Business Strategy: Planning for Success

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As a business owner, the growth of your company is usually the main objective. With more business comes more revenue and with more revenue comes more possibilities for the expansion of your business. The million dollar question is, how do you make this possible?

A business does not become successful over night without a strategic execution of a business strategy. It is very unlikely that the owner of a business could achieve a great deal of growth without formulating a plan on how it will be done.

A business strategy will serve the purpose of charting out where your company is and where you would like for it to go.  It clarifies the way in which your company can achieve your goal by developing plans and maintaining focus in order to remain on track. It should be frequently considered and followed to ensure that the plan is being carried out and that you are heading in the right direction.

If you are the owner of a business and are currently making  ‘x’ amount of dollars annually, and would like to be making ‘y’ amount of dollars annually, your business strategy serves as the equation that will take you from ‘x’ to ‘y’. You must first decide how far ahead you would like to plan. Next you must formulate a marketing plan. Through the understanding of who your target audience and how to market to them, you can  better understand what needs to be done over this period of time.

With a focus now in mind, you can use a five year plan to carry out the main objective. This being the extensive process that requires a longer period of time and gradual action.
A one year plan may also be used to ensure that the years leading up the objective are being proactive in their goal. If a plan is assigned for each year of the five year plan, with a strict focus in mind,  it will only then be carried out to its fullest extent.

Contributed by:
India Russell
Marketing & PR Manager
irussell@reynoldsdewalt.com

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