Strategic Mindset – If You Are Looking To Create An Online Business Then The Strategy You Create Will Determine How Successful You Will Become
In this article Mark Ford looks at strategy and how to develop a strategic mindset to ensure that you build solid foundations to give you the best possible chance for success in business.
Strategic Mindset – Plan of Action To Achieve The Long Term Aim
When we look at strategy the general consensus is that we are looking at a plan of action to achieve a long-term or overall aim. If you are looking to create a successful online business then generally the aim would be to create something that is sustainable, that delivers value to impact other people’s lives and something that is profitable to give you the lifestyle that you desire. To get all of these things you must develop a strategic mindset so that all of your ducks sit nicely in a row.
Over the course of this post I aim to give you a strategy blueprint to follow when it comes to starting your own online business, but I am also going to give you examples of how strategies work in other areas of life.
All this will entail analysing different factors that may come into play, using the tools and resources available and utilising the skills sets that you have personally. Let’s start with something that is close to my heart, that is the game of cricket. Cricket I hear you say, what has that got to do with business Mark? Well this is just an example of how the strategic mindset works.
Strategic Mindset and Cricket!
If you have followed me then you will know that I love to travel the world and watch the England cricket team and at the moment they are on home territory facing a number of different nations in various forms of the game.
Like any team it has a captain who works alongside a team of selectors to pick a team that they feel will win the next cricket game, that is the aim. They will have had meetings to form a game plan where they would have looked at the opposition and pinpointed areas that they can target to get the better of the opposition players.
Also they would consider the arena that they are playing on because playing conditions can vary from ground to ground. Weather can play a huge factor in a game, so they will have received long range forecasts which could determine the decisions they make as to whether they bat first or decide to bowl at the opposition.
A cricket team is composed of specialist players that range from batsmen, outfielders and bowlers so they must have the right combination to form a balanced side who all need to be ready with a clear understanding of how the team is going to play right from the word go. The actions they take are designed to put the opposition on the back foot, to put them under immense pressure so they get to the point of crumbling, so they lose the game.
All of these scenarios will be played out on a whiteboard, using charts and detailed statistics in the team meeting comprised of the captain, selectors and senior players. They will form their strategy and the aim then is to go and execute it to the fullest.
Strategic Mindset and Golf!
One of the biggest golf tournaments in the world is the Open Golf Championship which has been played before on the British mainland in Scotland at Carnoustie.
This is a tournament that is man against man and not a team event like Cricket. It will start off with over 150 men all vying to be the championship golfer of the year by the end of the four days of play. Each player will have their own support team comprising of technique coaches, psychological coaches, fitness trainers and their own personal caddie that accompanies them around the course. Before the event starts for real the players, they will have had a couple of days to practice around the course which is where they will do all the fact-finding missions on how the course will be set up. The caddie will walk the course and make notes which he will then bring to the meetings before and during the championship.
Like cricket the game of golf is reliant on the weather because the course will play differently during varying weather conditions and this will define which shot selection is made. The player will go through exhaustive sessions on the driving range to practice each shot that he may need to play during the tournament. A player will make use of technology which measures his shot distances, swing speed, ball speed and the direction he hits the shot. All of this information is analysed by the player and his coaches.
Over the course of the week, including practice and tournament play, the player will walk the best part of 50 kilometres or more so fitness has a huge impact on how he plays. Therefore, and especially the top players, their fitness coaches will work with nutritionists to form a diet for the player and many of them have their own chefs that prepare their meals instead of using public restaurants.
Each night before play starts this information is used to create the strategy for the next round. Although this is an individual sport, unlike cricket which is a team sport, having a strategic mindset is just as important, nothing is left to chance, the aim is to win the match or tournament, but you can only do that if you collate the right information, use the tools and resources available, have total belief in what you are doing, then have the confidence to go out and execute the strategy that has been worked out.
Hopefully you can see the point that I am trying to make, each cog must work in sync with each other so let’s move on to help you develop a strategic mindset when it comes to creating an online business.
Strategic Mindset – How To Create An Online Business
You have made the decision to create an online business and there can be many reasons for you wanting to do this. However, whatever reason you have you need to ask yourself a few questions and put some elements in place to give you the best chance for success, which is what I am now going to cover.
The first step is to determine what you want your business to become. Here you can create a vision of where your company will be in 12 months’ time, then 5 years and 10 years from now. You may include in this things such as revenue targets, the industry you want to be in, possible product lines and determine your businesses beliefs, values and morals.
Write everything down into 2 or 3 sentences and you will have formed your mission statement which you can always have close to hand to remind yourself exactly why you are building your business.
Then you need to determine what your business is, and you can do that in a number of ways. Here you will want to look at the target audience you want to serve, what products and services are you going to provide, where are you going to trade as this could be locally, nationally or worldwide online. Then you want to look at the philosophy that your business works under considering the values you have set out in your mission statement and what sets you apart from your competitors.
Then ask yourself how committed you are to using technology within your business so that you can reach your vision. The next step is to set yourself defined goals and targets to reach. Use timeframes to set deadlines and while you are doing this you could look at revenue targets, your product lines and possibly staffing solutions to build and scale your business.
While setting these goals and targets come up with ideas to work on to help you achieve these goals, these could be market research, creation and development and possible changes that you may need to make along the way.
By this stage you are mid-way through developing your strategic mindset and the next step is to start taking action.
You will have built up a plan of action and now it is time to start implementing it. Determine which things need to be done in which order, then start from the top and work down the list. Only move onto the step once the previous has been completed otherwise everything will go out of sync and you will have no option but to start again.
Now you are coming to a critical point of your businesses evolution which some people skip over which can be disastrous and that is measuring the results of your actions. You must sit back and analyse what you have been doing to make sure it is working. If it is then great carry on, if not then you must be adaptable and make changes because if you don’t then you will carry on making the wrong decisions.
The last step is something that you do periodically on a timeline that works for you and that is to revisit all of the above. This will help you determine whether you are being true to your values and your “WHY” of starting your business. This leads to repetition which causes habits, good or bad, carry on with the good ones and ditch the bad ones.
This is how you create a strategic mindset for starting a business. Take some time to go through the steps that I have shared with you. If you need any further assistance you can contact me here with your queries or leave a comment below and I will respond as soon as I can.
I wish you every success in running your home business and profiting from your strategic mindset.
Mark Ford – Home Business Lifestyle Consultant, loyally stepping up for others SO THAT they are given inner peace. Registered Office: 13-15 Commercial Road, Hayle, Cornwall, TR27 4DE, United Kingdom. Registered in England No. 8927341.
Data Protection No: Z141291X
Business Website: Nice Money Publications.com