A business strategy is the collective term for all the steps a company takes to reach its goals and achieve its mission and vision. It involves understanding what the business does, what it needs to have, and what it needs to do to reach those goals. An effective business strategy serves as a blueprint for the different aspects of running your business.
Why Do You Need A Business Strategy?
According to Nirmala Reddy, Senior Management Executive, Consultant at Stanford Seed, and writer for Forbes Magazine, “If a company wants to stay competitive in the industry, it must create and execute a strategy that is good and sound. Amazon has been successful for years because their strategy is tightly tied to their vision.” The strategy reflects the strengths and weaknesses of the company and answers how the company plans to respond to the threats and opportunities in its given market. It also considers the resources it has and how to best allocate them to achieve its set goals. That is why a strategy is often called the lighthouse of a business; it guides and focuses all aspects of the business.
What Are the Key Elements of a Business Strategy?
What Resources are available to help with your Business Strategy?
SCORE has the largest network of free volunteer small business mentors in the nation. These mentors can help you start, grow, or transition your business. They also offer free templates for business planning.
Small Business Development Centers provide counseling and training to small businesses including business planning, strategy, operations, financial management, marketing, sales and so much more.
Don’t forget to join Yard Card Supply - Business Support Facebook Group, if you haven’t already. You’ll often find additional information, tips, and videos from other carders. Also, don’t forget to check back for the next installment of Business Basics where we will be discussing setting SMART goals and exceeding them.
ABOUT THE AUTHOR
Elaina Boling is the owner of The Yard Life, a yard card company in Fort Collins, Colorado as well as a Creative Specialist for Yard Card Supply. She is married with 5 children and enjoys an active lifestyle. Elaina is passionate about quality products, mentoring, and growing the yard card industry.