3 Simple But Essential Things To Do For Your Startup Strategy

startup-strategy

As a startup are you wrestling with your business strategy? Have you defined your strategy? Here are 3 simple but essential things to do for your startup strategy


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In essence strategy is very simple:

  • You need to know where you are
  • You need to know where you want to be
  • You then need to figure out how to get there.

The starting point is easy, you are about to start or have just started a business. The problem with a lot of start up companies is a very poor definition of where they want to be. So you need to define where you want to be and be as specific as possible in the form of targets and milestones.

The targets should be specific and measurable, the milestone are the key things you need to achieve in the first and second year and illustrate the highlights in the “story” of your business.

Recommended reading: A Framework and 10 Key Questions for Your Business Strategy

3 Things To Do For Your Start Up Strategy

Try this exercise below. Don’t be concerned if you cannot complete the exercise in the level of detail suggested. The purpose is to give you a sense of direction – you can fill in the gaps in later. The story, the milestones and the targets will start giving you a sense of the resourcing you will need in terms of money, management team, staff and time.

1. Tell the "Story" of your business

Write the story of your business for the next five years. What is it going to look like, what is the journey, where will it be in 5 years time? Develop a picture of your business in 5 years time.

2. Define key milestones

  • What are the 4 key achievements you need in year 1?
  • What are the 3 key achievements you need in year 2?

3. Set detailed targets

Set detailed targets for your business’ performance

  • Money
  • Customers
  • Sales
  • Profit
  • People

Every year, you should set yourself targets for the next year, keeping in mind your five year plan, which sets out the direction of your business.

By doing these 3 simple things, you are clarifying for your business the "where you want to be". You can then more easily work on the "how you are going to get there" (aka strategy execution).

Over to you now. How did you go about creating your startup strategy? Share your tips in the comments below. 

 

 

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Monday, 22 October 2018
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