Business Strategy

Business Strategy

With the current topsy-turvy state of the world around us it is easy for uncertainty and fear to creep into the mind of business owners and their teams. Nothing is the same as it was 6 months ago and we are all still awaiting with abated breath for the so-called new normal to take hold. So how then do we tame this bucking horse, regain focus and get back to business?

I suppose mindset would play a vital role. But taking action needs to follow closely. We need to wave this reactive space we have found ourselves in of late goodbye, dust off the hiking boots and start taking some proactive steps. One of these proactive steps would be to reassess our current strategy. And if you don’t have a strategy, now is as good a time as any to get elbow deep into formulating your strategy.

 So, why do I need a strategy?

Having a clearly defined and visible strategy will bring calm and focus back into the business. It will provide the business with a level of resilience on its way to fulfilling its vision.

Business Strategy is the game plan for your business, the long-term plan of action designed to achieve a particular goal or objective. It states how business should be conducted to achieve the desired goal/s. Strategies are the broad action-orientated items that we implement to achieve desired goal/s and objective/s.

To know where you are going you need to know where you are right now. You need to establish the distance between where you are and where you are headed.

Your strategy should be referenced as a guide to all your daily activities. Like the sailors of old, who navigated by the stars, even the most inclement weather could be dealt with if they could see the star that would guide them to the final destination. A business’s strategy, therefore, is a clear indicator of “where we are going”. It is also a good indicator of what not to pay attention to and assists with avoiding distraction.

 So, what does a strategic plan look like?

A strategic plan should include the following components:

• Developing or revisiting your Vision Statement
  • This is the short, punchy description of ‘Why’ your business exists and what the business wants to accomplish in future.
• Developing or revisiting your Mission Statements
  • The ‘What’ and ‘How’ statement. It states the current and future objectives, intended as a guide to make decisions and align with the philosophy of the business.
• Developing and adjusting the Business Strategy
  • This provides more granular detail of what the business needs to do on a regular basis to fulfill its vision and mission. This would include:
    • Identifying strategic objectives – time, cost and ratios
    • Tactical Plans – steps and actions that must be taken to achieve the goals of the strategic plan
    • Performance management – ensuring activities and outputs meets the goals and objectives. A successful strategic plan provides the information and guidance the management team needs to run the company with maximum efficiency and help the business reach full potential.
  • Staying true to your Values
    • Here we need to pay special attention the language and behaviour that will guide us to achieving our goals, fulfilling our vision and mission. Include values that are directly associated with specific imperatives in mind, for example long-term sustainability.

Need some tailor-made assistance with getting back on track with your business? Please reach out to me on https://linktr.ee/nobleprosperity