What’s a Strategy Statement? —Explained With Examples

The strategy statement is vital because it provides every employee…

The strategy statement is vital because it provides every employee with a clear set of instructions. That’s why, we’re dedicating this post to what strategy statements are, and why they matter.

We are also going to include some strategy statement examples to help you along, and give you a clearer idea.

What is a Strategy Statement?

a person playing chess, but all the black pieces have fallen.
Photo by JESHOOTS.COM on Unsplash

The use of strategy statements may help you clarify individual expectations, create effective marketing strategies, and establish financial and customer service objectives.

A strategy statement should describe the goal, reach, and competitive advantage of your business in a particular market. As a well-written strategy statement may aid employees of all levels in understanding their specific tasks in carrying out the plan. It can also inspire and drive them to reach their goals.

These kinds of declarations assist employees define future goals and keep businesses and organizations organized and motivated.

The strategic aim is one overarching purpose or goal that will propel your business ahead over the following several years. This component, which often tries to improve shareholder value in a given time frame, should be clear, quantifiable, and time-bound.

Additionally, strategic goals have to be closely related to the market that your business hopes to penetrate. For instance, the strategic aim should include your strategies for taking market share away from rivals if your business is entering an established industry.

Objectives should include how you intend to reach clients and inform them of your product or service. Especially if your business is entering a new industry.

The scope of a strategy statement includes the target market, geographic area, and product. The borders between each of these three dimensions should be specified in this component, along with the priorities for the future of your business.

Your business may plan where to distribute resources and where to concentrate its efforts by establishing these limits.

The competitive advantage part of your business plan explains how and why your firm will flourish in the market.

Why Is the Strategy Statement Important?

Businesses that are starting out or planning to enter a new market might benefit from having a strategy statement. If your business wants to refocus employee attention and resources or reaffirm its goals and values, think about coming up with a strategy statement.

Create a product plan based on the competitive landscape before developing an effective strategy statement. Pay attention to the goods or services your business offers, the reasons why customers should buy them. And of course, the ways in which employees may contribute to the success of your business.

Your strategy statement may outline your financial aims, customer service objectives, or information on the creation and selling of certain products.

Depending on your company’s stage of growth and future intentions, strategy statements might be concise or contain a lot of information.

The mission and vision statements of your organization should not be the same as your strategy statement. A strategy statement places less emphasis on general notions about corporate culture and more on specific, actionable goals and strategies for growing your business.

Use action words and phrases to effectively demonstrate your ideas while drafting your strategy statement.

Consider how your company is unique from the competition. So that buyers may understand why your product or service is the best on the market, use this information to develop your strategy statement.

In order to improve the general accessibility and comprehension of your strategy statement, provide information while remaining as succinct and consistent as you can.

Strategy Statement Examples

Again, to write a good strategy statement you have to know what you want to achieve. Let’s take a look at some examples below:

  • Create and carry out a marketing strategy to increase sales.
  • Increase sales in the international market.
  • Additional people using the internet and using social media for sales.
  • Ability to make goods more affordably than rivals.
  • A cutting-edge workplace that encourages development.
  • Possibilities exist to boost income by 20% yearly over the next five years.
  • Customer feedback and targeted advertising as a priority.

We can come up with many more strategy statement examples, but I think you get the picture.

In Conclusion

A strategy statement is a clear, concise way to communicate your strategy to others. It can help to build better teamwork and ultimately improve your bottom line.

Just as you always want to include objectives in your strategy statement, you should also include your exit strategies. Those are the necessary next steps that should accompany the strategy statement.

Finally, it is important to remember that your strategy statement should be tailored to your situation.

What’s a Strategy Statement? —Explained With Examples

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

Vision Statement Examples That You Should Know

The mission and vision of an institution embody its aim for the present and the future. Without these two, businesses…

July 26, 2022

Vision Statement in a Business Plan

Every business begins with an inspiration or a concept for a fresh endeavor. It may have started as a thought…

July 26, 2022

What’s a Strategy Statement? —Explained With Examples

The strategy statement is vital because it provides every employee with a clear set of instructions. That’s why, we’re dedicating…

July 26, 2022

Personal Mission Statement — What Is It?

You may define what matters most to you professionally by creating a personal mission statement that outlines your beliefs and…

July 26, 2022

What’s a Branding Statement? — Explained With Examples

Whether you’re the founder of a business, an executive, or an entrepreneur, building your personal brand provides several competitive benefits.…

July 26, 2022

Speech Writing: An Interesting Specific Purpose Statement Guide

A specific purpose statement (SPS) explains what the speaker will discuss and why they are speaking to an audience. It…

July 26, 2022

Non Profit Mission Statements: Importance, Tips, Examples

Mission statements are essential for nonprofit organizations because they highlight their ultimate goals. If you’re having difficulty making your mission…

July 26, 2022

7 Reasons Why Mission Statement Is Important

The mission statement is integral to a company’s strategy to set priorities, allocate resources, and ensure everyone is working towards…

July 26, 2022

An Guide to Writing a Restaurant Mission Statement

A restaurant mission statement is crucial when starting a new eatery, upgrading your website, or revamping your marketing materials. Your…

July 26, 2022