Strategy is a long-term plan of action designed to achieve a specific goal or set of objectives. A good strategy provides a clear roadmap, consisting of a set of guiding principles that defines the actions people in the business should take and the things they should prioritize to achieve the desired goals. While this may seem obvious, many strategies often miss the mark, not generating the expected impact. When creating a strong strategy, be sure to do the following:
Re-iterate your company’s vision and core values. In addition to clarifying your company's aspirations, your strategy should also stem from your company's core values. If you have to stray from your core values in order to get the results you are hoping for, you will weaken your company's foundation, likely leading to more harm than good.
Analyze the matter at hand using SWOT analysis. Strengths, weaknesses, opportunities, and threats - know them all and know them well!
Define specific strategies for the team to implement. Emphasis on the word "specific." (Consider: Increase cold calls versus increase cold calls by twenty per day.)
Set an action plan. This should include objectives, tactics, and required outcomes.
Set a budget. How much are you allocating to this project? Without a clear budget, implementing strategies will be tough.
The bottom line is that business success begins with a well-though-out strategy. When executed, specific strategies generate results that vague strategies simply don't.