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How to Develop a Successful Business Strategy

Business strategies must chart a course between the need to continue the business and the need for revolutionary thinking.

Instructions

  • Step 1: Identify long-term goals Identify the long-term goals of the business. Determine if you want to expand, and if so, how much you expect to grow over time.
  • Step 2: Identify key markets Identify the markets that the business should be competing in, based on the markets that your business already successfully competes in. Decide whether the business can address these additional markets better than the competition.
  • Step 3: Identify the resources required Identify the resources required to compete in the identified markets.
  • TIP: Resources include skills, assets, finances, relationships, technical competence, and facilities.
  • Step 4: Identify external factors Identify any external factors--things beyond your control that may affect yours business's ability to compete. For example, you will be at a disadvantage if you can't find a desirable retail location.
  • Step 5: Identify key values and expectations Identify the values and expectations of key decision-makers in the business.
  • Step 6: Construct your business strategy Construct your business strategy from these findings and make the plan happen.
  • FACT: As of 2010, the oldest continuing business in the United States was J.E. Rhoads & Sons, which was founded in 1702 and produces conveyor belts.

You Will Need

  • Long-term goals
  • Understanding of competitors
  • Understanding of needed resources

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