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Joanna Lott Coaching

Business Strategy Demystified: 5 Core Components for Success

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Business Strategy Demystified: 5 Core Components for Success

 

Table of Contents:

1. Demystifying Business Strategy
2. What is a Business Strategy?
3. The 5 Core Components of a Business Strategy
4. Taking Action: Implementing Your Strategy
5. Building Your Successful Business

 

Demystifying Business Strategy

Are you feeling overwhelmed by the idea of creating a business strategy? You’re not alone. Many entrepreneurs and coaches struggle with this concept, often feeling like they’re missing a crucial piece of the puzzle. In this article, I demystify business strategy and help you see the big picture of your business.

What is a Business Strategy?

Let’s start by changing the word ‘strategy’ to ‘plan’. That’s literally all it is – a plan to build your business and how you intend to grow it. Don’t get caught up thinking you need to spend months crafting a detailed business plan before taking any action. When you’re starting out, fast, messy action is often the right approach. Here’s another article that might also help to kickstart you into taking action!

Remember, your strategy can be in your head. You can build a six-figure business with a strategy that’s not written down. The key is to use your plan as a tool to help you take action, not as a distraction from actually doing the work.

The 5 Core Components of a Business Strategy

Let’s outline what I see as the five core business strategy components:

1. Clarity: Your Purpose and Vision

find your purpose written in a lightbox

The first component is clarity on your purpose, your why, your mission, and your vision. This needs to come first because, without a strong desire and mission behind why you’re doing this work, you cannot succeed.

Take time to consider:

– Your purpose and mission
– Why this work is important to you
– How you want people to feel when they encounter your work

As Simon Sinek, the leading author and inspirational speaker, says, “Start with why and everything else will become easy.”

2. Offer: What You’re Selling

what are you going to sell

 

Your offer is the core of your business strategy components. Without a clear, tangible offer that brings money into your business, you won’t succeed. Consider:

– What are you actually selling?
– How many of these offers do you need to sell to meet your income goals?
– Do you need more than one type of offer?

Ensure your offer meets your core customer’s needs and aligns with your mission.

3. Marketing: Getting Your Business Known

shout about it with a loudspeaker

Marketing is all about how you’re going to get your business out there and become known. Think about:

– Which platforms will you use?
– Will you do any in-person marketing, or focus solely online?
– What are your strengths, and how can you consistently show up?

Consider different touch points. People often need to see you in several places to really begin to notice you and feel your message resonates. A multi-faceted approach can help build your brand quickly and fast-track progress from awareness to consideration.

4. Finances: Goals and Pricing Strategy

finances, goals and pricing

This component covers your financial goals, pricing strategy, and how you’ll keep track of your finances. Consider:

– What are your financial goals?
– Will you be a limited company or sole trader?
– How will you ensure you do what it takes to reach your financial goals?

Setting clear financial targets and regularly tracking your progress can drive action. When you see how close you are to hitting your target, it motivates you to take that extra step, whether it’s attending a networking event or running a webinar.

5. Operations: Systems and Processes

systems and processes

The final component of your business strategy is operations – the systems and processes behind your business. This includes:

– Onboarding processes
– Contracts
– Efficient ways of doing things
– Content scheduling
– Team management (if applicable)

Good operations ensure your business runs smoothly and efficiently.

Taking Action: Implementing Your Strategy

Now that we’ve covered the core business strategy components, it’s important to remember that the whole point of having a strategy is to help you take action quickly. A business plan gathering dust in a drawer won’t build your business. Taking fast, messy action is consistently what I’ve seen help build amazing coaching businesses.

Here’s a quick scorecard to help you prioritise your lead-generating activities:

Activity – Points 

Cold outreach – 5 points
Networking event – 4 points
Guest podcast appearance – 3 points
Social media engagement – 2 points
Blog post or content creation – 1 point

Aim for 20 points each week, focusing on activities that challenge you most – they’re often the most powerful.

Building Your Successful Business

woman at her desk celebrating success

Take a moment to think about which area of your business strategy needs the most work. Is it clarity, your offer, marketing, finances, or operations? Don’t worry if you feel like you need to work on all of them – that’s normal!

Remember, your strategy is fluid and will change as you and your business evolve. There’s no one right way to do this. The key is to create something that works for you and helps you take action.

I can help you

If you’re feeling overwhelmed or want step-by-step guidance through all of this and more, consider joining my mentoring programme, ‘The Business of Coaching‘. Together, we’ll make sure you build an amazing business that aligns with your vision and goals.

Start demystifying your business strategy today, and watch your success grow!

 

 

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Prefer Audio?

You can also listen to all my new content on my podcast Women in the Coaching Arena

 

Hi, I’m Jo, and I’d love to help you on your coaching journey. I spent 20 years in corporate HR but faced challenges balancing work and family. Refusing to settle, I ventured into coaching, seeking financial success aligned with my values. Overcoming limiting beliefs, I developed strategies to attract clients, leading to the creation of my Reliable Results Path. Now, I support coaches in achieving their goals through my Business of Coaching programme. My values of honesty, personalisation, and courage guide me, fostering a community of impactful coaches who believe in inclusivity and making a difference. More about me

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Hello and welcome! I’m Joanna Lott, and I’m passionate about empowering qualified coaches like you to build brilliant businesses.