Unit 3 Developing Your Strategy is the last of 3 foundation units completed on Academy Courses.
During this unit you will learn to clearly define what a Business Strategy is and how it is used together with your Business Plan.
Both documents are incredibly important for a successful business and are often referred to interchangeably – however they are not the same thing and being able to articulate between the two will help you better understand the components of your business’s development and the actions you need to take.
Like the market research you carried out in Unit 2 Planning Your New Business, having a checklist of tasks to complete ensures that you don’t skip key steps in the strategy build process – and vastly improves your chances for startup success!
You will learn how to structure and write a professional Business Strategy using key sections outlined.
The unit provides a selection of case study examples on top industry companies to help you understand the aims behind each section so you can confidently create these for your own project’s strategy.
Your Vision and Mission Statements will define who your brand is with customers, stakeholders, employees and even competitors. Take the passion behind your business idea and craft it into what you want to stand for, your aspirations and goals for the future.
These statements aren’t just a requirement for producing a professional strategy document. They will also be embedded into various real-world activities taking place in day-to-day operations of your business so make sure you feel strongly about them.
You’ll look at how this is achieved – across your organizational structure and processes, company policy, and your products or services.
The later of this unit focuses on helping you to identify your competitors and carry out a comprehensive competition analysis for your project’s market.
You’ll learn how to calculate your competitors market share and identify weaknesses in their business – so you can capitalize with a competitive edge.
Understanding your own strengths and weaknesses will allow you to implement Risk Management within your strategy. You will assess each risks’ impact and likelihood – providing a ranking and clear information on how your business will react in the event of that risk.
At this stage you may have already started identifying key roles within your business’s team or procurement needs and you will now go through the process of allocating responsibilities for managing these risks overall.
Your contingency plans will form the final part of your completed Business Strategy document. They will outline the steps your business will take in any eventuality and demonstrate your precision in planning your business startup using professional methods and tools.
This is the last part of the course where your academy group all work on the same study tasks together. You will now move forward with the custom units you’ve selected for your own business needs.
If you’ve registered for the ATHE Award in Entrepreneurship you will choose a following 2 credits to finish your qualification.
For learners taking ATHE’s Certificate in Entrepreneurship you have another 10 credits available to build out what you will cover in the rest of the course. From now on course seminars offer a great chance to catch up with the other entrepreneurs in your group to share progress, challenges and solutions.
Remember your Academy coach is available to discuss questions directly throughout. Take advantage of the group chat to stay up to date and with everyone as you progress weeks 3-4 of your course.