Improve Your Strategy & Implementation For Success 

It is the small business strategy that defines what approach and tactics you are going to adopt in running your company. In the absence of a well-defined and well-developed strategy, your small business is doomed.

6a00d8341c39e853ef00e5539d4b298834-800wiAccording to Fortune magazine, they estimated recently that about 70 percent of CEO failures are caused primarily not by flawed strategic thinking, but by failure to execute. Successful small business owners will be quick to tell you that it wasn’t dumb luck that allowed them to have a thriving business. In most cases, careful planning and the implementation of a business development strategy was involved.

Quite simply, strategic management is the act of developing and implementing a plan designed to achieve the objectives of your business. Although everyone has the same 24 hours in a day, poor management of that time keeps your business from reaching its full potential.

You need to finalize your strategies and tactics before you start your small business. This is the basic step of starting up. Many businesses are unsuccessful because they start without proper planning and strategy. You need a strategy for how you are going to properly operate your business on a daily basis, managing your time, your team, developing a strategy for your marketing efforts, etc…

Your business strategy should not just be thought of on a annual basis or even just written down on your business plan then put on a shelf. A business needs a strategic plan for every operation in the business. You need a strategic plan for everday/ a “to-do list” for starting & maintaing a business.  It’s not vision that makes a company successful. What sets the top performers apart is the organizational models that they develop to realize their aspirations.

In addition to having a business strategy, you need to have the drive to implement it, put your plans into action. Your business management strategy can be adjusted over time as your business grows but you really need a sound foundation to start off with. Without a daily or monthly strategic plan:

How will you know where you are going or if you got there?

There are many challenges that face every business. In many industries the strategic challenges are relatively clear and well understood by all players. Everyone needs to be involved as well as many other key players that help to keep your business afloat. You need to have all the strategies in place before you start, and you need to have a business strategy plan – an outline of the things you will be doing to ensure the success of your business.

Some things that you may want to consider in your planning is your marketing strategy, goals, customer service & how to keep those customers coming back. Take time out to review your plans to check your progress. Once you check your progress, you can tell what needs to be worked on or what needs a complete overhaul.

Many companies develop strategies that often fail to markedly improve market and financial performance. Many of us rarely ask ourselves the needed questions before we take on a project or make decisions. Such as :

1. Why hasn’t myself or my team members been able to implement the prior strategy successfully? 

2. And why do we believe the new strategy will be implemented more successfully?

3.Why has the organization been unable to realize its current aspirations?  

When you ask these questions, it sends the search for improvement in an entirely different direction (It also requires humility, which some might argue is in short supply among top management). It is usually not the vision or aspirations of a successful company that allow it to stand out. The goals of most companies such as more market share, more innovative new products, lower costs, etc. — are typically pretty similar for most firms in an industry.What sets the top performers apart is the “how” — the way they organize and operate to realize their aspirations.

Thus the answer to “Why haven’t we been able to do better?” usually lies in the organization itself or, more precisely, in the organizational model. Such as the internal structures, frameworks and operating practices that determine how work actually gets done in a company. Every successful business strategy plan needs goals to succeed. Without tangible goals, you’re just walking in the dark.

You need to have well-defined goals that can be achieved in a fixed length of time. These goals can be related to your turnover, profit, client base, etc.

For example, you can have a target of X amount of turnover in Y number of months. Similarly, you can have a target of increasing your customer base by X in Y number of months.

Having well defined goals & strategic planning, helps you to channel your resources more efficiently.