There are several frameworks you can use to assess and develop your business strategy. The process of developing the right strategy involves asking the right questions and coming up with honest, complete and effective answers.
The core framework we use at EDC is The Recipe for Business Success®. There are five essential ingredients in the recipe: Strategic Fit, Business Plan, Leadership, Team and Resources. The checklist for success is great way to get started in thinking about how your business measures up. You can use the checklist whether you at the concept stage, you have made your first sales or even if you are part of a mature industry.
Here is the checklist – you can also download a copy from the Resources section of the website or you can pick up a printed copy from EDC’s offices. Comment below and/or contact us with additional questions or ideas.
ENTREPRENEURIAL CHECKLIST FOR SUCCESS
- Do you have a viable product with a clear strategic fit in the market?
- Is there a definable target client?
- Is there a clear definable need? Is it big enough?
- Can you profitably deliver the product at a competitive price?
- Do you have a clear win that can differentiate you from competition
- Can you defend your position over time?
- Do you have a complete business / strategic plan?
Strategic fit (above)
Goals & objectives
Strategies and tactics:
Product
Pricing
Advertising
Promotion
Distribution
Service / support
Resources / financial requirements:
Expenses
Capital
Projected financials
Action plans – who does what when
Contingency plans
- Do you have the proper leadership?
Proven experience
- Do you have the proper talent on your team? (discipline, capability, and balance)
Marketing
Development
Sales
Operations
Finance
- Do you have proper funding and financial relationships?
Equity
Debt / banking
Grants, other
