Setting UP a Strategy
Expand your Business
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| Module 1 | SMEEP | |
| Unit 1 | Expand your Business Pretest | |
| Unit 2 | Setting UP a Strategy | |
| Unit 3 | Innovation Process | |
| Unit 4 | Essential Leadership Skills | |
| Unit 5 | Tips for Building the Right Team | |
| Unit 6 | Steps to Launch Any Marketing Campaign | |
| Unit 7 | 2 Essential Sales Skills that Everyone Should Learn | |
| Unit 8 | Emotional Intelligence - The Daniel Goleman Model | |
| Unit 9 | 5 Important Legal Documents to Have in Any Organization | |
| Unit 10 | Important Financial Statements | |
| Unit 11 | Successful Project Implementation | |
| Unit 12 | 3 Things you Should Know About your ICT Environment | |
| Unit 13 | 4 Considerations to Keep in Mind When Talking to Funders | |
| Unit 14 | Expand your Business Posttest |
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Hi. In this video we will learn the essential aspects of setting up a strategy for your business.
A solid Strategy helps a business focus the energy of its staff and make use of its resources to ensure long term success and growth. Without a good strategy companies loose focus and end up failing on the long run.
To setup a strategy, you need to think about 3 key key considerations:
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Define your mission as a business. What do you do, how do you do it and for whom do you do it? The key here is to determine what sets you apart from the competition.
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Identify a few goals for the coming 1 to 3 years that if met, would ensure that you are delivering the right services to the right clients and are maintaining a healthy business.
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Break up the goals and set monthly key performance indicators (KPIs) that you need to track and cascade to each department and employee so everyone is clear about how they contribute to the overall goals.
By following these 3 key considerations and continuously tracking progress of the KPIs across departments and individuals, you can ensure that you would be on your way to reaching your goals and fulfilling your mission.
Remember, what gets measured gets done!
Southwest Airlines Company has outperformed American Airlines Inc. for decades. Is this because Southwest has executed better than American? Absolutely. But it’s no coincidence that Southwest also has a better strategy. It has a more sharply defined target market (the point-to-point economy traveler), a more compelling value proposition (lowest price, most convenient, and most passenger friendly), and a more coherent set of capabilities to deliver that proposition (maintaining a simpler fleet, running a point-to-point operation). Having a better strategy has made it possible for Southwest to consistently out-execute American.
“The biggest risk is not taking any risk… In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” Mark Zuckerberg