Finalising Your Business Identity

Based on your business model and your research - what will your Business Identity be?

Armed with the information you have gathered about your target customers and the competitors you will face in the market, you can now fine tune your business model to create an identity with a product or service offering that will meet the needs of the market.

The next step on your journey is to develop a strategic framework for your business.

This typically takes the form of a strategic plan.

Strategy Development

Typically a strategic plan covers a longer time horizon than a business plan and consists of five inter-related managerial tasks:

• Deciding what business you will be in (your business model) and developing a Mission Statement,
• Forming a strategic vision of where the business is heading,
• Defining the values of the business,
• Converting the Mission and Vision into measurable Goals and Objectives,
• Crafting a Strategy to achieve the desired results, and
• Choosing a Business Name.

These components are initially developed during the start-up phase of a new business and updated periodically (every few years or so) to make sure that the strategic direction of the business is still appropriate.

The information contained within the Strategic Plan is then used to provide the boundaries and direction during the Business Planning process to ensure that the operations of the business are in accordance with the strategic direction.

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