Mastering Business Strategy and Embracing Change: A Guide for Female Entrepreneurs

Ever wondered what separates the businesses that succeed no matter what is happening in the economy??

Does all the talk of downturns and the cost of living crisis keep you awake at night??

It can be a real area of legitimate concern for business owners and entrepreneurs who are continually riding the rollercoaster of highs and lows that so often accompany entrepreneurship.

The good news is, there is a solution to this inner turmoil and it might be simpler than you think.

Why your business needs a strategy

In the current economic climate, it’s more important than ever to have a solid business strategy.?

I don’t just mean having a plan or tactics - those are the methods to help you deliver your strategy.?

What sets businesses apart is developing a clear strategy for growth that uses both external and internal measures and research.

Time and again we see those that thrive in challenging economic conditions are the businesses that are thinking and operating strategically.

With 25+ years of experience in business strategy, I have witnessed first-hand how important this approach is for not only global organisations but SMEs and solopreneurs as well.

That’s why when I work with clients, my first priority is ensuring you have a cohesive and optimised strategy.? The right strategy will give you a clear roadmap and plan that you can use to chart your course, measure your results and ultimately succeed, no matter how stormy the waters get.??

And most importantly, create the legacy and impact that reflects why you set up your business in the first place.

The Pillars of Effective Business Strategy

Let’s start by taking a look at the four pillars that will enable you to create an effective business strategy.

Set clear objectives and a vision for your business

In the words of Lewis Carroll: ‘If you don’t know where you are going, any road will take you there.’

You need to be crystal clear on what you want to achieve - not only for your business, and this is where I differ as a business strategist,? for you personally as well.?

But here’s the bit that many people brush over - your vision for your future and the vision of your business will be different. And yet, you probably can’t realise your own vision for your life without the right vision and strategy for your business.

So you need to consider both side by side to set yourself up for success.?

Do you want to be hands-on in your business?

Perhaps you dream of two months off every year to travel and relax.

Do you want to avoid managing people at all costs? Or is having a team something that would light you up and help you feel supported to succeed? It may even be necessary to hit your goals and ambitions.

These are a few examples of the results my clients have created. It’s one of the things that sets me apart from your run-of-the-mill business coach. I believe that creating a business strategy to deliver the success you dream of, has the best chance of success when developed in partnership and alignment with the vision for your life.

Otherwise, you risk creating a business that burns you out and that you will come to resent.? And let’s face it, no one sets up their business to cause them more stress and anxiety! Although it will likely be part of the ride as entrepreneurship is not for the fainthearted!?

Analysing the current business landscape and where your business can succeed

A great way to do this is to conduct a SWOT analysis - Strengths, Weaknesses, Opportunities, Threats. Not only will you be able to see where you are now and strengthen the foundations on which you can build your business, it will also highlight gaps and potential pitfalls so you can plan and prioritise the right tactics and strategies to overcome them.?

Finally, you’ll be able to identify the opportunities available to you and again, utilise the right approach to capitalise on them and move in the right direction. Sometimes the classic, simple strategic models are still the best!

Positioning

Carving out a unique space in the market will be crucial so you can stand out against the competition and market yourself effectively. I love helping clients get to know and leverage what makes their brand, products and services different and unique! This distinction is exactly how you can elevate your brand to being incomparable and the first choice for your customers.?

Execution or Delivery

This is where strategy meets action. But don’t be tempted to think that the hard work is over just because you’re ready to implement your strategy. In order to deliver successfully, you need to have a clear step-by-step plan or framework that will help you build momentum and allow you time and space to review and analyse progress. By doing this, you’ll be able to measure your success and get back on course quickly if you start to drift or the pace of your results slow down.

Why Embracing Change is Crucial for Entrepreneurs

As we’ve seen play out in recent history, change can happen suddenly and quickly. The COVID-19 pandemic changed the landscape for countless business owners, many losing their main income streams overnight and having to pivot immediately in order to survive.?

Political change can also have a wide-reaching impact on business. In the UK, the effects of Brexit still ripple on with many businesses left frustrated by complicated and more importantly, expensive customs procedures for importing and exporting to and from the UK and EU.?

The impact of technological advancement is also gathering pace. AI will have a huge impact on many businesses. In short, change is constant and inevitable and adapting your strategy to capitalise on these changes is the sure way to succeed whilst others are negatively impacted.?

Of course, the good news is, with the right strategy you can prepare for inevitable changes and set up your business to succeed in the long-term.?

Those with online businesses, for example, were used to operating remotely and therefore were largely unaffected by the issues that faced businesses who relied heavily on in-person interactions.?

Business owners who were already starting to widen their global reach were in a better position to push through the repercussions of Brexit than those who were largely reliant on the EU.

And copywriters who foresaw the impacts of AI tools such as ChatGPT pivoted to focus on teaching how to use these tools so they wouldn’t become irrelevant. Their external research and the positioning of their strategy set them up to not only survive but thrive in an ever-changing business landscape.?

Adapting to change isn’t unique to small businesses - it’s something that even the biggest corporations have to tackle as well. Apple is a prime example of this. In the wake of the dotcom crash in the early 00s, Apple embarked on a journey of reinvention that saw them become a household name that continues to dominate the electronics industry. How? Because they focused on innovation and design, creating an ecosystem of products and services - the iMac, then the iPod, iPhone and iPad along with iTunes. None of us have looked back since and there is now a whole generation who can’t even imagine such a thing as a CD, let alone a portable CD player!

Another household name, Netflix, also emerged at the same time. Initially a DVD rental service, they made an innovative move into online streaming and ultimately became one of the market leaders. The same can’t be said for their direct competitor, Blockbuster, who not only famously turned down an offer to buy Netflix, but didn’t adapt in any meaningful way to remain competitive in a changing market.

It’s clear that those who embrace change, look ahead and make bold moves to innovate, adapt and transform will continue to be ahead of the curve and reap the rewards of being a change leader. If you stand still, you risk stagnating and playing catch up so it’s vital to look at how you can create a strategy for your business that evolves and is fit for the future.

Tools and Techniques for Strategic Mastery

Let’s take a look at four tools and techniques you can use to create a business strategy that will help give you clear direction as well as the ability to adapt when required.

• Scenario Planning: None of us have a crystal ball to predict what will happen in the future, but it’s sensible to plan out how you would adapt should circumstances change. It’s easy to get lost in an endless circle of ‘what ifs’, but by looking at your options should certain revenue streams be off-limit at short notice, you’ll be able to create a plan of action in each scenario that opens up other options and opportunities. It also helps to diversify your business revenue streams so all of your revenue eggs aren’t in one potentially fragile basket!
• Continuous Learning: Staying up to date with the latest in business theory and practice will allow you to see how you can adapt. Whilst I said there was no crystal ball, keeping abreast of the latest developments within business and your industry is the closest thing you have to one! By looking at what is potentially coming your way further down the road, you give yourself enough time to plan and pivot where required.
• Feedback Mechanisms: Gather as much feedback from your clients and customers as you can - their insights will be invaluable to refining your strategy so you can capitalise on what your customers are looking for! Business owners who have their ear to the ground and take on feedback are usually the ones who are confident in making bold decisions and changes as they know what their customers are crying out for.
• Leveraging Technology: Utilise all the tools you have at your disposal to gather as much data as possible so you can analyse it and take action accordingly. From your social media engagement and email marketing statistics to abandoned baskets and stock levels, there is so much data you can use to make informed business and strategic decisions.

Cultivating a Change-Positive Organisational Culture

If you’re a solopreneur, it’s only you who has to get on board with being change-positive but if you lead a team of people, it can be much harder to encourage others to embrace change.

It’s important to recognise that for many people change can feel scary and unknown - many of us are creatures of habit and seek comfort in stability and what we know. Thankfully there are ways in which you can create a change-positive environment so that everyone can see the benefits and become prepared for any changes, regardless of size and impact, later down the line.

Encouraging innovation and out-of-the-box thinking will foster a culture that embraces change - your team will be more inclined to put forward big ideas without fear of being discouraged or chastened for doing so. Likewise, viewing challenges as opportunities for growth develops resilience and adaptability within your team. Regular training and looking for opportunities to skill-upgrade, especially if you can highlight exactly what skills your team might need in the future, will allow for smooth change transitions.

Lastly, it’s important to celebrate team members who adapt and drive positive change. Raise them up and highlight their achievements so that others can not only aspire to do the same but so you can demonstrate your company’s culture is change-positive.?

Mel MacIntyre's Blueprint for Strategic Success and Change Leadership

Different stages of business growth need different support and strategies depending on your goals and ambitions. That’s why I offer a unique set of frameworks suitable for different stages of your business journey.

The Business Incubator Framework is perfect for those starting out - if you’ve just formulated your idea or even if you’re in the early stages of going live, this is the perfect place to start building a solid foundation for strategic growth and development. If you’re about to launch a service-based business, this programme will provide you with all the strategies you need to get out of the starting blocks and sell your services with confidence, with a clear vision in mind.

The Academy Framework is for those with big dreams and ambitions and who are in this for long haul. You’ve got a business you want to grow and need to learn to do that without getting into overwhelm or trying lots of different marketing tactics that aren’t the most effective for either your type or stage of business. This framework will help provide you with not only a performance strategy to prevent burnout, but also a business strategy to grow your business in a way that suits you and your business type.

Finally, the Strategic Business Framework that I use with my VIP Private Clients is for established business leaders and those who are ready to scale their businesses. It will help you elevate your brand, create processes, train your team, provide excellent customer experience and diversify your revenue streams to grow your impact and income without working more hours.?

Choosing Mel as my coach has been the best decision I've ever made. I started from a place of overwhelm and constant rushing around, and not feeling like I was getting anything done!?

After just three months of online coaching, I now have a strategy, a plan and more importantly a feeling of confidence and calmness.? I am able to focus, get more done than ever and the increased impact I am having with my own clients has been huge.?

I am making more money than ever in my business, and I can’t wait to see how much further I can progress. The change (for the better) has been beyond what I ever expected to achieve.

Sarah Huntley, Business Mentor & Performance Coach

Would you love to feel supported in your business growth journey??If so, why not take advantage of my complimentary business strategy audit. You will get clarity on the exact strategies and priorities to grow your business with simplicity, ease and authenticity. Together, we'll equip you with the tools, skills, and mindset needed to thrive in today's dynamic business landscape. Click here to book your slot.?

Mastering business strategy and embracing change is a must for all modern business leaders and entrepreneurs. Having a plan is not enough to succeed - strategy is what will drive your business forward, providing you with a vision to hit your medium and long-term goals but also enabling you to see how you can adapt and innovate as you ride the inevitable waves of change that come your way.?

By equipping yourself with the right strategy, skills and mindset, you can start to unlock the boundless potential that lies within. And that is an incredible force to be reckoned with!

Want to spend a full day focused on your 2024 business strategy?

Then join me and other like-minded women in Edinburgh on the 26th June for a one-day strategy event!

This is a fantastic opportunity to celebrate your achievements and look ahead to the rest of the year, whilst in the company of other female business owners who are committed to doing business in a way that feels fun, feminine and ultimately full of success. ??

I’m ready to share proven business strategies with you - all you need to do is bring yourself, your business and a willingness to lean in and dream big!

Tickets are limited, so grab your spot now - click here for more information.

I look forward to seeing you there! ??

#mindset #coach #businessstrategy #womeninbusiness #entreprenuership

Mel MacIntyre is a 2 x international bestselling author, keynote speaker, in-demand performance coach & business strategist, and the founder of The Feminine Edge Business Academy.

With 25+ years of experience as a leader, coach, and business consultant in a wide range of global businesses, Mel is on a mission to help women earn more money and claim their space without shame or self-doubt.

Her research-based signature framework The Feminine Edge is designed to help women create more wealth, balance, impact, and success without risking burnout or selling out. Because she deeply believes, we CAN have it all.

We just need to know how.

Mel is also an Ambassador for Women’s Enterprise in Scotland using her voice to represent and promote women and their businesses and has been featured in the Guardian, Yahoo Life, and BBC along with many more publications.