Running your own business is exciting and challenging. You had a great idea and you ran with it, and now you think you have achieved success.
Still, if you do not plan for it, you could run out of steam. To achieve and sustain success in your Utah business, you need strategic planning. Utah experts lay out the three key elements you should know.
The first thing you need is a vision. Most successful businesses have a vision statement, but we seldom pay much attention to it. However, it is very important to a business owner. Your vision for your business helps you focus your energies. It gives you something to aim for, without which you are a ship without a rudder. The vision is a yardstick of your success, and motivates you to try a little harder.
If you achieve your vision, you can now set your sights higher or further. A good example is the Arctic Circle, which began life in 1924 as a tiny refreshment stand in Utah. Today, it has 28 branches and 45 franchises in seven states.
The second element is delivering value to your market. This involves identifying what you are good at, and if there is a market for it. These two go hand-in-hand. No matter how good you are at something, you will not achieve success if nobody needs or wants it. This is not a passive element, however. The value you can deliver may not be obvious at first, such as when you are the first to offer a product or service, but with a good strategy, you can create a market for it. An excellent example is the Pet Rock, of which business owner and advertising executive Gary Dahl sold 1.5 million. The fad eventually died, but Dahl proved he could sell anything if he set his mind to it.
Last, but definitely not least, is vigorous execution. All planning will go to waste if you do not have the action part. Your strategy needs to include what methods you will use to achieve your vision, and provide value to your customers, and solutions to potential barriers. The thing is to keep at it. Henry Ford went broke five times before he founded Ford Motors, and you can be sure he used what he learned from his earlier failures in his strategy.
Many more factors will come into play in strategic planning. However, these three elements are the key ones to business success.