Business Strategy | Define and Develop A Strategy for Your Business

The importance of Business Strategy cannot be overstated. It serves as a foundation for the company alongside Mission and Vision. What is Business Strategy? Business Strategy is the way you will accomplish your mission and vision. How will you fulfill the mission of the company and how you will achieve your mission. 

What devices,  procedures, technologies, or other methods will you employ to make your mission and vision a reality? 

There are three things you must do in order to develop an appropriate and competitive strategy:

• Educate
• Evaluate
• Execute

Educate yourself on successful companies within your industry that have been able to remain competitive. Stay abreast of current events and never stop learning. I am subscribed to many mailing lists in order to continue educating myself. No matter your formal education, you will be left in the dust if you refuse to continue learning.

Vision Statement How-To with Example

What is A Vision Statement? Your company vision statement briefly yet thoroughly  describes where you see yourself in the future. What do you envision for your company, for your customers, for yourself?

Reflect on your resources and those you hope to acquire -- this will aid in constructing a complete vision statement. Aim high and work tirelessly to make your vision a reality.

In preparation for expansion and growth you must consider this beforehand so that it is not clouded by any decision you are facing in the future. Whether you are an entrepreneur or a small team -- vision is similar to mission in that it is a guiding force. Mission is more of a present tense statement with descriptors while vision is futuristic. Without vision, it can be very difficult to come to decisions within your organization. 

How To Write A Compelling Executive Summary

The Executive Summary for your successful business plan will be written last but is actually the first (and sometimes only) part of the business plan read by investors. Placing the necessary information in a way that provokes investors to delve in deeper is the goal here. Highlight all the major points of your plan and back them up briefly, prompting the reader to flip to the relevant section to learn more. There may be some industry specific formatting you can research on Google, but regardless of the industry, pay close attention to the formatting, information, and length of your Executive Summary.

Here are a few essentials to remember when writing your Executive Summary:

1. Write clearly - leave no room for confusion or need for interpretation
2. Be concise - no need for details, just highlight selected portions in 2-3 sentences, no more
3. Company Description and Mission should precede your other headings
4. Use topic headings so reader can easily find information
5. Other headings should be arranged in the most appealing way for your industry and audience but also logical so reader can find information in accordance with Table of Contents

Before moving on to the headings, it cannot be emphasized enough how your writing ability must really soar in this part of your plan. There may be some readers interested in every single page, but the strongest attention should be paid to this part as it either makes the reader read on or move to the next plan in the pile. Do not get carried away in trying to sell so much as having the facts well presented and logically arranged. Feed your reader the information they need to give you the funding you need!

Below is a list of headings and topics that should always be included in the Executive summary, along with the information to include. Each topic should be discussed in no more than three sentences.

Company Description - Cover all the details such as what the business is, how it will be set up, its legal status. The reader should have zero doubt about what your company is at this point. Be concise but complete.

Mission Statement - Your Mission Statement lets the reader know what need your organization aims to fulfill and how you plan to do it. What is the purpose behind your company, why have you formed this company?

Stage of Development - Are you an established firm or a startup? Where are you in the creation process of your product or service? Anything stated here will be backed up with data or proof in terms of sales.

Products & Services - What are you selling? If you sell a single service or family of products, list them here; but for larger operations a general description will suffice. 

Target Market(s) - Who are you planning to sell your product or service to? And what makes you choose them? Have you performed any market research or  conducted a market analysis? (Actual findings can be placed in Appendices)

Marketing & Sales Strategy - Based on your analysis and markets, how do you plan to reach them? What methods will you employ to drive sales? What mediums will you use to let your market know about your product or service?

Competitors & Market Distribution - Who are you going to be in competition with and what percentage of your market will be within their reach? How is the market divided up?

Competitive Advantages & Distinctions - You know who the competition is and how your market is divided. How will you address them? Do you have any patents or contracts that give your company an advantage? List any distinctions or major milestones here as well, briefly.

Management - Who are the capable and experienced individuals that you will trust to manage such a business? What are their qualifications? Focus on the company founders; try to instill confidence in the readers without being "fluffy" or exaggerative.

Operations - You will focus on the important operational procedures here, such as location, supply chains or any production techniques that are unique to your company.

Financials - Highlight the revenue and profit the company expects to receive for at least the first three years of operations, or up to 5 years. If you can pay your loan off quickly based on the financial model you used, express that here. Please be aware that for startups, the model used will give you different results; go with the model that is most appropriate, not most profitable.

Long Term Goals - Based on the information you have gathered, where do you hope your business to be in five years? How many employees? Locations? Expansion of services, sales, and other industry-specific information should be used to show what you are working towards.

Funds Sought & Exit Strategy - Explain the total amount of money you are looking for from all sources; how you plan to pay them back; and the amount of investors you are seeking. Be honest and clear! In the event of having to close the business, what strategy do you perceive to be the best and most profitable?

These headings are necessary and help you brainstorm additional information your investor will want to see before giving you the capital you need. As mentioned above, you must have already completed the Business Plan before preparing your Executive Summary. Your Executive Summary should be so complete that if sent as a stand-alone document separate from the business plan, it has all the information needed to help the investor decide to invest or not. Keep this in mind and you will not forget anything!

How To Use Your Vision and Mission For Your Internet Marketing Strategy

You may be wondering how vision and mission statements are relevant to your internet marketing efforts.

Creating vision, mission and strategy statements for your business are still necessary steps you will want to spend time on.



Your vision, mission, and strategy statements act like compasses for your ship at sea as they guide and direct decision making, organizational priniciples, and where to focus your efforts. 

In times of distress or when you are presented with opportunities, you can use them as checkpoints to make sure you are on course.

Vision, mission and strategy statements are also crucial to your small business internet marketing success. These foundational principles help anchor the business regardless of the conditions you will face.

There was a time when companies proudly displayed their vision and mission statements on their website. This trend has become less and less popular, though I am unsure why. 

So exactly why do you need to write mission and vision statements, and more importantly, how can they positively impact your web marketing online?

Vision and mission slideshow from Christian Dernbach
Vision

The vision statement of your company is where you want to be and where you see yourself in the future. What do you envision for your company, for your customers, for yourself?

Without vision, it can be very difficult to make decisions within your organization. Whether you are a solopreneur or a part of a small operation, vision is just as crucial. 

The vision statement does not need to be elaborate, rather concise and clear.

Example: ChrissyBiz Solutions will provide professional internet marketing services for small businesses and nonprofit organizations through it's one-stop-shop business model.

Learn more about vision statements here with more examples.

Mission

The company mission statement is equally as important as it narrows down why you do what you do, and what you hope to accomplish by doing it.

• What is your mission statement? 
• What motivates you to do what you do? 

Your mission is what motivates your operation even when times are difficult or you are confronted with a difficult decision. 

Mission statements should be inclusive, honest, and purposeful.

Example: To offer affordable, valuable, and result-driven solutions for small businesses and nonprofits.

Click here for more information about about mission statements examples.

Strategy

With the mission and vision statements now clear, you can begin to develop your strategy for marketing your products and services online. 

Where you see your business and why you do what you do can be very helpful in determining your internet marketing strategies.

For example, nonprofits may want to invest more time on Go Fund Me than small businesses because of the way it is designed and the audience it appeals to. 

Though it is crowdfunding for anyone's use, startup funds for nonprofits are more accessible than startup funds for business on this platform.

Similarly, LinkedIn caters more toward professionals than Facebook, and provides more valuable business opportunities and leads for small business and nonprofits.

A successful web marketing strategy incorporates the vision and mission so that time and resources are maximized. You will be less likely to jump on the next bandwagon when you know where you want to go and why you want to get there.

Small business web marketing can be time intensive or extensive, yet more productive when in sync with company values.

You might find it necessary to outsource some of the business writing associated with it so you are able to more fully focus on your gift.

Tools for any internet marketing strategy might include:

• Pay per click advertising
• Email marketing campaigns
• Blogging for your business
• Blogging for your nonprofit
• Newsletters  
• Social networking for business also known as social media networking
• Free offers online such as a free Ebook for download
• Online article marketing
• Press release writing and distribution
• Free webinars
• Youtube video marketing

Your written vision and mission statements should be where you can easily access and see them daily. The internet is a massive place, growing at lightning speed, but your written plan gives you direction and puts you at an advantage. 

Have you written your vision, mission, and strategy statements yet? If not, it's never too late!