Why are Business Strategies Important? Things I Learned in 2020

2020 was a year of learning. I had to evaluate and reevaluate my marketing efforts, my business goals, and everything in between. One major lesson that I learned along with my team and my clients is: business strategies are everything. 

My team and I strategize everything that we do in my businesses and brands. Everything should have a purpose and a measurable outcome, otherwise, it’s burning energy time, and resources.

Here are a few reasons why business strategies are necessary for the new year.

Without Business Strategies, You Waste Time, Money & Resources

I like to think of work without strategy like shooting in the dark. You never know when you’ve hit a target or when you need to try a different tactic. When you don’t know what you want from your efforts, you can’t know how to get it.

With a strategy, you really assess your business in its current state, including your clients, your team, and the resources you currently have. Then, you decide what to do with them to benefit your business.

You Need Clear Goals & Measurable Outcomes

Liz Illg Consulting

Otherwise, you’ll never know if your work is leading to the outcome. If you’re anything like me, you have a team of creatives that helps you reach more audiences in your business that helps you brainstorm for your brand and for your growth.

If you don’t have a clear strategy on your efforts, where your money is being spent, and how you can measure the effects of it, you risk really losing out on your money paid to your team, because you don’t have a clear goal and an expectation on what should happen at the end of it.

It’s almost like your team is spinning their wheels constantly.

Take, for example, business strategies for finance. For finances, I use Dubsado in my business. I have to get with my account manager on my team and really evaluate what information is kept in dubsado.

Together, we’ve created a finance system and outlined what information should be added to Dubsado. We need to identify goals for our finances and actually have a method of evaluating those goals every month, every quarter, and every year.

Instead of constantly patching up holes in finances or living in this constant state of just getting by or just collecting money, create a strategy for your finances. If you’re not looking at what’s needed, not catching any problems or things that need to be solved, you might find yourself in a problem in the future.

You’ll See What Works & What Doesn’t

Let’s take a look at your service offerings. Are they benefiting your client? Are they attracting the right person? And is it a profitable service offering that you have for your client? 

Business strategies would take a look at your client, your expertise, and it would align the two, really connecting point A to point B, to get the desired outcome. You can really identify what your business goals are, whether it’s connecting communities, helping your clients, or impacting your industry.

Business strategies will outline what you’re going to do, how you’re going to do it, and really solidify that main desired outcome.

Having a strategy is so important to your business. It saves you from wasting time, money, and energy. It helps you achieve your goals faster. It helps you measure your growth, accurately. And it helps you realign your major business goals, constantly.

If you found this blog post helpful, you’ll really enjoy my free Facebook group, Lead Your Business with Liz Illg. Join now to have an impact-focused New Year.

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