Why do you need a Business Strategy

You have plans and ideas for your business. And you are seeing that there are changes and trends being implemented everyday. But you don’t quite know where to start or what to implement.

Does this sound like you?

Do you want your business to grow and see results?

Want to watch the Video where I explain this? Click here

“With the level of uncertainty we see today, more people are asking, how can you develop a strategy in a world that keeps changing so fast? They are afraid that a set of rigid principles will hinder their ability to react quickly. I argue that it is precisely at such times that you need a strategy.” -Orit Gadish

Knowing what to do, as well as what not to do in the fast paced world we are in right now is an absolute must to be able to grow your business and match what everyone else is bringing to the table.

And when 67% of well-formulated strategies failed due to poor execution, having the right plan of action for the strategies is as vital.

Why is a business strategy important?

There are several reasons why a business strategy is important for organizations, including-

Planning: A business strategy helps you identify the key steps you will take to reach your business goals.

Strengths and weaknesses: The process of creating a business strategy allows you to identify and evaluate your company's strengths and weaknesses, creating a strategy that will capitalize on your strengths and overcome or eliminate your weaknesses.

Efficiency: A business strategy allows you to effectively allocate resources for your business activities, which automatically makes you more efficient.

Control: It gives you more control over the activities you're performing to reach your organizational goals, as you understand the path you're taking and can easily assess whether your activities are getting you close to your goals.

Competitive advantage: By identifying a clear plan for how you will reach your goals, you can focus on capitalizing on your strengths, using them as a competitive advantage that makes your company unique

Good strategic ideas and direction are key (you'll get nowhere without them), but the hardest things are:

Turning those ideas into an implementable plan (something that you can manage, track, and evolve)

Getting everyone on the same page (up front about the plan, and then during execution)

Integrating the work in to the daily operations so that it actually happens.

And when the reality is that 85% of leadership teams spend less than one hour per month on strategy, and 50% spend no time at all on strategy, we can see why so many businesses fail and struggle.

A quote by Peter Drucker sums this up quite well; “Objectives can be compared to a compass bearing by which a ship navigates. A compass bearing is firm, but in actual navigation, a ship may veer off its course for many miles. Without a compass bearing, a ship would neither find its port nor be able to estimate the time required to get there.”

So do you know what your bearing really is?

Let me know in the comments if you make time for your business strategy, and if you then actually implement it. And then track the results.

Because results are as important as the strategy & implementation of it.

A majority (92%) of organizations reported in a recent study, that they do not track the key performance indicators to tell them how the strategy implemented is actually doing, and Winston Chruchill said, “However beautiful the strategy, you should occasionally look at the results.”

If you want to map out a strategy for your business, you might be wondering where to start right?

Let’s look at what exactly is a strategy session:

If you want to improve performance in your organization, it all starts with strategy & the right planning.

Strategic objectives are vital to the success of your organization’s future.

But, unfortunately, many organizations (9/10 by some estimates) hold strategy review meetings and then fail to execute.

Stephen Covey advises us to “begin with the end in mind.”

  • What is the purpose of this meeting?

  • What do we hope to accomplish?

  • Who should attend?

  • What work should the meeting participants get done prior to the meeting?

  • What are the specific outcomes or outputs we are looking for from this strategic planning session?

  • What is the role of a facilitator in a strategic planning session?

A strategy session is at its core, where you make decisions on how you will win while taking into account each step of the strategy framework.

If you don’t know the plan on HOW to get to the results you want from the strategy session, you will fail to execute.

Thus, a Strategy Discussion should:

  • Confirm details of the concerns/challenges;

  • Evaluate what can be done to make changes;

  • Evaluate urgency of the implementation & resources available to action;

  • Determine where opportunities are;

  • What are the steps to get to success;

  • Map out the timelines for execution;

  • What are the measurements for success in order to track actions vs results

If we then plan strategies and implement it, what are the 3 top benefits of a strategic plan:

1. It will give you a clear direction so you can reach where you are going. (Be the compass bearing)

2. It will help you prioritize so you can do the right things at the right time. (We need to know what to do, and what not to do to see results)

3. It will help you create a clear plan for the rest of the team. (everyone on the team needs to know what is happening/ what they are working towards/ and what the goalposts are)

Now I have covered what strategy is, why it is important, and how you can get started.

But you might still feel confused as to what actually needs to be done to really see impact and results.

Well, that is why we are here. And we are really good at seeing the challenges and opportunities for our clients and their businesses.

We can look at your plans objectively, and advise where changes can be made, new pathways can be found, and we can share the steps you need to take to implement it.

Want to book a strategy session with us?

We do 2-3 hour sessions with our clients ranging from business, marketing and branding, and our clients have seen results after implementing what we mapped out, and they are tracking the changes and results daily.

We can do the same for you also.

Head on over to the section on our website where you contact us, fill in the online application form, and let’s get your strategy sorted so you can focus on the important things for your business.

We know we can help you find the right solutions for you business, are you ready to implement them ?

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