Old Clothes New Again
    • Sport and Recreation >
      • New Zealand Rugby Greats
      • Rally New Zealand
    • Travel and Tourism >
      • Cruise Tips
      • Long Haul Flight Survival Tips
      • Water Sports
    • Weddings >
      • 16 Things It's Unlucky To Give as Wedding Gifts
      • Alternatives to the Traditional Wedding Cake
      • Romantic Garden Wedding Ideas
      • Wedding Flower Checklist
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    • Privacy Policy
  • Contact