Creating a Strategy for Success

Sound business planning and strategy is crucial to your success – lets look at some of the issues you should be thinking about in order to take your business forward.

Strategy fr Success, creating yours, Julia McdaidStrategy is high level, and typically might include your vision and mission statement, objectives, goals and values, and you will also want to create action plans to implement them.

It is important to take some time out to think about your business. The end of the first year is a good time to take stock, or annually if you have been going for longer. If you can maybe take a day (or two) away to focus on the business without distractions. Perhaps you could invite a mentor or advisor , if you have one, to give you some objective thoughts as well.

Before you can make plans for the future there are two things you need to know, where you are starting from ie where are you now, and where you are going – your goals.

Review The Here and Now

It is difficult to develop future strategy without knowing the current situation and how existing strategies have succeeded or otherwise. So the first thing to do is compare your performance to the original plan. Think about what worked , what didn’t, what changed since you made the last plan, and most importantly -what can you learn from the experiences you have had so far?

Decide on Your Vision

You need a dream, a vision, and it must be long term. You need to be able to see beyond the business plan / budget, beyond the next year or so. Have a passion, believe in your vision, otherwise how can you convince others to believe in you?

Think about what you ultimately want from your business. Will you want to sell it, arrange for a family member to take over do you want to leave a legacy – people remember your business for something it does? Write down what your business will look like. Visualise things like your products/services, size of the business, your markets, your people, reasons people want to buy from you, the image of the company – internal and external, how involved do you want to be?
When setting goals you need to be clear and focussed. “ I want to make a lot of money” is not a clear enough goal. Why do you want it? What will it enable you to do? When you start asking these questions you start to get mush closer to your real reasons, and the real goals.

Start with the end in mind, then make plans to get there. A business needs focus and direction just as we do.

Planning Your Path

As the business owner you have to wear many different hats and juggle many balls in the air. You have a never ending “to do” list. Planning enables you to organise your tasks, and delegate what you can. And gives you the steps you need to take to reach your goals. If you do an analysis of strengths and weaknesses, this will help to give a basis to identify strategies needed. Plan to build on strengths, manage weaknesses by pre-empting possible future problems, exploit any opportunities and avoid threats.

Try and prepare for unseen obstacles, eg new competitor or change of product / service, plan how you would respond, what actions would you need to take?

Remember customers are becoming more discerning and are looking for something different and better all the time. You need to be innovative.

Stick to Your Chosen Strategy

As business owners we are often so preoccupied with immediate issues that we lose sight of the bigger picture, our ultimate strategy. Regular reviews of the business are necessary. A strategic plan will give you a roadmap by acting as a framework for decision making, explaining the business to others and assisting in performance monitoring. Decide on your strategy and stick to it. Don’t keep changing, by all means remain flexible but think strategically in all areas of the business. As a smaller business you have an advantage of being able to act quickly, without the bureaucracy of a larger company.

Next Steps….

For help with strategy, vision, and creating a tailored fundamental structure for a sound, successful business call to find out about our packages, and book your complimentary Authentic Business Strategy session to see what will work best for you. Just and be sure to say you’re booking a free session.

Comments

  1. Interesting read.

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