How to start with your business strategy?

How to start with your business strategy? – A strategic management blog by Visita Solutions

Strategic management and mindset are some of the most interesting topics to explore regarding business strategy, success, and decision-making.

While it is common that we seek answers on the hows, we tend to forget to reflect on the whys. We started the business to generate and multiply profit and by making money, we can continue to compete in the market. One of the most common strategic plans is to observe what your competitors are doing – however, what you can observe is only limited to what they want to reveal to you and the public hence, you may be missing up on some important factors that are critical for success which may only form misconception from your perspectives.

This is why reflecting on the why and starting from WITHIN is the best strategic direction that an organization should pay attention to. In doing so, your compass as a player in the market is your Vision, Mission, and Goals.

By knowing who your organization is, you will know who your customers are and how you should interact with them; By knowing why you exist, you will find the reasons why you have to keep on going and growing. This is why before you start an organization, or even if you already started, you have to identify and be familiar with your core values (Vision, Mission, and Goal). It is also considered that as time goes by when you already achieved them, you may also change and improve them to aim higher, achieve more, and be the best version you aspire your organization to be. Remember also that you cannot be the best alone – so you need people along the way to help you get there. A shared success creates a long-lasting relationship that will keep your organization with a strong foundation. By this, how you compose your core values should not only include your self-aspirations as a leader and primary beneficiary but should also consider the value that your partners and stakeholders could share with you, especially your employees.

Moving forward on how to compose your Vision, Mission, and Goals and where to start, Visita Solutions summarized what you need to consider in composing your core values that will shape your thinking, your employees’ expectations, and your organizational culture.

1. Vision

Vision is a long-term goal that you set for your company. This will be your basis on every of your decision making of whether it aligns with the meaning of your Vision and if your decision contributes to helping to achieve your Vision. Your Vision is what will keep the uniformity of your organization between your perspective as the leader and your employees as your primary partners including your customers.

You can start with your company’s strengths and opportunities. The statement summarizes what you want your organization to be from the perspectives of your beneficiaries.

1. IKEA: “To create a better everyday life for the many people.”

2. Mission

Contrary to the Vision, the Mission is achievable in a shorter period of time. It’s a statement of your declaration to the public and your circle of why your company exists – and it reflects the values that you opt to fulfill throughout the existence of your company – in the industry you belong to including the overall market for the sake of the triple P’s (People, Planet, and Profit).

You can start with your purpose statement that answers the “how” and “why” you compete in the market by creating value together with and complementing what the other market players are doing.

1. Facebook – Giving people the power to build community and bring the world closer together
2. Microsoft – Our mission is to empower every person and every organization on the planet to achieve more.

3. Goals

Goals are the last triad of your strategic foundation. These are the steps you take together with your people to achieve your Mission and realize your Vision.

One of the best ways to compose your Goals is the enumerated SMART framework, which means Specific, Measurable, Attainable, Realistic/Relevant, and Time-bound.

1. IBM: Use of renewable energy for 75% of the electricity IBM consumes worldwide by 2025 and 90% by 2030.
2. McDonald’s: A 36% reduction in absolute emissions from McDonald’s restaurants and offices by 2030, using 2015 as a baseline.

So if you want to succeed and study your competitors – check yours and their core values. But instead of studying your competitors to beat them, why not join them to create more value for the People, Planet, and Profit-“sharing”? Success attracts luck and miracles when it is shared 🙂

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