New Year is a great time not only for self reflection, but also for taking stock to see how well your business performed over the last year; identify what you could have done better; what did not go so well; celebrate what you did well; and consider new opportunities to pursue in the future.
What to include in your business strategy
The new year is also the perfect opportunity to think ahead and identify new goals, which could be anything from launching a new product or service, expanding into a new area, or recruiting more staff to meet existing demand. Or perhaps you’re keen to develop a strategic plan to refocus and adjust to the post-COVID world.
It’s also recommended to have goals in place on ways to improve your business so that you can earn more and do less. After all, running a business is like plate spinning: you constantly have to keep tabs on all parts of the business – and the spinning never ends. Sometimes the parts of the business that don’t directly relate to creating income take up most of your time, and this can be frustrating. (The good news is that we can help make the plate spinning less time consuming and less stressful – contact us to find out how
How to implement a business strategy that reduces frustration
The very first step is to actually jot down and write a business strategy of some kind. Having worked with businesses across Northland for many years, we’ve found that many business owners don’t take the time to carefully develop a strategy with their management team.
This invariably means business owners continue to spend significant amounts of time fighting fires – and don’t have the time or energy to move the business forward as quickly as it could or should.
To help business owners make progress towards their strategic goals – while at the same time simplifying the ‘plate spinning’ elements – we’ve developed the STAR cycle. This gives you the skills and tools you need if you’re wondering how to implement a business strategy that’s effective and fit for purpose.
STAR stands for Strategy, Tools, Activity, and Results – and covers all the aspects of business strategy implementation.
Over the coming weeks we’ll take a deep dive into the various aspects of the STAR cycle and business strategy implementation.
Contact Empower Business for a free one-hour consultation to discuss your strategic planning challenges.