Business strategy

So what is business strategy?

Surely anyone who goes into business must already have a strategy in their mind, right?
well yes for the most part, but there are inventors and creators who have an idea but absolutely no clue how to turn that idea into reality...

We can help bring your idea to life, you will need to write a formal business plan which will be based on the following criteria.

1. First you must have a clear idea about what your long term goal is, do you wish to build a business which can be sold in the future?, if yes when do you want to sell it?, do you wish to sell a brand or product and leave you main business intact?, do you wish to license your intellectual property to a 3rd party?....the list of potential outcomes is endless however before you can start you need to have an idea in which direction you want to go.

2. You will then need to understand fully the benefits of the proposition you wish to sell. It is important to understand where your product/service/brand will be positioned in the market, and fully understand the competition which exists. Market research is an important part of your business strategy to fully appreciate what is your USP (unique selling proposition).

3. You will need to establish where your position will be in the market, will it be sold on price point, sold on quality grounds or sold on its unique features or benefits. You will need to cultivate your story as to why your proposition is what it is,,,this will be needed for marketing angles at a later date.

4. You will need to know how to develop your product, it may be necessary to use external specialist contractors to help with design requirements such as industrial design, CAD design, electronic design etc.

5. You will need to develop a brand identity for your product if necessary, if you do not have graphic design skills it will be required to find a suitable graphic designer.

6. If a web site is to form part of your marketing efforts then the content, look and feel and ongoing optimization and marketing of this site will be required.

7. You will need to make decisions about a make or buy strategy. If your product requires manufacturing will you create this manufacturing facility yourself or will you outsource these facilities?

8. Does your proposition need tooling? if yes who will create this for you?

9. What about funding, how will the development of your idea be funded?, is it necessary to raise money from lending institutions or investors?

10. What will be the legal status of your company, sole trader, partnership or Limited Company or are you wishing to float your company on the stock exchange?

11. What are the timescales for your project and who is controlling this?

12. What are your routes to market, and who will sell for you?

13. What are the financial controls in your business? have you produced a P+L (profit and loss) budget?, have you produced a cashflow forecast?

14. etc,etc,,,,,,,,,,,,,,,

All of the above and more are required when considering in your business strategy.

A good business plan will provide the blueprint for your business and should be constantly monitored and updated as your business develops. We can help you decide on your strategy, write your business plan and provide access to all of the services you will require to move your business idea forward.

Strategy (noun): a detailed plan for achieving success in situations such as war, politics, business, industry or sport, or the skill of planning for such situations