If you can develop your business strategy you will always be able to know where you are now and where you are heading. You’ll be able to stay on target if plans go awry. I want to show you how you can develop your business strategy around three key simple words. Strategy. People. Communication.
There are countless reasons why businesses fail. The signs are clear though. Timescales slip, quality suffers, and costs increase. A key reason why a business fails is a problem with business strategy. I’ve developed a helpful worksheet to get you started in less than 30 minutes.
Your Business Environment
Firstly, strategy does not have to be complicated. It all starts with the landscape in which your business sits. There are a few tools you can use to look at what is around your business in terms of opportunities and threats. Most often you already know it. You just need to write it down!
Then you need to take a hard look at your business’ strengths and challenges. Chances are you’ll need to bring an outside point of view in to get a full picture. We are often too close to our positive qualities AND our problems to see them. This is a good time to bring in your people to get their thoughts and feedback on where you are now.
Goals and Dreams
After you have bench marked where you are and where you sit you can see possible areas where you ‘want to play’, where your business could make a difference and where there is money to be made! This is where you can look at your business goals and dreams. Where would you like to be? Map out these possibilities and then go back to your benchmark information. What are the gaps? What are the easy wins? Communicate with everyone that matters to your business to get a full picture of what could be!
Business Strategy Choices
Moving between these two types of thinking several times will develop more than one business strategy as possible destinations for your business. You will need to choose one, ideally with the other people in your team! At this point you will know your destination, where you want to play and the best route to get there.
Finally, your business strategy needs planning. This will be your guide on ‘how to win’ at your best strategy. To do this you will need to consider what smaller goals will show progress over time, who is your competition and what business capabilities need to be built and maintained? If this plan is communicated effectively to your organisation and kept up to date your business has the best possible chance of succeeding
DON'T FORGET TO PLAN TO REACT
That is called life.
One of the most common reasons why business strategy fails is there is no scope to adapt to changes.
If the team has a business strategy, they know where they need to be even if the way isn’t clear. The right people have access to all the resources that they need to make the business strategy happen even if time and money is tight. Keep communicating around the strategy and the team can stay up to date with changes and respond to them quickly.