Before the start of a new year a business should conduct a review of the strategies that will be employed to guide the company. Everything begins with strategy and all planning such as budgeting is dictated by the strategies to be employed. The mission statement defines the overall purpose of the business while the unique value proposition states what differentiates the business from the competition. Business growth strategies define how the company will succeed and marketing strategies determine the target market a business will service. Following are keys to assessing business strategies:
- Mission Statement – The mission statement communicates the purpose of an organization. This statement draws all members of a business to a common purpose. All company strategic objectives should be directed toward achieving the ultimate purpose of the organization. As business and environmental circumstances change – company strategies may need to change as well. At least once a year the company mission statement should be evaluated to ensure that it provides the right beacon of achievement … Read More >>
- Unique Value Proposition – The unique value proposition is a statement of the benefit offered by a business and what sets the company offering apart from the competition. A business focused on delivering value will be more successful than a business focused on acquiring sales. A well stated unique value proposition can be critical to business success and therefore should be evaluated at least once a year for effectiveness … Read More >>
- Business Growth Strategy – In business a company is either growing or declining. There’s no such thing as standing still. Thus focusing on the proper growth strategy is essential to success. Short term the most prevalent strategy employed is ‘Intensification’ which refers to expanding market share in existing markets. Longer term growth strategies include horizontal, vertical and diversification growth strategies … Read More >>
- Marketing Strategy – In annual planning marketing strategies employed should be evaluated for effectiveness. A company may adopt the strategy of market leader, challenger or follower. Another widely used marketing strategy is niche marketing. A company may also employ multiple marketing strategies to support different business segments or objectives. An annual review should result in the definition of the marketing strategies to be employed and how they’ll be implemented … Read More >>
