A business strategy is a set of goals and objectives that define the direction of the business in the coming months and years. It should be developed and agreed upon by the management team so that they have complete ‘buy-in’ to the strategy.
All of the goals in the business strategy should be SMART goals (Specific, Measurable, Achievable, Realistic and Timely) and documented so they can be compared to actual performance.
Once the strategy has been set, it should be reviewed on a periodic basis so that it can be adjusted (if required) to deal with changes in the actual business environment.
The strategy must include documented financial targets, e.g. sales targets, a budget by division, cash flow projection, etc. Plus other targets like website visits/conversions, quote conversion rates, and so on. Explicit targets will make comparisons to actual performance that much easier.
Your business strategy must be fully integrated into the business operations; otherwise the benefits of developing the plan will not be achieved. This means the business operations, including systems and processes, must be capable of delivering the strategy
Consider these questions for your business strategy:
- Do you have a business strategy for the next 3 years?
- Is your strategy documented and does it include SMART goals?
- When was the last time you reviewed and updated your strategy?
- Does your management team know the strategy and how it is to be implemented?
- Have you set your financial and non-financial goals?
- Are they measured against actual performance?
Our approach to business strategy
We will work with you to develop your business vision, including a set of goals and objectives. This will become the foundation of your business operations.
Periodically, we will work with you to review and update your strategy to ensure it continues to meet your long-term personal objectives.
Next step: contact us
Contact us to request your free one-hour consultation to see how we can help you plan and implement your business strategy