Your Business Strategy is the Key to Your Success
There are many factors that determine the success of a business. Why should your business strategy weigh more heavily in the equation than the other factors? How does an organization develop a business strategy that optimizes the opportunity for success?
The Definition of a Business Strategy
Harvard School of Business defines it this way:
“Business strategy is the strategic initiatives a company pursues to create value for the organization and its stakeholders and gain a competitive advantage in the market. This strategy is crucial to a company’s success and is needed before any goods or services are produced or delivered.”
This definition describes the tip of the business strategy iceberg. What are the building blocks of a business strategy that form a solid framework for success? If you are working on your business strategy in Madison, Chisel ActionCOACH is a great resource.
The Anatomy of a Business Strategy
The Foundation
Suggestions of formulating a strategic plan, a necessary part of your business strategy, are often met with eye rolls. It conjures up sessions devoted to talking about touchy-feely things like vision and mission statements. These may be thought of as outdated, or old school. What may not be recognized is that these are the foundation of a successful organization. “Make money” or “be profitable” do not translate into guiding principles and direction for decision making. ‘To make money” is an obvious and desirable outcome, but it falls short of describing the “why, what and how” to get there. That is where the vision and mission statements come in.
A vision statement puts into writing what the organization is setting out to accomplish long term. A well-crafted vision statement provides direction for making decisions. It is a touchpoint. Does the decision align with the vision?
The mission statement outlines what the entity does, who they do it for, and the value it brings.
An article in Wordstream offers this explanation of how the vision statement and mission statement relate to one another:
“Mission statement: This is what you do, why you do it, how you do it, and what value you bring. Vision statement: Your vision statement is what you hope to be by doing your mission.”
Example: Apple
Mission: To bring the best user experience to its customers through its innovative hardware, software, and services.
Vision: We believe that we are on the face of the earth to make great products and that’s not changing.
If you need any more convincing that these two elements are important to your business strategy, search “vision and mission statement examples” to see the amount of thought that is reflected in the vision and mission of the most well-known and respected global brands.
Objectives and Goals
With the vision and mission statements in place, the next step is to formulate your objectives and the goals that lead to achieving those objectives. Depending on the size of the business and product or service it provides, you may have a set of goals for each objective. This is the basis for your strategy – your strategic plan.
Working through each of these steps takes time and dedication. Regardless of the size of your business or what it is, getting professional guidance through this process can save you time and is quite cost-effective. Having a coach guide the process keeps it focused and on track. Chisel ActionCOACH are experts in business strategy in Madison. With their experienced guidance, you will compose compelling vision and mission statements that will optimize the company culture to attract and retain customers, employees and partners. They will help you develop SMART goals – specific, measurable, achievable, relevant, and time bound – aligned with your vision and mission statements and set the stage for success.
Study after study has shown that having a solid business strategy is the key that unlocks the door to success. Developing that business strategy in Madison is supported by Chisel ActionCOACH.
Mission Statement vs Vision Statement: A Guide With Examples