Build a Solid Business Strategy: 5 Steps to Business Planning with Purpose
Updated: Oct 30
Starting a business is exciting, but it can also be overwhelming if certain aspects aren’t nailed down early on. There are lots of things to consider, from finding your purpose, defining your brand, tone of voice to developing a solid business strategy. However, if you get these aspects right, the rest of your business journey will be much easier.
We’re going to share with you how to create a good, solid core foundation for your business and why it helps you achieve your goals. But first, it’s important to understand why before the how. A business strategy is crucial for us as a marketing agency (and your in-house marketing team) because it provides a clear roadmap and direction for all your marketing efforts. Here are some frequent questions we get asked…
Why is a Business Strategy Important?
The reason why a business strategy is an seriously important in the land marketing is that it ensures that all marketing efforts are focused on driving the desired outcomes, whether it's increasing sales, expanding market share, or enhancing brand awareness.
A well-defined business strategy helps to identify your target audience and understand their needs, preferences, and behaviours. This knowledge is essential for crafting effective marketing campaigns and messages that resonate with the intended audience, leading to higher engagement and conversion rates.
What is a USP for a business?
A business strategy enables you and your team to identify and leverage your unique selling proposition (USP) or competitive advantage. By understanding the market landscape and analysing competitors, you can position your products or services in a way that sets your business apart and appeals to the target audience. Ultimately it is about telling your story and why buy from you, give the audience a good reason and guide them your way.
A business strategy also provides you with insights into the available resources, such as budget, personnel, and technology. This knowledge helps in allocating resources effectively and efficiently to maximise the impact of marketing activities. It ensures that resources are allocated to the most promising channels and tactics that align with the overall business strategy.
Is a Business Strategy Flexible?
Yes it really should be. A business strategy provides a framework for you to adapt to changing market conditions, consumer behaviours, and emerging trends. It helps you to stay agile and responsive, allowing for timely adjustments in marketing tactics and strategies to capitalise on new opportunities or address potential challenges.
The goal is not usually flexible, just the approach.
So now you understand why, let’s get onto the how. We recommend you do these 5 things when you start planning with purpose.
1. Identify Your Purpose
Your business needs to have a clear purpose that aligns with your values and goals. Think about the problem you want to solve or the need you want to satisfy. Your purpose should be something that motivates you to work hard every day. It will help you stay on track and focused during challenging times.
2. Develop a Business Strategy
Yep you guessed it, once you have identified your purpose, you need to develop a solid business strategy that outlines your short and long-term goals. Your strategy should include how you will market your business, your pricing structure, and the products or services you will offer. Make sure to research your competition and identify what sets you apart. In simple terms, a business strategy is a plan or approach that outlines how a company will achieve its goals and objectives. It involves making decisions and setting priorities about various aspects of the business, such as target markets, products or services offered, competitive positioning, resource allocation, and growth plans.
3. Build a Skilled Team
Your business is only as strong as the team that supports it. It’s essential to build a skilled team that shares your vision and values. Look for people who have a positive attitude, are innovative, and can work collaboratively. Make sure to provide ongoing training and support to keep your team motivated and engaged. If that is going to be difficult for your business at this early stage, then Ginger Agency can support you as you grow. If you’re established then you might be interested in reading When to hire a marketing agency: 5 signs you need to up your marketing game
4. Monitor and Adjust
It’s important to monitor your progress and adjust your business strategy as needed. Set milestones and track your progress towards your goals. Use data to measure your success, identify areas for improvement, and adjust your business strategy as needed. Sometimes, you may need to pivot your business model to stay competitive or meet changing customer needs.
5. Use Marketing Expertise
Of course we would say that marketing is critical to the success of any business, but it’s true. It’s essential to promote your business effectively to reach your target audience. Use marketing expertise to help you create a strong brand image, develop a compelling message, and use social media platforms to engage with customers. Work with a marketing agency like Ginger Marketing to help you develop a successful marketing strategy.
Now it’s time to turn your ideas into a reality… By creating a solid core foundation for your business, you’ll be able to build a successful and sustainable business that aligns with your purpose, values, and goals. Identify your purpose, develop a business strategy, build a skilled team, monitor and adjust, and use marketing expertise.
We can also guide, advise and help you build a solid foundation and set you on the path to success, get in touch with Hayley@gingeragency.co.uk today!