How to Create a 2021 Business Strategy in 4 Easy Steps

Develop a solid business strategy. Did you set new year’s resolutions for your business in 2021? After fitness and finance, business and career goals were among the most popular resolutions this year. However, these resolutions will not come to fruition without a detailed business strategy including key business objectives and tactics.

Regularly reassess your progress and always set reasonable goals. Here at Impact, we specialize in strategic planning, project management, and innovative solutions. We put these skills to work when designing our business strategies. Implement the following tested steps and proven strategies as you set and stick to a meaningful business strategy. 

Business Strategy Step 1

Know Your Unique Selling Point (USP)

Every business needs a unique something to stand out and be successful. Your USP may be your unbeatable price, high-quality products, unique service offerings, or even the character of your brand. In This is Marketing, Seth Godin recommends identifying competitive qualities and picking two categories where your business is the best. Then, ignore the extra categories and let other businesses excel in them. If you are uncertain about your USP, ask customers why they chose to work with you.

Step 2

Evaluate the Competition and Become Their Friend

Business consultants recommend detailed market analyses. They also explain that identifying your Unique Selling Point requires evaluating your competition. However, many advisors neglect an important part of knowing your competition: becoming their friend. Building professional alliances open the door for additional learning and potential partnerships. As long as your unique selling point is truly unique, you will not be in direct competition with other businesses in your field. Follow them on social media, promote their content, and learn from their successes.

Business Strategy Step 3

Set SMARTIE Goals

Now that you know your USP and forged connections in your industry, you can set your sights on strategies for growth. Where do you want your business to be when 2022 begins? Set SMARTIE goals:

Strategic: Goals should be customer-focused and generate customer value.

Measurable: Identify ways to track progress. If you can’t track it, it won’t count.

Ambitious: Our purpose is growth, so push yourself and aim high.

Realistic: Make sure your goal is achievable. Never set yourself up to fail.

Time-bound: Set a clear deadline for completion and status updates.

Inclusive: Engage diverse audiences, especially those who have been traditionally overlooked and marginalized.

Equitable: Do something to advance equity, justice, and fairness in every system and community you touch.

Step 4

Develop Your Tactics for Success

Finally, break your goals and ambitions down into bite-sized tactics. How will you advance this goal every single day? Will you spend 10 minutes making calls, 20 minutes replying to comments, or an hour conducting research? Ensure that your tactics are in line with your SMARTIE goals and you are on your way. If you do not meet your measurement or time-bound parameters, reassess your goals and adjust your tactics accordingly.

You’ve Got This

These four steps may seem simple but following them exactly takes time and patience. Every successful business constantly sets goals and completes tactics. In fact, this blog is a tactic itself! Impact’s ultimate goal uplifts fellow minority and women-owned businesses, while contributing to our community and economy. How are we doing?

Let us know if this blog helped you and keep us updated on your 2021 successes! Reach out to Team Impact on LinkedIn, Twitter, or Facebook, and be sure to follow for more proven business strategies.

Your marketing momma,

Cheryl McCants ~ Impact President and CEO