Four Strategy Tools to Develop Your Small Business in 2019
Small Business November 28, 2018 admin
Strategic thinking is a fundamental part of any project that has a long-term view and objective. It is the core principle shaping your future success or failure as a business. Preparing a clear strategy and using strategic tools is essential to maintaining competitiveness and stability on the market.
The business world has significantly evolved in recent years, thanks to technological advancements and new trends, shaping the future of different industries. While many things have changed, there are a set of practices that remain constant when it comes to business development. Business gurus and experts have researched the field for years and today, small businesses can benefit from a set of tips and know-howto minimize the risk of failure and ensure a healthy and productive business development cycle.
Strategy tools are the first point of reference when preparing a strategic outlook for your business, regardless of its size and nature. Companies from the real estate, law, financial services, consulting, or photography industries can take advantage of these useful tools and ensure that their business follows a certain path that will lead to a specific target.
Let’s look at four strategy tools that small businesses can use for development in 2019!
Strategy Tools – What Are They?
Before listing a few helpful strategy tools to consider for your small business in 2019, it’s worth shedding some light on what a strategy tool is in the first place. Strategy tools are used by business owners and managers to determine the strategic position of the organization and create a plan that will be executed with the aim of reaching certain company targets.
Strategy tools fall under strategic planning, which is the area that focuses on establishing the direction of a business, using planned or observed patterns of activity.
To help with the strategic planning for your small business, we have prepared a list of four useful strategy tools that will help your business development for next year!
The Vision Statement – Aligned with 2019’s Trends
One of the basic strategy tools that can help your small business in 2019 is the vision statement. The purpose of this strategy tool is to unite the ultimate objectives of the company in a single sentence, which will later be used by all business levels for decision making. All activities or processes undertaken by the business should be synchronized with the company’s vision statement to ensure that everyone is walking in the same direction.
The vision statement usually asks one question: “What does our business want to become?” and always includes a futuristic approach.
The way to develop your vision statement for 2019 is byfirst, thinking about the individual goals of the company, and second, considering the uprising technological trends such as Artificial Intelligence, Blockchain, or Social Media, which may influence your business’ future.
The Why Analysis Tool
The Why Analysis is extremely useful when trying to dig deeper into a business challenge or an ongoingproblem. This tools can be used both internally, to solve employee, organizational, or operational problems, and externally, resolving customer issues.
The ultimate aim of this strategic tool is to reach the root of the problem in order to provide a strategicimpact on a higher level.
For example, your small business problem is that you are not able to reach as many people as you would like to. A Why Analysis would look something like
- Challenge: Not enough customer reach
- Why can’t we reach enough customers? Because we don’t have enough social media presence.
- Why don’t we have enough social media presence? Because we have no social media experts in our team.
- Why don’t we have any social media experts on the team?There is no budget for social media experts.
- Why is there no budget …
You get the idea. With the dynamic and complex business atmospherethat 2019 is likely to expose us to, finding the rootof the problem will be essential to overcoming barriers.
The PESTLE strategy tool is likely to be useful to businesses for eternity due to its awareness of external factors, influencing a business. Its main aim is to help you understand the types of factors that your business is exposed to on the outside and prepare a strategic action for potential scenarios.
To work with the PESTLE strategy tool, create a list with six separate headings:
Under each heading note down the factors from each category that have a directimpact on your business or are likely to influence its success.
For instance, the emergence of Chatbots and their growing popularity may mean that companies providing financial consultations will no longer need expert employees to provide online answers to customers, bringing down operating costs and improving customer engagement, with 24/7 hour support in different languages.
Think about how capable your business is in responding to potential factors from the outside world and create a strategic plan that will equip it with the ability to be flexible and adapt to change.
Strategic Content Writing
In recent years you may have come across the saying that “content is king”. Content has certainly proved its power and influence on customers and is now among the most popular ways of increasing brand exposure and reach online.
Content can be used as a strategic tool when adequately prepared. For example, if your small business is part of the real estate industry, think about the content creation process, from start to finish. Prepare a strategic outlook on the themes or topics you would like to share with your audience, the tone of voice that best fits your articles, and most importantly, the interests and needs of the audience.
Small businesses can use a content calendar to keep everything organized and create a pattern for posting relevant articles between certain periods of time, creating a sense of expectation from readers.
These are only a few of the general strategy tools that are available for small businesses to make use of. We hope that this list will help you enter 2019 better prepared and develop your business with confidence!
About the author:
Donna Moores is a successful content writer and CMO at Handmade Writing. Due to her outstanding marketing experience within the biggest industries, Donna helps other businesses with content writing and proofreading. One of her current projects is an American website called WritingsGuru , which provides readers with useful tips on how to develop writing skills. You may reach out to Donna on Twitter or LinkedIn.