Business Strategy
(Just a fancy way of saying “how we’ll win”)
Business strategy. People think of business strategy and they think of presentations with hundreds of slides, packed thick with information, drafted by expensive consultants…who never have to implement their brilliant ideas.
That’s just meant to impress you. In reality, “business strategy” is just another way of saying “how we’ll win.” What are we going to do that will help us reach our quarterly numbers and set us up for building a profitable business over the long haul. A good business strategy is one that is realistic for your current business and lays the foundation for competitive advantage in the near future.
It would be nice if there was a single path towards business strategy development, but each situation has unique needs: operational transformation, customer loyalty, company structure, go-to-market tactics, and technological development.
Developing an effective business strategy will take into account:
Company competencies
Industry pressures
Future projections
Current business realities: return on investment (ROI), customer acquisition costs (CAC), category profitability, organizational structure, corporate culture, customer insights, etc.
Good Business Strategy Requires Flexibility, Curiosity, and Creativity
Sustainable Business Results
An effective corporate strategy drives improved competitiveness, long-term value, sharpened efficiencies, and powerful business leadership.
Customer insights
No company survives without a customer. Deep customer insights and awareness can lead to innovative business models, improved customer acquisition cost (CAC) efficiency, scalable marketing tactics, improved lifetime value (LTV) realization, and more acute company focus.
Industry Awareness
No company thrives in a vacuum. Business leaders must understand the competitive landscape, how to navigate regulatory environments, potential threats to the value chain, and the company’s strengths and vulnerabilities.
Company Execution
No company wins without discipline. A company must know how they make money, track the return on investment (ROI) is for their initiatives, select the most effective key performance indicators (KPIs), develop test-and-learn excellence, align business practices to company culture, and develop a focus on customer empathy.