You wouldn’t build a house without a plan so why would you consider trying to build a business without one?
Building on research and analysis to determine segmentation, targeting, product positioning, direction and objectives for the next 12 months i.e. resources required in terms of people, time and money.
The most important part of the plan step is working out your strategic positioning. And positioning is as critical in business as it is in any sport.
Take Karate for instance. If you don’t get your stance and positioning just right in this sport, you won’t get the result you are aiming for. With no position, you have no power and no power means you can’t execute a kick or punch.
In many cases, choosing a niche in a market can be the way to creating your own unique strategy amongst competitors. In insurance it might be focusing on one specific industry, or being an expert in one specific service.