28. Why You Need a Strategy
1. BLUF
If your Strategy gathers dust, do you really have one?
Owning a violin doesn’t make you a violinist.
Your Strategy translates your NorthStar into action.
2. The Strategy Made Simple Method
This article is the 4th in a series exploring the Strategy Made Simple Method through the lens of a lemonade stand. If you haven’t, check out the intro article.
Over the last two articles, we explored creating a NorthStar (Part 1, Part 2).
Today, we will develop the lemonade stand’s Strategy.
©Maly Strategies 2023
Back to Basics
Your Strategy reaffirms your firm foundation - Vision, Mission, and Values.
And the problem you solve.
Carry both through everything you create moving forward.
The problem our lemonade stand solves?
Quenching thirst, building community.
The lemonade stand’s firm foundation?
The Lemonade Stand’s Firm Foundation
Priorities
Recall, our lemonade stand’s near-term horizon – $500 at 30% profit in 2 years.
Recall, our lemonade stands’ priorities –
Lemonade Stand's Near-Term Priorities
Goals
After solidifying your NorthStar, the next step is to translate the priorities in your near-term horizon into a Strategy with specific, measurable, achievable, relevant, and time-bound (SMART) goals.
For the lemonade stand, it's defining 2-3 goals for each priority over 2 years.
If you clearly outlined your NorthStar priorities then your goals write themselves.
You can't do everything at once so sequence what you want to accomplish.
Anticipated Costs
It is important to consider projected costs for your goals. They do not have to be exact at the beginning, however you do want a good idea of the size of the investment required so that you are setting realistic and achievable goals.
Even if you are looking to raise $20M in venture capital, you want a good feel for how realistic your number is and how you will meet that goal.
Pulling It All Together
Our lemonade stand’s Strategy?
The Lemonade Stand’s Strategy
3. Why You Need a Roadmap
My goal is to make strategy simple. I hope this was helpful and will see you next week for the lemonade stand’s Roadmap.
4. Application
So, what does it look like for your business?
Have you clearly defined your near-term priorities?
Did you create & sequence your SMART goals?
What is one thing you can do today to drive greater clarity?
I help small technology and professional services businesses scale and grow.
If you want to break through to the next level in your business, drop me a message, and we'll arrange a 15-min call to see if I can help.
To your success,
~Susan
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