The economy hangs in the balance, but women business leaders can steady their companies and set a course for a strong “comeback” by applying just a few foundational truths.
Tim Berry, president of Palo Alto Software, expressed how integral it is to review your business strategy regularly in order to stay ahead of curve.
I have summarized Barry’s tips into these six ways to amp up your business strategy:
- Identify your identity. It is vital that your business has a clear identity. The things that make your business unique are the things that will make it excel. You should be able to concisely explain who your company is and how it serves the community. A cohesive image and branding will help your customers know how you will help them.
- Know your target market. Understanding your customers will allow you to better serve them—and in turn, increase sales. Do extensive research and evaluate whom you are trying to reach. By recognizing the attributes of your typical customer, you can better evaluate his or her needs to provide the products and services that fit accordingly.
- Understand the purpose of your business. This step may sound simple, but it is easy to veer from the key purpose that originally drove your business. You should have an unambiguous mission statement or goal that drives all other decisions. By deciding what your primary company goal is, you are better equipped to clean out any extraneous endeavors that do not fit that goal.
- Strive for harmony. Your identity, target market and business purpose should all complement each other. If you look at these three components and one does not make sense with the rest of the plan, you must work on it until it flows seamlessly. If your plan is not consistent, you will continually have issues with productivity, customer satisfaction, profitability and sales.
- Stay focused. It is easy to take on too many different opportunities or responsibilities for our companies. Especially as women business leaders, we often want to please everyone at all times. But your business cannot succeed if you’re trying to be all things to all people. Without focusing on a sound and stable business plan, your business will fall apart as it is overstretched. Be realistic and stay the course.
- As a bonus tip, I remind you to delegate to others so that you can focus on strategy. It may be hard, but allowing others to handle as much of the physical work as possible will allow you to focus on your expertise of business planning and leadership.
To read Tim Berry’s complete article, “How to Refresh Your Strategy”