The Importance of Strategy Development for the Small Business. Presented by: Brian J. Walters, MBA, CBA The Akron Small Business Development Center at the Summit-Medina Business Alliance. Discussion What is Strategy?. What does it mean for a business, large or small?
Brian J. Walters, MBA, CBA
The Akron Small Business Development Center at the Summit-Medina Business Alliance
Financial Objectives- objectives that improve a firm’s financial performance
Strategic Objectives- outcomes that strengthen a firm’s competitiveness and long-term market positionTypes of Objectives
Financial Objectives financial performance
Revenue Growth of 10% per year
Increase Earnings by 15% per year
Increase Earnings per Share (EPS) by 5% per year
Increase Net Profit margins from 2%-6%
Increase market Share
Quicker design-to- market times than rivals
Higher product quality than rivals
Lower costs relative to key competitors
Better and faster innovationsFinancial and Strategic ObjectivesExamples
What industries should we be in?
How should we compete?