Do you have a strategy for your business?
Strategy is about ‘shaping the future’ and achieving your goals with the limited resources available. As a business owner, your goals may be very different to a similar business in the same industry: their business may want to prioritise increasing long term sustainable growth and profit margins whilst yours may be more interested in achieving higher levels of customer and employee satisfaction and improving the systems used in running your business.
Whatever your goals, creating and implementing a strategy will enable you to achieve them more easily. This can be broken down into stages:
- Write down your goal(s) – ask yourself – what is the nature of the challenge you are facing?
- Think about how you can deal with this challenge – gather information and analyse what you find. You can start by assessing the external environment (what is going on around you) and the internal environment (what is happening inside your business).
- Think about how these two environments interact and develop an action plan.
- Assemble the resources so that you can execute your action plan.
- Monitor your achievements as you progress through your plan – this will help you keep on track and show you that what seemed initially like a huge task is actually achievable.
We have almost thirty years’ experience as company analysts and investors and can provide help with strategic planning, thinking and implementation. If you would like to discuss shaping the future of your business, please contact us at [email protected]
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