Your vision helps you to decide your goals: what you'd like the company to look like in the future. Your strategy is how you’ll get there. Without a strategy, you can waste a lot of time and energy doing things that aren’t important.
People often get confused between strategy and tactics. They’re two different things. Strategy is the broad plan for your business. Tactics are the specific steps you need to take to make it happen.
Here’s an example. Let’s say you’re a dog day care business, and your vision is: “To be the first choice for busy dog owners in ABC City by making their lives easier.”
Your strategy is to differentiate yourself by making it more convenient for your customers to deal with you than your competitors.
Your tactics to achieve that might include:
- Finding premises in inner-city locations so customers can drop their dogs off on their way to work
- Extending your opening hours to align with your customers’ working hours
- Offering extra services like grooming to give your customers ‘one-stop shop’ convenience