When it comes to creating a success strategy for your business, it seems like an obvious thing to do. After all, how are you going to achieve those business goals if you don’t know what direction to take and what path to follow?
As an online entrepreneur, it’s easy to fall into the trap of imitating the model of big business. Large, successful businesses use the ancient Greek strategy of “winning.” Greek military generals devised battle plans that are less about their enemies and more about a strategy of how they are going to win.
The “winning” marketing strategy has traditionally been one of analysis, planning, and execution in order to be more competitive in size and profits. However, as an online entrepreneur, you need to start with a different strategy.
You don't need a strategy to win. You need a strategy to be successful. Click To Tweet
As an online entrepreneur, you don’t need a strategy to win. You need a strategy to be successful.
How to Find Your Success Strategy
A Strategy Is Not —
a description of intent. It’s common to find a strategy describe mission statements, objectives and action steps.
Strategy as a mission statement – create an online marketing experience that is hassle-free across multiple software platforms.
Strategy as objective – shorten time to respond to customer inquiries.
Strategy as action step – improve customer tracking with the purchase of a new cloud-based program.
A Strategy Is —
a path, a road map, a blueprint of how you are going to get to a successful outcome.
A Strategy Is Not —
for everything you want your business to be.
A Strategy Is —
about defining what your business does and does not do. Ideally, it separates you out from others by what you do best.
A Strategy Is Not —
a strategy to be applied to every situation in the same way.
A Strategy Is —
a flexible approach to meet the particular circumstances of a situation.
You Want Your Success Strategy To Be —
You want your strategy to be a birds-eye view that tells you the right direction and the right path so you can plan accordingly.
Here’s an example of the kinds of strategy questions you can ask yourself.
What’s your business and the market opportunity you want your business to be in?
For instance, you want to write and sell e-books on Amazon. Your business is educational and a market opportunity is book creation and publishing.
What are your options for reaching your market?
Options: social media, video marketing, book clubs, PR releases, distribution networks, promotion networks, etc.
What are the resources and assets you have access to?
Resources/Assets: experience as a writer publishing online, use Scrivener as a writing organizer, and familiar with Kindle publishing.
What personal capabilities and skills do you bring?
Capabilities/Skills: good at doing research, organizing, and simplifying complex subjects.
What obstacles or resistance should you anticipate?
Obstacles/Resistance: easily interrupted and side tracked, a busy to-do-list, and prone to procrastination when stuck.
What don’t you have that you need to get?
Missing: Motivation and time management skills, coach, and support group.
Your strategy is the big picture where you look at how the answers to these questions affect your success outcome. Once you have a clear idea of what your business is and isn’t, has and doesn’t have and its strengths and weaknesses, then you’re ready to create effective goals, objectives, and actions steps to get you to where you want to be.
You can ignore this strategy step and jump right into actions mode if you want. But, know that the kind of success you get may not be the kind of success you want.
What’s your strategy for making your business successful?
Resources:
http://ctb.ku.edu/en/table-of-contents/structure/strategic-planning/develop-strategies/main
Images: Commons wikemedia.org
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I love that you included flexibility. I’ve seen people get so rigid due to their plans that they fail to grow. Balance.
Rigidity is definitely a problem, Jennifer. Some folks are perfectionists, others follow a master plan from someone else telling them this is the way to do it.
As in all things, when you’re flexible more opportunities present themselves.
This is fantastic! When I first got serious about my business I went to workshops with the big boys and bought into a lot of the expensive tools without having the foundation. Now I’ve simplified and it is so much better. Great strategy!
It always comes down to KISS. We should emblazon this on the forehead of anyone trying to sell us something.
I love the idea of defining what my business isn’t! This is an avenue I haven’t explored but one I think would help me further refine & define certain aspects of my business. Strategy is so important, but I feel it’s often overwhelming. Thus, business owners avoid it. Thanks for giving us a place to start!
It never hurt to start by looking at something from the opposite perspective. Sounds like you’re on the right path to discerning the different aspects of your business.
Great article! I think I have a “living strategy” right now, but it needs to calm down and get reined in a bit… I tend to think I can do more than I can. Especially when some of what I do is creative, it’s hard to force those things, and I need to leave enough time and space for them to grow more organically. When I try to force it I get way off track.
Good observation about yourself Kimberly. I had been thinking in terms of strategy for business only, but I very much like your idea of a “living strategy.” Thanks for sharing that more expansive thought.
This is a very helpful overview of what a business strategy is and is not! Thank you, Joyce!
Thanks, Reba. Funny how you are writing and your post begins to take on a life of its own. Found it rather magical how the is and is not part manifested itself.
I love this blueprint for defining my strategy. The questions you pose allowed me to put everything into perspective. In particular I like ‘ what don’t you have that you need?’ I would also add ‘ where do you see yourself in 2 years, 5 years?
Good point and thanks, Alene. I’ll be adding this as part of a larger strategy project.
Strategy indeed such a difficult term to fully understand. Thank you for breaking it down for me. This article helped me a lot!
Anne, the term strategy is definitely confusing. I find that it’s used rather loosely and as an adjective as in strategic planning, strategic goals, and strategic priorities. They sure sound important, but it’s lost on me what it actually means.
It’s easier if you keep the bird-eye view image in mind when you start. It lets you focus in when you need to and draw back and see how everything fits together.
Joyce this stood out for me A Strategy Is — and sometimes we forget that 🙂
about defining what your business does and does not do. Ideally, it separates you out from others by what you do best and I just love the graphic
True, we often forget about what our business isn’t. I think there is a natural tendency to want to do a lot more and that may be part of the reason we are attracted to the bright shiny object that distracts us from our core business message.
I’m so glad you’ve outlined the concept of strategy, Joyce. More often than not, I see people confuse or intermix the concepts of strategy and tactics without realizing that if we don’t have a well-thought out strategy, applying tactics to achieve our goals is like hitting spaghetti on the wall and hoping it sticks – especially in the online world.
I love the spaghetti analogy, Vatsala. I’m sure there are plenty of people out there hoping something will stick to the wall. One of my problems with goal setting is that everyone is into the goal but few talk about the tactics. I was thinking about this today, as the end of the year is approaching, and there shortly will be a slew of goal setting posts and programs again. Thanks for being on the same wave length.
The thing is: resistance and motivation sometimes are dueling it out in me. I’m developing the patience to ride through my rhythms — less judgement, less worry about the resistance, more flow. Yup, I am a work in progress!
What a perfect way to reframe everything as being a work in progress!
The distinctions you share in this post are very helpful, Joyce! The definition of a strategy you shared, “A Strategy Is—a path, a road map, a blueprint of how you are going to get to a successful outcome” appeal to me as it is very big picture. Big picture is something I am generally better at then focusing in on the details or the how.
So what is my strategy? A great question, that in this moment, I honestly do not have a succinct answer for. At this point in my life, I am longing to be in a collaborative project that positively impacts others. I’m staying open to people and opportunities showing up that I can contribute to.
Sounds like of good strategy to be open to people and opportunities. You’ve certainly done the work, so when the timing is right, I’m sure things will work out the way you want them to.
What a great blueprint, Joyce. I think I can answer all of these questions, but am going to give it more thought and see where I am, right now, as opposed to where I was 2 decades ago. That’s the most important thing for me right now.
Thank you for this!
Not everyone likes to look back and see what’s worked, what hasn’t and how things have changed in order to create a new strategy. Most want to push forward with a new idea of what they should be doing. I’m sure you’ll formulate something that takes the best from the past and what you feel you will need as you go forward.
Great article! Part of my strategy is to have the right team to help me with what I can’t or don’t have the time to do.
Good Idea! Having a strategy to think things through ahead of time about the kind of “right” team that you want will sure save you any headaches later.