Your first order of business, as a new business, is having a strategic plan.
It typically starts with an inspiration of new indicatives you think will help move the needle, combined setting targets on the revenue and new customers you need to start making a profit.
Your plan can be simple. You don’t need a 50-page strategic document. We recommend a scorecard that outlines:
- Your objectives – what will you need to do to be a successful startup
- New customers – growth, how many customers do you need and how much effort do you need to put into new business efforts
- Retention of current (if applicable)
- Brand awareness – all your identify elements and promotional plan to raise awareness
- Value proposition – it could be something like social responsibility – what makes you different from a competitor?
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If you are a brand new startup, you may have additional operational goals for reporting, team building and hiring, technology resources, etc.
Bottom line is, you need to have a plan.
Compared to execution, strategy is easy. But you can’t execute without a plan. Here’s a template to get you thinking …