How to Think About Strategy

Summary

In this video, Bea, founder of Bia Boss Coaching, explains the difference between strategy and planning, offering practical insights for business success. She illustrates that strategy is about setting a goal, learning from the process, and adapting based on insights, while planning is about organizing logistics. Using examples like virtual networking and content strategies, Bea highlights how intentional actions and goal-oriented execution can help achieve objectives like growing an email list, generating leads, and building relationships. The video encourages business owners to be strategic, consistent, and adaptable in their approach.

Takeaways

• 😀 Strategy is more than just a plan; it’s about setting goals and having intention behind your actions.
• 😀 A strategy helps you reach a goal while learning about yourself, your audience, and your business.
• 😀 A plan is about tasks and logistics, while a strategy is about the purpose behind those tasks.
• 😀 Example: Planning a trip to Mexico focuses on logistics, but a strategy would focus on visiting specific archaeological sites by grouping nearby locations.
• 😀 A strategy involves prioritizing tasks and adapting to obstacles in service of achieving a goal, even if the goal isn’t fully attainable.
• 😀 Virtual networking strategies are about being intentional with your time at virtual events to build relationships and gather insights.
• 😀 Listening to participants' questions and concerns during events is a form of market research that can guide future strategy.
• 😀 Follow-up is crucial in networking strategies to ensure you maintain connections and refine your customer profile.
• 😀 Strategies need time to show results. Be patient and give it at least 1-3 months to evaluate effectiveness.
• 😀 A content plan is a more structured approach to organizing your output, while a strategy is the method you use to achieve a larger goal, like growing your email list.
• 😀 The key to success is to regularly review and adjust your strategy based on results, ensuring you're always moving toward your ultimate goal.

Q & A

What is the main difference between a strategy and a plan, according to Bea?

A strategy is goal-oriented and focuses on achieving an objective with intentional actions, learning, and adapting along the way. A plan, on the other hand, is simply a schedule of tasks or steps to follow without the deeper alignment to an overarching goal.

How does Bea use the example of a trip to Mexico to explain strategy?

Bea contrasts a simple plan for a trip to Mexico, which involves activities, transport, and accommodation, with a strategy focused on a goal—such as visiting archaeological sites. The strategy requires organizing tasks to meet the goal, even if there are challenges, such as limited time.

What does Bea mean by saying that strategy helps you learn about yourself?

Bea explains that strategy is not just about achieving a goal, but about understanding your preferences, your target audience, and your business needs. The process of trying and refining strategies allows for personal and professional growth.

Can you give an example of a business strategy Bea shares in the video?

Bea shares a virtual networking strategy aimed at generating leads, finding collaborators, and conducting market research. The strategy involves attending virtual meetups, observing participants’ concerns, and following up with leads, all while tracking progress over time.

Why does Bea emphasize the importance of follow-up in networking strategies?

Follow-up is crucial because it helps maintain connections, ensures you stay on the radar of potential collaborators or leads, and provides an opportunity for deeper engagement. Without follow-up, initial interactions may lose their potential value.

How does Bea suggest we should assess the effectiveness of a strategy?

Bea recommends giving a strategy time to show results, ideally a few months, to assess whether it’s working. You should evaluate whether you’re meeting your goals, how you feel about the process, and if people are responding to your follow-up and engaging with your offers.

What role does consistency play in the execution of a strategy?

Consistency is key in executing a strategy because it builds momentum and allows you to track progress over time. Bea suggests that to make a strategy successful, you should stick to it consistently, evaluating and tweaking it as needed, rather than abandoning it prematurely.

How does Bea suggest using content creation as part of a business strategy?

Bea uses content creation as part of her strategy to grow her email list. She offers exclusive content, such as podcasts, videos, and blogs, to her email subscribers, while sharing shorter snippets or previews of this content on platforms like YouTube and LinkedIn to drive sign-ups.

What are some practical actions Bea suggests for implementing a virtual networking strategy?

Bea suggests attending virtual meetups, webinars, or being active in community groups to make connections. During these interactions, you should focus on gathering information, observing the needs of your audience, and listening to their challenges. Follow-up is vital to strengthen these connections.

How does Bea define success in a strategy, and what is the expected timeframe for seeing results?

Success in a strategy is defined by whether you achieve your goal (such as generating leads or finding collaborators) and whether the strategy helps you better understand your audience. Bea recommends evaluating the strategy after at least 1 to 3 months to see if it’s effective.