A typical startup team needs to be quick and adaptable to gain an audience and a market share BUT they can’t make this approach work without a clear strategic vision and a well-defined strategic plan. Otherwise, efforts can quickly turn into chaos, which can be extremely costly. Here are six steps to take to build a strong strategy:
Establish your vision and mission. What long-term goals does your project have? What objectives do you want to achieve in the next three years? What is your mission? Apply your vision and mission to every strategic choice you make.
Define success using specific metrics. These could include the percentage growth in the number of customers, engagement levels, churn rate, etc. The metrics you use will depend on the project’s development stage and your business goals.
Include your scaling plans in the strategy. Articulate how you intend to grow the company – not specifically but generally. This requires understanding the market potential, capacity, possible expansion paths and basic resource requirements.
Communicate the strategy with the team. Your team members should know where they are now and where they need to head. Moreover, engagement and understanding of strategic goals always boost each employee’s effectiveness.
If you lack experience in strategy development, involve mentors and consultants. There’s nothing wrong with this. Many successful entrepreneurs have effectively employed this common approach.
Maintain a balance between strategy and tactics. Connect long-term goals with the ability to act quickly and adapt.
Startups navigate in an environment of uncertainty and unpredictability, making strategy especially important. It’s your chance to plan several steps ahead. When you know and understand your long-term goals, you can easily change tactics while always staying on the right track.
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Malomuzh, Sergii. Strategy Vs. Chaos: Why Startups Always Need a Strategic Plan. Forbes. Sep 24, 2024. https://www.forbes.com/councils/forbestechcouncil/2024/09/24/strategy-vs-chaos-why-startups-always-need-a-strategic-plan/