You might be thinking about starting your own design firm, or perhaps you have already started one. If so, you should be concerned about developing a sound strategy for your new business. Why does this matter? Al Davis, a professor of business strategy and entrepreneurship, explains the importance of developing an effective strategy for your business.
According to Al Davis, strategy is the art of determining how you are going to create a business from your great idea. You must determine who your customers are and identify their pains and needs. Another aspect of strategy is to determine your vision. Additionally, you must determine at the onset of your business what you want to do with your business at the end of the businesses life cycle. Do you want to have a life style business or grow it into a large company? What happens to the business when you decide to retire? These questions must be answered while the business is still forming. If your still don’t have a strategy, you should certainly consider building one.