Business Strategy: Making it happen
Business Strategy is one of the most misunderstood terms I come across. A lot of company owners believe that strategy isn’t for them. They think they’re too small, not complex enough, not capable or just don’t need a strategy.
So, what if we simplified it a little.
What are your answers to these 2 questions?
- What would you like to happen with your businesses in the next 3 years?
- What’s the end goal for your business? By when?
Some answers I’ve had to the “what would you like to happen?” question are :
Grow : be more profitable : not be reliant on just one or two customers : have more time : not be reliant on one person (normally the owner) : be less stressed and more in control.
And the End Game question normally throws up ideas like :
Sell in X years time : management buyout : have the next generation take over : keep it but have someone else run it.
Well, once you know the answers to these questions, Business Strategy is just about describing how you’re going to make it happen.
Sure, some larger companies or those looking for significant finance injections may end up with an 80 page business plan and a strategy that looks like it would be suited to the economic planning of a medium sized country but for most businesses that’s really not necessary.
For most businesses, a one page strategic plan with between 5 and 8 sections of detail behind it are more than enough to describe where you’re going, how you’re going to get there, who’s going to do it and when you’ll get to each waypoint.
In fact, the simpler it is, the better. Your strategic plan is the thing that everyone will use to stay on track and you’ll use to measure, adapt and ultimately get where you want to go so let’s not over complicate it. It’s a bit like a map and compass – it needs enough detail for you to be able to see where you’re going but it also needs to be clear and simple enough to be useful.
We work with business owners and MD’s to help gain clarity on their strategy and more. If you’re struggling with where to start why not schedule a conversation with us? It’s free and at the very least you’ll come away with a couple of ideas to help you move forward.
Arrange a call at a time to suit you here.
Alternatively come along to one of our business training workshops – Upcoming Events
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