Having a business strategy is vital to keep your business on track and reach your business goals.
Where are you going?
If you don’t have clear goals in mind for your business then it’s easy to lose your sense of direction. How will you know what to focus on if you don’t undertake some business planning and put a strategy in place?
The challenge of running a business
Running a business isn’t easy, and there’s a business lifecycle you need to be aware of, running from conception through to birth, infant, teenager and adult. Most businesses struggle to get out of the infant or troublesome teenager phase. They don’t make the leap that’s required to create a mature business that has made it to adulthood.
It may be that some things in your business are working well, but that other elements are getting on top of you. If your business is taking over your life and you’re only just keeping your head above water, then you might be forgiven for thinking, “is this really worth it?”
How can you achieve business success?
So why is it that some businesses (approximately 4 in 100) mature whereas others don’t. Are there some business tips that can get your business to the next stage?
Of course, a few tips and tricks aren’t going to change your business overnight – I’m sure you know that. So what CAN you do?
Implement a strategy
Firstly, you need a small business strategy.
Imagine you’re about to hop in your car to go on holiday – you need to know where you’re going so that you can plan your route and ensure that you reach your destination. If you don’t, you just won’t get there.
The same goes for your business – you need to know where you’re going so that you can plan how to get there. When you work with BizSmart we always start with figuring out where you are heading. You can’t possibly focus on the right things in your business if you don’t know where you want to get to.
Looking at your core values will help you regain a sense of direction.
What are your drivers? What do you stand for?
Once you have a handful of core values that feel authentic and sit well with you and your team, it’s time to look at why you do what you do. What is the core purpose of your business? What does your business do – what service or product do you deliver and what benefit does this offer to your customers?
Once you’ve clarified this, ask yourself why you do this.
What’s the real reason you’re in business?
These can be challenging questions but putting in the effort at this stage will make it much easier to develop a sound business strategy that helps you to grow your business.
Where to begin
A simple place to start is by investing five or ten minutes of your time in answering the questions on our BizSmart Checker. We’ll help you to discover your business strengths and weaknesses, so you can figure out where you need some help and guidance.
Invest ten minutes now and you’ll be well on the way to developing a business strategy. Click here to start using the BizSmart Checker now.
BizSmart helps business owners of small and medium sized businesses to create value and scale their businesses through sound practical business support by providing insight, clarity and business support with a real determination to help you succeed.
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