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Why you need a good business strategy?

Oct 7, 2021 | Design Strategy

A good business strategy will ask one fundamental question . . .

Are the core brand elements present? 

  • Do you have a Vision for the business
  • A Mission Statement
  • Does the company have a Purpose
  • What Values define you and your team

At the core of every brand sits a vision along with a mission statement that is used by a company to explain, in simple and concise terms, its core purpose for existing. The mission statement is usually one sentence or a short paragraph, explaining its culture, core values, and ethics. The culture, core values and ethics should be embedded into the DNA of a company. These are a set of beliefs and guiding principles upon which your business and its behaviours are based. 

In most cases, the vision may never be achieved as it is aspirational. It’s a statement that captures, in writing, the essence of where you want to take your business, and how you can inspire you and your staff to reach your goals. In contrast your mission statement defines what your organisation is, why it exists, its reason for being.

In order to then develop out a viable business strategy that will deliver results you need to engage in some research:

  • SWOT Analysis
  • Stakeholder Analysis
  • Materiality Analysis
  • Brand Positioning
  • Brand Strategy

Only when the above elements are undertaken is it possible to be armed with the knowledge to effectively develop out your business strategy. A good business strategy is put in place for the longer term to provide a clear road map, consisting of a set of guiding principles or rules. These define the actions that people within the business, should or should not take, and the things they should prioritise to achieve your desired goals. The main elements to the brand strategy should cover no less than; your companies vision, mission and purpose. 

In addition, you also need to understand your core values and guiding principles along with a SWOT of the business model. This will help outline what your objectives are and how you will measure any of your undertakings. Regardless of size, every company must review their challenges around four particular areas within the business; operations, people & HR, sales & marketing and finance.