How to Create a Wellness Business Strategy
You know what your goal is business-wise because your work is your passion. You’ve found the perfect location, hired the best employees, and you believe in your product. But what’s next? How do you bring your wellness business to the heights it can achieve? First, you need to create a business strategy.
What is a Business Strategy?
A business strategy, or roadmap, is a plan that establishes what your action steps are to achieve your end goal. These action steps are your guiding principles and should be shared throughout your wellness business to help your company reach its objectives.
9 Steps to Creating a Wellness Business Strategy
- Crystallize your vision
- Review the competition
- Set clear goals
- Focus on growth
- Think long-term
- Stay flexible
- Be inclusive
- Do homework
- Have measurable results
- Focus your vision– Look at your wellness business and articulate your future vision. Unlike a mission statement, this goes beyond what your company does and looks to where you want your company to go in the future.
- How are you different?– Look at your competitors, see how you can stand out from the pack, and focus on what makes your wellness business special.
- Refine goals– What are your specific targets? Ensure your goals are identified, so your marketing and sales team will be closely aligned and avoid miscommunication.
- Healthy companies grow– For your wellness business to succeed, it needs to have a clear plan on which areas it can achieve growth so that it can take the yield from that growth and invest in other departments.
- Don’t get caught thinking short-term– It’s dangerous only to think quarter to quarter. Indeed, things are constantly changing, but you want to think of a strategy on an annual cycle rather than as a one-time event.
- Be prepared to pivot– Even with thinking long term, be open and flexible to pivot, depending on outside forces to your wellness business. Consider having regular meetings, perhaps quarterly, to review your strategic plan and adapt after reviewing any new information that may impact your strategy.
- Include your team – Review your team and include those individuals whose input may bring new ideas to your strategic bottom line. More diverse voices and thoughts can open up avenues of expertise previously unrealized. Your team’s genius zoneis a resource for tapping!
- Take the time to do pre-work – Have the employees working on your strategy sessions with you do research before putting together your strategy plan. The more pre-work done gathering relevant information, the faster your strategy meetings will go.
- Have measurable results and follow-up– A strategic plan puts you and your wellness business on the road to success. It is up to you to ensure your strategic action plan has KPIs (key performance indicators) that align and that you can easily follow. In addition, you want to track your plan often, usually monthly, and promote ownership across all departments.
Having a well-defined business strategy for your wellness business ensures you and your team are all working toward the same goal. It helps to target the development of your business as you grow and gives you ample check-ins to ensure your growth is on target. If you are looking for a coach to help you design a business strategy, I can help you. Reach out today.