Having a business strategy is important to ensure your business is always on track. Other than that, business strategy will help you to achieve company target / goal in a specific time frame. The business owner usually focuses on lone term business goal. But the most successful business owner says that a good business strategy should have a short term goal as well. For instance 3 – 6months or 6 – 12months.
5 important criteria that a business owner need to include in their business strategy are as per below:
- Business Summary
What do your business offers, what is your core-value, what type of strategy you want to use to ensure your business runs smoothly.
- Marketing Plan
What do you aim at your business and how to achieve it.
- Operations Fetail
Do you locate in strategic area? Ensure you are located nearby your target market
- Financial Forecast
As a business owner, you must know your business cash flow including the profit & loss.
- Main Objectives
Make sure you know what is the purpose you make a business strategy.
Make sure you’re not alone with this. Every single person in the company must be informed and know what is their role in order to make the company successful.