Wednesday, May 16, 2018

Three Points for Developing Your Small Business Strategy

Small businesses sometimes finds it difficult to develop a strategy that will work for them. There are three principles that can help a small company compete. Developing your strategy in a way that is simplistic, participative, and adaptive can keep your business moving forward (Verreynee & Meyer, 2010).

Simplistic: Keep your strategies simple. There is no point in trying to create great complex strategies that don't work well. Simple strategies are rewarded in the market because they focus on what they do best.

Participative: Involve your employees as much as possible in the strategy making process. It will help to ensure that you are increasing your knowledge base and considering the various needs of internal stakeholders. It also has the benefit of improve "buy in" and knowledge of strategy changes.

Adaptive: As the market changes you will need to be adaptive. Small businesses has the advantage of being nimble and changing quickly. Therefore, use this as part of your strategy development. Stay flexible and fill market needs.

Verreynne, M & Meyer, D. (2010). Small business strategy and industry life cycle. Small Business Economics, 35 (4).

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