One of the best ways to do that is to review your business strategy – and or develop a written strategy document if you haven’t taken the time to do it in the past.
It’s tempting to skip this if you think you’re too busy or if the process seems daunting but I’m going explain here why not doing it could be costing your business a fortune.
1. It starts with a picture of success or vision for your business. Before you dismiss this because the ‘vision and mission thing’ turns you off, think on this: if you don’t have a clear vision of the outcome you hope to achieve, neither do your employees your suppliers and just maybe your customers. A strong vision creates clarity of expectations which impacts everything from the quality of customer service provided to the morale of your team and your ability to retain good personnel.
2. Preparing a written strategy document also helps to articulate the spirit or purpose of your business. That might not seem like a big deal but in fact, the purpose of your business is the identity that your customers see. And like a person without a strong sense of identity, a business without one will coast along with things happening to it, rather than following a defined path or leading the way in the industry.
3. A good strategy will identify important factors that help you determine the right path to take. Who are your customers – are they the ‘right’ customers you need to attract? Does the way you sell or provide service suit those customers? Are your margins sustainable? The process of preparing or reviewing a strategy is very enlightening. It’s the point where more than a few business owners and management teams realise they’ve been delivering the wrong message, targeting the wrong clients, or that their current business model has become unsustainable. It’s also the point where some owners realise their business has failed to adapt to changes in the market place, or that they’ve overlooked the threat – or opportunities from emerging technologies, changing legislation, or simply changing consumer expectations.
A clear vision – purpose and strategy provides that true north that guides you and your team’s decision making.
Whilst larger business sometimes struggle with the challenges of executing strategy research has clearly shown that nimble small and medium business benefit greatly from the development and execution of a strategic plan.
Strategy for small and medium businesses
Developing a clear purpose, vision and strategy can seem a daunting process. There are many approaches, a multitude of templates and software programs to assist, all of which have to be experienced to determine the ‘fit’ for your business. For most businesses the process needs to engage all stakeholders and be detailed, thorough and engaging –but the process followed needs to fit the scale of the business.
At the Chamber business breakfast on September 9, I’ll be presenting on this very topic. As CEO of Lead Your Industry Pty Ltd I’ve assisted many businesses large and small in developing their strategic plans.
At the breakfast I’ll be outlining the five most important questions you’ll need to answer to develop the right strategy for your business.
You don’t have to be a Chamber member to attend one of our events, but bookings are essential.
The September 9 breakfast will be held at the Castle Hill RSL Club from 7.00am – 8.30am. To book visit the Events page at:
www.sydneyhillsbusiness.com.au
