You are ready with your business idea, but what do you really need and where to start? It can be overwhelming, but I am here to tell you that it doesn’t have to be.
Getting clear on your business strategies will help you to create an action plan that will position your business and brand for success.
So to get started in your business building, I always say, let’s map out a beginning Strategy. What do you really need in your business?
Want to watch the video where I explain this? Click here
The reality is that over 90 % of the business population represents small- and medium-sized businesses, also known as SMEs. So if you do not have a strong plan and strategy, you will potentially not see you first year.
And they way we work and create strategies, are by working with the following Acronym, SOSTAC.
Firstly, SOSTAC® stands for:
Situation – where are we now? This will be your situational analysis. Objectives – where do we want to be? Here you will look at the KPI’s and expected results you want. Strategy – how do we get there? Tactics – how exactly do we get there? Or what are the Tools that we need to get the things done? Action – what is our plan? Control – did we get there? Looking at the results and data to see if the objectives were achieved. If we start with the S in SOSTAC, and look at your current situation, look at what you have right now in your business. What is working, and what isn’t. And if you aren’t 100% what YOU add to your business- look at what transferable skills you have. Based on your skills, experience, and knowledge- what do you really bring to the table. What are the key abilities within your brand (that’s you) and then look at the key capabilities within your business. There are transferable skills within you, that you can apply to different situations when you really look at what is within you. And similarly, you can apply the same principle to your business. What does your business have to offer. Next is th O, the Objective- what do you want to measure in order to see if you have success or not? Would followers on your Social Media platforms show success, will website visits show success, and how do these activities produce income. Because all actions must ultimately lead to sales right? So looking at Income Producing Activities, IPA’s, will help us get clear in the next S in SOSTAC, and that is the strategy. Strategy defines your long-term goals and how you're planning to achieve them. In other words, your strategy gives you the path you need toward achieving your organization's mission.
Will you need to build brand awareness, or do you need to generate more leads?
Do you have to focus on paid, owned or earned media and in which ratio?
(If you want to know more about Paid, Earned and Owned is,you can watch that video here)
Let me know in the comments, have you mapped out a strategy for your business yet?
Pop a Yes or No in the comments, and let us know, if you DO have a strategy, how often do you refine and check the results of your strategy?
Carrying right on with SOSTAC: We look at Tactics next. Tactics are much more concrete and are often oriented toward smaller steps and a shorter time frame along the way. These are the specific things you need to do in order to achieve the strategy. You can also look at the Tools you need to get your strategy done. This can be the emailing system, or website host, or scheduling tools to get your social media posts automatically done.
And on this point, realistically you DO NOT need every single platform and tool that is out there to get your business up and running.
The top 3 things you need are: -Email system (some good ones are Mailer lite, Mailchimp or a more advanced option is Convertkit) -Lead Magnet to build your email list → this is a freebie that you create that your audience MUST HAVE to solve a problem they have, and by them getting the freebie, they give you their email address so you can retarget them with your paid offering at a later date. -”Home base”: this can be a social platform like Instagram or Facebook (you don’t need ALL of them) if you can’t do a fully planned website from the beginning. As long as you have a base that your clients can go to. To get to know you and learn more about you, and that you can communicate with your audience through. Now we need to take Action in order to see success.Do you need to have new content every day, do you need to have paid workshops to let your audience get to know you, do you need to run ads in order to build your audience? So the various specific actions you need to take to get the results you want from your Strategy and Objectives. Then lastly, you need Control, are the actions we are taking getting the results we want? What is happening in our brand and business? Are we on track to see success? If you need help mapping out your business growth strategy, feel free to apply via the online form and let us help you find the right solution for your business.
Join us via Social Media to get your Daily fix of tips and tricks to build your business: