A good business strategy defines a business, its key stakeholders, what it brings to the market, and how it will deliver that product or service. A strategy sets the approach and direction for achieving your vision.
Throughout our experience, we’ve realised that standout owner-managed businesses not only have a well-considered business strategy that evolves overtime, but they also ensure it’s understood across the business and intrinsically linked to specific KPIs. Doing so allows every part of the team to understand their role in the business and how it contributes to the common vision. It empowers employees to seek ways to add value.
However, you’d be surprised how many clients we see with no written business strategy. It’s these same business owners who are struggling to realise their goals. The absence of a strategy can have a flow-on effect throughout the organisation that can inhibit future growth. It can create problems with funding, structuring, systems and the owner’s personal wealth.
The tips below will help you develop a robust written business strategy which will increase the probability of your business’ success.