The general misconception that entrepreneurs have is that strategy development is an activity only suited for major corporations or big companies, but this is not true because strategy development is the tool to align your goals and to prepare the company for the threats that may appear along the way as the company progresses.
Here are 7 steps that you, as a female entrepreneur, can follow to develop a strategy for your company –
1. Formulate mission and vision statements.
Essentially, mission and value statements set the fundamentals of a company. It guides the establishment of the company's objectives and general direction. Good mission and value statements serve as the foundation of effective decision-making. A good foundation allows for extended and long-term growth. Many business owners fail to identify the difference between a mission statement and a value statement. The former focuses on the present, defining the target market, the protocols and processes and improving on a daily basis. A micro perspective, it provides the standard that the company should function. A value statement, on the other hand, creates a moral compass for the company and its employees. It guides decision making and establishes a standard that specific actions can be assessed against.
2. Describe the world around you.
Be personable and relatable. You don't have to be friends with the whole world, but it will work for you if the world thinks that you are. People sell to people, it will only be to your benefit if people trust and like you, and people can only trust you if they can relate to you and feel like they know you. So, describe the world around you, let people know that you are just like them.
3. Evaluate the current position of your company.
It is important to know where you currently stand. Only then can you accurately decide the next step.
4. Define your vision.
A vision statement is more future-envisioning and broad, looking at how the company can impact the society. It focuses on innovation and inspiration, speaking of what the company would be in say, 10 years later. This is crucial for growth. Without vision, there is no progress, and your company will grow stagnant.
5. Set objectives that stretches your resources and capabilities.
“Always aim for the moon, even if you miss, you'll land among the stars” – W. Clement Stone. Do not be afraid to aim high. Do not be afraid to stretch your resources and capabilities because you are afraid you cannot cope. You never really know how capable you are, until you are stretch and have no choice but to rise up and cope.
6. Formulate strategies and action plan.
Those who fail to plan, plan to fail. A detailed action plan is crucial in fulfilling that vision and mission.
7. Show what you believe your company will earn and what you need to spend to achieve your objectives.
A boss with big dreams will motivate her employees and urge them to strive. Including your employees in your dream will make them feel involved and build a sense of belonging.
A tip for everyone would be for all the 7 steps, communicating the logic behind the decision that you have made to your people is as important as what these decisions are.
Also, have contingency plans in place. Always be prepared, as business conditions may change just when you least expect it.
With these 7 steps, start developing your own strategy for your business today. Wishing you all the best in achieving your dreams!