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Do you have a business strategy in place for your business? Have you considered where you want your business to be in 3 to 5 years time? Often you are so focused on running your business on a day to day basis that you don't have time to identify your plans for the future.
Strategic planning is about setting longer term goals for your business and developing a plan to achieve them. Developing a longer term business strategy involves understanding where your business is now, deciding where you want your business to be in the future and looking at what you need to do to get there. Your strategy does not have to be a long written document, it can be in whatever form works for you.
You can benefit from developing a business strategy whatever the size of your business and here are some of the key benefits:
Clarity, focus and direction. If you have a business strategy in place you will be clear on where your business is now, where it is going and what you need to do to get there. This will give your business clarity, focus and direction as you can align the business to achieving the business strategy. You will be making your business strategy happen rather than letting your business drift along without purpose.
Drive and impetus. Developing your business strategy will give you and your team the drive and impetus to perform at your best and take the business to where you want it to be.
A better understanding of your current business. To develop a business strategy you need to understand where your business is now. This involves looking at your business overall, including the key internal drivers such as financial performance, customer satisfaction, staff turnover, sales and marketing trends, conversion rates etc. You will also need to consider the strengths, weaknesses, opportunities and threats associated with your business and understand the external business environment, your competitors and the market you are in. This will all put your business in a much better place to move forward.
Agreement on the longer term future of your business. In developing the business strategy you will agree on the longer term vision and what you want your business to achieve. You may be looking to increase your profitability by x%, to create value in your business for a future sale or keep your business at the size it is now. By working on your strategy and debating the issues you will come to an agreement in your business as to where you want your business to be in the longer term.
Identifying the key steps needed to achieve your strategy. Working on your business strategy will enable you to identify the key steps and milestones to move your business from where it is now to where you want it to be. This will be invaluable for informing your planning and day to day business activities.
Promote discussion, debate and alignment in your business. To arrive at a business strategy that everyone in the business supports you will need to have a lot of discussion and debate within your business and amongst your senior team about where the business is now, where you want it to go and how you are going to get there. By getting to an agreed strategy as a team this will align everyone on the same track and wavelength giving you more chance of success.
New opportunities for the business. Reviewing and working on your business strategy involves a lot of creative thinking which is likely to generate new ideas and opportunities for the business which you may not have identified otherwise.
Time to reflect and re-look at your business. Spending time on your business strategy will mean stepping back from the day to day of running the business, reflecting on your business and re-looking at all areas of your business. You will find that this reinvigorates your business and team and challenges the status quo.
If you know where you are going you have more chance of getting there. If you don't have a business strategy you are not clear on where your business is going and it is unlikely you will move your business to where you want it to be. Having a strategy in place increases your chance of getting there.
Better business results. Developing a business strategy is likely to lead to better business performance as you are focused on taking the business to where you want it to be. You are less likely to get distracted and waste time on areas that are not moving you towards your long term objectives.
As you can see there are many benefits of having a business strategy to you and your business, so if you are not currently clear on your business strategy it may be time to start working on developing your longer term business strategy.
If you would like support with developing your business strategy please call Liz Makin on 01780 765270 or email Liz to arrange a free consultation session.
You can also read other business and stress management tips articles that may help you be more effective at work or in your business.
Author: Liz Makin
Published: June 2014
Makin It Happen has a range of personal development online courses to purchase, created by Liz Makin, including communication, resilience, time management, stress management and coaching. Liz Makin also provides personalised business coaching, business mentoring and stress management services to business owners, directors, managers and professionals.
Please call Liz on 01780 765270 or email Liz@makinithappen.co.uk
to arrange a FREE consultation session
to discuss our business coaching, business mentoring and stress management services for business owners, directors, managers and professionals.