Entrepreneur Advice On Developing Your Strategy

Hear from experienced entrepreneurs on how to develop the strategy for your small business. Do you have a good way to sell your product or service? Do you have a sales plan? Are you aware of what your competitors are doing? Are you able to think quickly on your feet? These are the questions you should be asking yourself.

When it comes to developing a strategy
for your business overall,
I think one of the key places to start is,
do I have a good way to sell the product
or service that I have?
A lot of folks are real good
on the developing the product
or service,
but a little weaker on the,
how do I get it out to the
customers and so forth?
And, unfortunately, you might
have the greatest product
or service ever,
but if you can't sell it,
your business will
unfortunately go nowhere.
So I think that's the
main thing to consider
when you're developing that strategy,
do I have a sales plan,
and will it work?
So the way we develop strategy as a team
at Asheville Tea Company is
we just started doing this
actually having an annual
strategy retreat/meeting.
And so every year our
plan is to meet as a team,
and run through all of our departments,
all of our thoughts and ideas
that we had taken note of,
or wanted to change
from the previous year,
and come together over
several days and meet
and discuss those and create
our work plan for the year.
A valuable best practice on
developing strategy for me
has been to not worry about
what the competitors are doing.
I would say, think about what
you want out of your business
and then figure out piece
by piece, you know, where
what will, what will it
take to get to, to that?
Just always think about what
you want out of your business.
I think when you're entrepreneur,
you have to realize that
if you're developing
your strategy next week
that strategy is gonna have to change.
So definitely don't get set
in my way or the highway,
because that's just not gonna work.
As an entrepreneur you have to be nimble.
You have to listen to other people
unless you're super lucky, one hit wonder
you need to be adapting at all times.
Valuable best practice
for developing a strategy
comes from taking long walks
with my dog and just thinking
about what I can do to
solve certain problems,
and just making lists for myself
for things that I need
to take care of and do.
Again, it's you know you're just taking
those steps forward and hopefully instead
of being that toddler you
start to get more confidence
in your each step that you take.
I think best practice when
you're coming up with strategy
is to listen, listen, listen.
I think as entrepreneurs we get so excited
and we want to talk, talk, talk
about what we're wanting to happen
but you need to stop and
listen to what the need is.

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