Developing Your B2B Strategy and Branding
Many businesses make the mistake of confusing a business strategy with a business aim or business philosophy, and while a strategy may be geared around...
Many businesses make the mistake of confusing a business strategy with a business aim or business philosophy, and while a strategy may be geared around either of these, it needs to clearly outline targets, detail how the business will reach and hit those targets, and how it will be communicated to stakeholders and the rest of the business so that everybody is working towards the same end. The Royal Bank of Scotland not only highlights its aims in their business strategy, but also how they are working towards meeting their strategy, and is a good example of an effective business strategy.
At its simplest, a business strategy needs to show the direction that a company is taking, and why, otherwise it will be impossible to use it to help determine how it will get there and the processes that will be used along the way. AstraZeneca’s strategy, for example, is to focus on research and development, and to prioritise assets with the greatest promise.
Communicate The Strategy Effectively
TNT Direct, which has become a global leader in business shipping and delivery services on the back of its business strategy, not only communicates its strategy with employees through meetings and internal documentation, but publishes it on their website so that any stakeholder can access and reference the material. Communication is essential, and no matter how good your strategy is, if it is not communicated well to all stakeholders, it will not prove a success.
Even if a strategy has a single goal, it will take multiple steps and may have to utilise various channels to arrive at that goal. Prioritising these steps and channels should be done to help ensure that your business has the best opportunity to achieve its strategy and to reach its goal. Working on inappropriate steps, irrelevant goals, or tangential projects, will not help you to meet the conditions of your own strategy.
A business strategy should be much more than a budget and forecast, and one mistake that some organisations make is to develop something that has arisen as the result of a bartering session between management and shareholders. Organising and developing a strategy will require resources, and you should monitor resource allocation, cost, and progress towards your strategy on a continuous basis.
Reward And Motivate
Introducing a new strategy, developing an old strategy into a more effective and evolved one, or creating your first business strategy will inevitably mean some changes. Incentivise, reward, and motivate employees and stakeholders in order to help ensure that they get behind your strategy as fully as possible. This doesn’t just mean offering financial incentives, but offer progression, development, and individual expansion and you will find that even some of the most stubborn team members will come around.