Three Keys to a Successful Business Strategy

Stephen C. Poplaski, PhD, CPA, CFP®
Managing Director and Director of Advisory Practice
Washington Trust Wealth Management

When you’re running a business, no matter the size, it’s easy to get caught up in the rhythm of day-to-day operations, serving customers, managing employees, solving problems, and keeping everything moving. But long-term success requires a clear strategy. And a strong business strategy doesn’t happen by accident; it’s built intentionally, thoughtfully, and with discipline. Here are three essential keys to creating a successful business strategy.

1. Identify Your Core Business Activity and Where You are Headed

Before you can map out a plan, you need to know exactly what your business is—and what you want it to become. Strip everything else away and articulate, in one succinct sentence: Who are you? What do you do? And why do you do it? 

Next, get specific about what you’re trying to accomplish. Are you looking to grow steadily or do you need a more aggressive expansion strategy? Are you entering a new market or launching a new product line? Maybe your financials are strained, and stabilizing debt is a priority. Perhaps you’re positioning the business for sale or preparing for your own retirement. Your objectives shape the structure and direction of your strategy, so clarity is essential.

In practice, these two tasks are referred to as the organization’s mission and vision statements. Led by an experienced advisor, a focus group made up of members of your company and community leaders can help you develop these formal statements. The process can unveil new perspectives or blind spots you didn’t know existed. 

2. Evaluate by Taking a Deeper Dive

A classic and highly effective tool is the SWOT analysis—identifying strengths, weaknesses, opportunities, and threats to inform your business plan.  

Strengths promote while weaknesses detract from your mission and vision. Both come from inside your business with examples such as capabilities, skills, resources, limitations, and challenges in your operations or team. Opportunities recognize uncaptured chances to enhance while threats expose risk in achieving your company’s mission and vision. These characteristics are found externally and include market trends, competitor activity, economic shifts, new technologies, or changing customer expectations. 

The real value of a SWOT analysis is it helps you think critically about where your business stands today and what forces will shape its future. But, remember: this isn’t a one-and-done exercise. Strategy is fluid. Markets shift. Technology evolves. Customer behavior changes. You need to continually refine your strategy to stay aligned with current conditions and future possibilities.

3. Build a Management Action Plan

A strategy becomes meaningful only when it turns into action. Your next step is developing a detailed plan that includes every functional area of your business, one that uses your SWOT insights to create practical steps you can implement and monitor. 

Every plan should have important components such as:

• Market Analysis
• Marketing and Sales Strategies
• Operations Plan
• Management
• Financial Forecasts and Projections
• Finance and Funding
• Measurement and Monitoring 

Next, bring in the financial professionals. Accountants and finance specialists can help. If funding is necessary—whether for expansion, new equipment, hiring, or restructuring—you’ll need to determine the best path forward. Will it come from a traditional bank? Private investors? A line of credit? Strategic partners? The right financing helps turn your plans into reality.

Choosing the Right Partners

Perhaps the most important key to building a successful strategy is choosing the right partners. Partnering with experienced advisors who provide both long-term strategic guidance and financial expertise can strengthen your planning and help you avoid costly missteps.

The team at Washington Trust Wealth Management approaches businesses with a broader and more integrated perspective than traditional advisors, including customized financial planning, tax planning, broad investment management capabilities, full trust services, and access to specialized banking and lending solutions. We help you stay focused on your goals while preparing for what’s ahead and supporting you in building a thriving business positioned for long-term resilience.