STRATEGY
Strategy is the ‘big picture stuff’. Your business strategy should answer all the major questions like where is the business heading, what does your business do, who does it serve and how do you serve them. In answering these big questions, you will start to notice gaps that need to be filled.
Before looking at the gaps, let’s look at the big picture first. The big picture can be built by using the 5W1H formula.
You should always start with a vision if you’d like to start a business and stay in business. A vision works like a compass. It keeps you in the general direction and reminds you where you’re trying to get to. Not having a vision is like driving a car without a specific destination in mind. You’ll end up wasting time, money and opportunities.
Mission is typically described in verbs or action words. For example, one of our missions is to provide knowledge and guidance on entrepreneurship.
Purpose is very important. It is the reason why you have the vision of where you want to be and what you do to fulfil your mission.
You should be very clear about who you are trying to help and what issues they are facing. This is where the true value of your product or service is realized.
The answer to ‘how’ should tell you how you are going to create or produce your product or service, and how are you going to deliver it to your target. This could be about how much or how little, how fast or how slow.
Every action taken to meet the objectives should be tracked and measured.
