From the Office of Virtual CFO Part 2 – A Strategy is good for Your Business

A business strategy can help to ensure the success and continuation of your business. The retail landscape continues to evolve and change in ways we have never experienced before.

It is important for your family, employees, and customers that you have a strategy. By implementing a proactive plan to address these changes head-on, your business will be well positioned to respond quickly and with purpose.

There are several ways to create such a plan, but any plan created must articulate exactly how your business plans to separate itself from everyone else competing in the market.

In order for a business to remain relevant in a competitive market, it should create a strategic-points-of-difference plan to compete against others within their business segment.

Target recognized it and changed their strategy and market positioning from being seen as high volume, lower quality brand like Kmart to lower volume, higher quality brand like H&M, reducing stores by 20% and focusing on being seen as “boutique”.

Based on my experience, being a top performer in and of itself does not make a business best in class. You need to be able to achieve a high level of performance, and then you need to be able to replicate that performance every time. By offering this consistently elevated experience, your business truly becomes best in class.

Your competitive strategic plan is all about differentiating and emphasizing your business. Being positioned as best in class is a conscious decision that requires dedication, commitment, and execution, along with having the right strategy. A successful strategic business plan means your business is seen by customers as a special destination worth visiting time and time again.

Do you need a strategy that can stand the test of time? Or do you require a shift in your strategy to remain competitive? There’s no better place to be than with the Financial Goddess. I can help you avoid common mistakes that may ruin business.

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