Meet Sarah. She has a lesson for us as a small business strategy example. Sarah grew up in small-town Indiana, surrounded by farmland and an insatiable desire to explore the ins and outs of food. As a child, she would often wander through the fields, helping her family and learning about the nuances of organic farming. Farmers by trade and gardeners by passion, her parents believed in fresh, organic food––as much as the land allowed it.
Sarah’s upbringing fostered a deep appreciation for quality ingredients, wholesome cooking, and a culinary curiosity that led her to imagine farm-to-table cuisine that was unique to her hometown. She often dreamt of combining traditional cooking with modern techniques, creating a blend that would capture the essence of her roots.
Like many of us, Sarah’s life experiences and passion led her to start her own business and she found herself in the coveted, yet tenuous position of being an entrepreneur. Here comes the small business strategy example.
Sarah especially loved breakfast, and due to the unfettered love of eggs and bacon in her town––well, everywhere––she knew there would be little risk in opening a restaurant that served breakfast. Her creative bacon juices were flowing!
Wanting to keep up with an increasingly health-conscious audience, Sarah kept it exciting and changed a few things up. Influenced by national trends, personal convictions, and the passion she cultivated from her family’s farm, she decided to overhaul her menu to introduce vegan options and eliminate her popular meat and dairy offerings.
Sarah invested in new kitchen equipment, ingredients sourced from specialized suppliers, and staff training on vegan cooking to support the new vegan initiative. She believed that these changes, influenced by global trends, were good small business strategy examples. And, not to spoil anything, but if you’re familiar with the Midwest, you might see the writing on the wall.
Initially, there was a surge of excitement. People were excited to support something new and branch out from their “usual.” But after this wore off, the sales figures told the real story––revenue decreased by 15% in the first quarter following the launch, and the trend continued in the subsequent months.
Now that you’ve come this far, I need to be honest: Sarah isn’t real. But, while she might be made up, her story is real. Very real.
Sarah’s misstep highlights the pitfalls that many small businesses face when trying to align with broader market trends without first considering their core audience. She made the mistake of forsaking her established customer base in an attempt to cater to a new one without ensuring there was sufficient demand. This is akin to building a house on shifting sands without a stable foundation.
Sarah’s tale is a cautionary one for any entrepreneur.
It underscores the importance of blending passion with prudence, and vision with vigilance. Making informed decisions based on solid research, and being flexible enough to adapt, is crucial in the unpredictable world of business. Sarah’s story underscores the importance of understanding the local market and making informed, data-driven decisions when it comes to your business.
She needed a few small business strategy examples to guide her; but she was lost. While business trends can provide insight and new ideas for growth, understanding the pulse of who you serve, especially in tight-knit communities like Sarah’s hometown, is the key to your success. But we’ll be honest––that’s easier said than done.
Small businesses walk a thin line between thriving success and unforeseen failure. The U.S. Bureau of Labor Statistics paints a grim picture, where just over half of small businesses endure for five years, and only a quarter make it to the fifteen-year mark.
Why do so many small businesses close? One source boils it down to inadequate market investigation, poor planning, insufficient financing, misguided location or marketing choices, an inflexible plan, or too rapid expansion. Yet, all these reasons hint at a larger truth––it’s all rooted in a lack of strategy.
Since running a small business can be overwhelming, we created some small business strategy examples that function as a checklist to help you out. We’ll talk about your business, where you want to go, and how you can get there. Think of it as your quick-start guide to strategic planning.
Strategic planning is no less than an epic journey filled with complexities and nuances. But with a detailed roadmap, you can steer your business from its current standing toward a bright, promising future that resonates with your mission and vision.
Though the principles of a successful plan may seem simple, putting them into practice is often challenging, and this checklist will ensure you’ve considered all the necessary components of a solid strategy. Whether you embark on this journey as a new entrepreneur or a seasoned business owner, we’re here to help you write your roadmap. You can find The Quick Start Guide to Strategic Planning for Small Business Leaders here.
