Business strategy is a bit like a roadmap with our goals and visions for our practice at the end of it. It serves the purpose of establishing ‘how’ we are going to reach specific objectives.
Of course, life is unpredictable and there will be times when we have to divert our roadmap or reconsider our objective. A strategy is multifaceted; as well as considering what we want our practice to look like, we also need to analyse our competitors, stakeholder expectations and what resources we’ll need. In this respect, the strategy can be split into three categories:
Corporate strategy: Your stakeholders will have considerable influence in this part of the strategy. What is the purpose and capacity of your business? If you have multiple areas of business, the corporate strategy will also consider how each part can affect and help the other.
Business strategy: Here we analyse our competitors and how our practice can successfully compete. We may consider our USP (unique selling point) and new opportunities, and base decisions on this analysis.
Operational strategy: This part focuses on how the corporate and business parts of the strategy will be implemented successfully. What resources will you need? What processes need to be put into place and will you need to expand your team?
Strategy plays an important role in the success of your practice. This plan of action will help to align your vision, implement competitive advantages in the market and focuses on what you’ll need for success through strategic decisions.