Does your business need a strategic compass?

Compass

Which business are you? Large, small or independent…..

Sometimes when we are running a business, whether large, small or independently owned, we don’t realize that creating a strong strategy is just as important for us as it is for any other business.

You need a strategy regardless 

Yes of course most large corporate businesses have a strategy of one type or another. Sadly though there is a misconception that smaller and independently owned businesses don’t need a strategy….this simply isn’t true and could prove costly.

Businesses grow and develop in many different ways

Some business owners are super organised and spend months planning their business strategy, and in some cases producing a huge document which covers the strategic business plan, plus executive summary, marketing plan and of course financial data; others launch their business without really thinking about where the money is going to come from or how they are going to market or maintain their business or generate new clients; or as is often the case you might find that you are somewhere in between.

Revisit

No matter how you started, it’s always worth revisiting your strategy and figuring out whether you are on the right track and whether the assumptions you made ‘yesterday’ still hold true in today’s marketplace.

Business values need to inspire you

When you approach your business strategy there are a number of key elements that you need to bring together. The first thing though, and certainly one that we at Partners in Solutions believe you must have, is actually one that many people don’t even think about, and that is the key area of defining your values.

The values that you focus on are the foundation of your business

Core values is the place that you come from when you are making decisions around branding, products or services, engaging your people and suppliers, developing partnerships and general day-to-day business and customer service focus. For us here at Partners in Solutions they are a point of reference against which we can measure what we are doing, what we put out in the world and how we do it. However, they are not static.

Today vs. yesterday

The values that you had when you started out, may not necessarily be the values that are most relevant to you today and it is always worth revisiting them at least once a year.

Strategic values and qualities

Before any business can start developing their Strategic Business Plan they must have a base upon which to build – they must know what their core values and qualities are. The ethos by which they wish to do business and by which they wish to be known and build a reputation on.

It can be difficult to know where to start with something like this, so instead think about the companies and brands that you most admire and ask yourself why this is so.

Here are some companies that we admire and why we admire them:

Apple Modern, unique, trendy design, aspirational

– Disney Fun, creates wonder, has the ‘customer’ at the heart of what they do

John Lewis Customer focused. Trust and reliability

Cirque de Soleil Creative, wow factor, performance excellence

No management ‘speak’ please!

Your values need to come from the heart; they need to inspire you every day to build a business that is going to set the world alight – at least a little bit. They should reflect your uniqueness and will be the guide for your business strategy, your recruitment strategy and your product and or service strategy; however…..

The turn off!

Whenever and wherever you can avoid ‘management speak’ please do so as this is simply a big ‘turn off’ to anybody that reads them and more importantly, the people you work and interface with that have to deliver them. In a nutshell keep your business values simple and easy to understand. That way you stand a far better chance of actually living and breathing them on a day-to-day basis.

Strategic training or development required?

If you would like to learn more about how to develop your business strategy or to train your staff in business planning then please contact us today either by using the comment box below or via the ‘contact page’ on our website.

Trisha Proud

Partners in Solutions Ltd

http://www.pins.uk.com

https://twitter.com/proudtrisha

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Comments

  • Janice Taylor (@bluesky1001)  On September 18, 2013 at 11:26 am

    I agree Trisha, people certainly need to look at their core values and I really like the idea of them having a yearly check or maybe a strategy MOT!

    • trishaproud  On September 18, 2013 at 5:02 pm

      Thanks for the feedback Janice. I am loving the idea of a strategic MOT!

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