Of course, you have a business vision, objectives and a strategy but are they driving the growth and profit you want? How can you know if you are heading in a positive direction? You know that a strategy is indispensable to be successful in this economy but have you got the right one?
This quick scorecard will allow you to work that out today.
Your Business Strategy: Spot On Or Damp Squib?
Find out by answering these simple questions:
a. When I individually ask six random employees what the company vision is, do they all describe it in the same way, clearly and with enthusiasm?
b. When I ask those same employees what our main strategies are to achieve that vision, can they describe them well? Do they all match?
c. Do these employees seem confident these strategies will achieve their aim?
d. Is the value we provide to our customers so powerful that we are attracting and retaining customers?
e. Are our margins and profitability good?
f. Does the leadership team work well together? Are they pulling together as a single team?
g. Do they walk their talk?
h. Does that team meet regularly to agree how to strategically overcome barriers to grow?
i. Is there a high level of trust and engagement across the whole company?
So, how did you score yourself?
If you got nine then congratulations! You are doing extremely well. Your results will be the envy or all around you.
If you scored six, seven or eight then you have a lot of good elements in place. Read the following tips to see how to close the gap.
If you achieved five or less then your business is nowhere near its potential. You need to resolve that fast. There is good news though – you can put it right starting now.
Vision And Strategy Must Inspire
There is no point defining where your business is heading or how you will get there unless it lights the hearts and minds of all your staff. Crystal clear, logical reasoning is essential but, on its own, will not engage your staff to pull together like an army.
Seven Stepping-Stones To A Strategy That Will Power Your Business Forward
First analyse in detail where you business stands today, what is working well and what is not.
1. A picture of where you are taking the company that is so vivid and so compelling your leadership team and staff cannot wait to make it happen.
2. A clear definition of the exact target market where you can make a good profit and who would most appreciate where your company excels.
3. A clear analysis of where the business stands today compared to the vision, so the gap is obvious.
4. Three or four big, over-arching strategies that are so well thought out they give everyone a deep-seated confidence that they are the right things to focus on.
5. A definition of the value you will provide your customers over and over again so they flock to you.
6. The metrics you will track to keep the business focused.
7. Action plans that involve the whole company so everyone is totally committed to making the vision a reality.
There will of course be other things to agree but, if you do this, you will be well on the road to realising those sought after profits. Take clear notes at each session and leave several weeks in between the discussions. These are big subjects which need space so you can achieve maximum benefit.
Your business is not just a business: It is a springboard for your ideas, your passions and your dreams.
If you take the time to do this you will never regret it. Your business will always be in demand and you will be the envy of your competition.
So what are you waiting for?
Go and create that strategy that will turn your company into the one to watch!
Image Source: John Brennan on Flickr