Creating a Business Strategy for Small Businesses in Adelaide

With Leading Business Coach – Alan Short

Hello there! I’m Alan Short, a business coach based in Adelaide. I’ve spent years helping small businesses, particularly in the trade sector, to grow and thrive. I understand the challenges you face and the aspirations you hold. One thing I’ve learned is that success doesn’t happen by accident. It’s built on a solid business strategy.

Summary

As a business coach, I’ve seen firsthand how a well-crafted business strategy can transform a small business. It’s the foundation of success, providing a roadmap for growth, efficiency, and profitability. In this article, we’ll explore what a business strategy is, why it’s crucial, and how to create one. We’ll also delve into real-world examples and discuss how a business coach like myself can help you develop and implement your strategy. Whether you’re a tradie looking to scale up or a small business owner seeking to improve operations, this article is for you.

What’s a Business Strategy?

A business strategy is a plan that outlines your business goals and the steps you’ll take to achieve them. It’s your roadmap to success, guiding your decisions and helping you navigate the complex world of business. A good business strategy considers your unique strengths, the needs of your customers, and the dynamics of your market.

How Important is Business Strategy?

Without a business strategy, you’re navigating blind. You might stumble upon success, but it’s more likely you’ll veer off course. A business strategy keeps you focused, ensuring every decision and action aligns with your goals. It’s not just about survival; it’s about thriving in a competitive market.

What are the Key Components of a Business Strategy?

A business strategy includes several key components:

  1. Vision: This is your long-term goal, the ultimate achievement you’re striving for.
  2. Mission: This is your purpose, the reason your business exists.
  3. Objectives: These are specific, measurable goals that will lead you towards your vision.
  4. Tactics: These are the actions you’ll take to achieve your objectives.
  5. KPIs: Key Performance Indicators are metrics that help you track your progress towards your objectives.

How to Write a Business Strategy

Writing a business strategy might seem daunting, but it doesn’t have to be. Here’s a simple step-by-step process:

  1. Define your vision and mission: What do you want to achieve in the long term? Why does your business exist?
  2. Conduct a SWOT analysis: Identify your Strengths, Weaknesses, Opportunities, and Threats.
  3. Set your objectives: Make sure they’re Specific, Measurable, Achievable, Relevant, and Time-bound (SMART).
  4. Develop your tactics: How will you achieve your objectives? Consider your marketing, operations, HR, and finances.
  5. Establish your KPIs: Decide how you’ll measure success.

Remember, your business strategy isn’t set in stone. It should evolve as your business grows and the market changes.

5 Examples of Business Strategies

1. A Carpenter Specialising in Sustainable Materials

Vision: To become the leading provider of eco-friendly carpentry services in Australia.

Mission: To provide high-quality carpentry services using sustainable materials, contributing to a greener planet.

Objectives:

    • Source 100% of materials from sustainable suppliers within two years.
    • Increase customer base by 20% in the next year through targeted marketing to environmentally conscious consumers.

Tactics:

    • Establish relationships with suppliers of sustainable materials.
    • Develop a marketing campaign highlighting the benefits of sustainable carpentry.

KPIs:

    • Percentage of materials sourced from sustainable suppliers.
    • Growth in customer base.

2. An Electrician Focusing on Excellent Customer Service

Vision: To be recognised as the most customer-friendly electrician service in the region.

Mission: To provide exceptional electrical services with a focus on customer satisfaction.

Objectives:

    • Achieve a customer satisfaction rating of 95% within the next year.
    • Implement a follow-up system to check customer satisfaction within six months.

Tactics:

    • Invest in customer service training for the team.
    • Develop a system for following up with customers after a job is completed.

KPIs:

    • Customer satisfaction rating.
    • Percentage of jobs followed up.

3. A Plumber Expanding into New Markets

Vision: To become a leading plumbing service provider in multiple markets.

Mission: To offer reliable and efficient plumbing services to a wider customer base.

Objectives:

    • Expand into two new markets within the next year.
    • Establish relationships with local suppliers in new markets within six months.

Tactics:

    • Conduct market research to identify potential markets.
    • Develop relationships with local suppliers in new markets.

KPIs:

    • Number of markets served.
    • Number of relationships established with local suppliers.

4. A Builder Aiming to Improve Operational Efficiency

Vision: To be the most efficient construction company in the area, delivering projects on time and within budget.

Mission: To provide high-quality construction services with a focus on efficiency and timeliness.

Objectives:

    • Reduce project completion time by 15% within the next year.
    • Implement project management software within the next six months.

Tactics:

    • Invest in new equipment to speed up construction processes.
    • Implement project management software to streamline planning and coordination.

KPIs:

    • Average project completion time.
    • Percentage of projects completed within budget.

5. A Painter Differentiating Through High-Quality Work

Vision: To be recognised as the provider of the highest quality painting services in the region.

Mission: To deliver superior painting services using premium materials and skilled painters.

Objectives:

    • Hire two experienced painters within the next six months.
    • Use premium paints on 100% of jobs within the next year.

Tactics:

    • Recruit experienced painters.
    • Source premium paints and showcase work in a portfolio.

KPIs:

    • Number of experienced painters on the team.
    • Percentage of jobs using premium paints.

Each of these business strategies is tailored to the unique strengths and goals of the business. They provide a clear roadmap for the business to follow, guiding their decisions and actions towards their vision. If you would like help identifying these areas for your own business, book in for a meeting with me. 

How do I Implement My Business Strategy?

Implementing your business strategy involves taking the tactics you’ve outlined and putting them into action. It’s about making decisions and taking steps that align with your strategy. This might involve investing in new equipment, hiring new staff, launching a marketing campaign, or implementing new processes.

How do I Communicate My Business Strategy to My Staff?

Communication is key to implementing your business strategy. Your team needs to understand the strategy and their role in it. This might involve team meetings, one-on-one discussions, or written communications. Make sure to explain the ‘why’ behind the strategy, as this helps to create buy-in and engagement.

Who Can Help Me to Create, Implement and Communicate My Business Strategy?

Creating, implementing, and communicating a business strategy can be challenging, especially if you’re already juggling the demands of running a business. That’s where a business coach comes in. A business coach can provide expert advice, offer an outside perspective, and hold you accountable to your goals.

How Can A Business Coach Help Me in These Areas?

As a business coach, I can help you to develop a business strategy that aligns with your vision and goals. I can provide advice on your SWOT analysis, help you to set SMART objectives, and suggest tactics based on my experience and expertise. I can also provide support as you implement your strategy, helping you to navigate challenges and stay focused on your goals.

How do I Know if a Business Coach is Right for Me?

A good business coach is someone who has experience in your industry, understands your business, and shares your values. They should be someone you trust and feel comfortable with. As a business coach, I bring years of experience helping small businesses to grow and thrive. I understand the challenges you face and I’m passionate about helping you to overcome them.

Is One-on-One or Group Coaching Better for me?

The best coaching format for you depends on your needs and preferences. One-on-one coaching provides personalised advice and allows for deep dives into your business. Group coaching offers the opportunity to learn from others’ experiences and can be more affordable. Both formats provide accountability, which is key to implementing your business strategy

How Often Should I Meet With a Business Coach?

The frequency of coaching sessions depends on your needs and the complexity of your business. A small business owner looking to grow might benefit from weekly or fortnightly sessions. A larger business facing a specific challenge might need more intensive coaching over a short period. As your business coach, I can provide flexible coaching to suit your needs.

About Global Business Coaching and How I Can Provide a Solution

At Global Business Coaching, we offer one-on-one and group coaching for small businesses. We understand the unique challenges you face and we’re passionate about helping you to overcome them. Whether you’re looking to improve efficiency, manage your team more effectively, or scale up, we can help. Our coaching is tailored to your needs, providing practical advice and support to help you achieve your goals.

Conclusion

A solid business strategy is the foundation of success. It provides a roadmap for your business, guiding your decisions and helping you to achieve your goals. As a business coach, I can help you to develop and implement a business strategy that aligns with your vision and goals. If you’re ready to take your business to the next level, I invite you to contact Global Business Coaching for a discovery session. Let’s build your roadmap to success together.

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