Pause often to reflect on past outcomes, explore new ideas, and focus on continuous improvement
Business Strategy requires an investment of time.
Time is our most valuable resource, and business strategy requires that we invest quality time into it, yet it's often not made a priority by business owners. It seems they're either too busy, or don't know where to start. Creating routines and practicing them are the keys to growing a business. Intentionally setting time to work ON your business is the key to becoming a more strategic thinker. The result will be new initiatives identified and plans executed that strengthen a business and drive financial results
Use these 8 business strategies to help you lead your business towards becoming more strategic
Where the Business and Owner intersect on the model is a Business Essential called STRATEGIC. For a business owner, strategy should not be just another task, or something to be delegated. What once worked in the beginning may not anymore. When a business leader invests the time to explore continuous improvement they find new ways to unlock the full potential of their business.
Becoming more strategic is one of two Business Essentials that impact the level of ALIGNMENT in your business. When you invest the time to work ON your business you are creating alignment. The result of improving Alignment in your business is delivering an exceptional customer experience every time.
Establish a Culture of Continuous Improvement
You as the business leader establish what's important to you, and you build around that. The idea of continuous improvement often gets lost in the busy day-to-day operations. Investing quality time to think strategically, be curious, and explore how your business is running should be part of your regular routine
Define a Clear Purpose for Your Business and Who It Serves
This may be an exercise you've been through before and it's well documented. Yet, is it clear to everyone on your team, and those you serve? Too often a business leader has clear vision for their business, yet it's not documented or communicated effectively. When you really get this right everyone will know how your business fits into the market it serves. Revisit this often enough to be able to adapt quickly.
Instill Your Values as the Guiding Principles for Your Business
Having values as a business is important to those your serve. These values serve as Guiding Principles for a business as it carves its niche. What do your want your business to be known for? Obviously you want to be know for your product or service, yet it's the intangibles that create a culture that people want to be part of. These values often mirror those of the business leader.
Build a Strong Foundation by Documenting Plans
It's not enough to think strategically, become more curious, and explore how to improve and grow your business. A plan of action is needed. Most important is you can not do everything all at once. Start with what's most important now and turn them into key initatives. Choose the highest priority and build an action plan with accountability. This can be done for any key initiative following the Simplify, Prioritize, Execute, Repeat... philosophy.
Use Business Analysis to Direct Business Strategy
Becoming more Analytical is one of the Business Essentials. Once you learn to manage your business by the numbers, directing your business strategy becomes much easier. Improvement comes from being able to analyze past from current and future productivity. Analyzing the numbers is essental to business strategy.
Develop Good Personal Routines to Get More Done
We all have our own routines. Some are intentional. Some are our own natural habits. If you have strong personal financial habits, chances are you have them also for your business. Most important is that you become INTENTIONAL about working ON your business. You do this by scheduling time in your calendar like you do for other important events. Turn this into a routine and practice it consistently.
Set the Example to Build Trust and Loyalty with Customers and Employees
It should go without saying that as the business leader you set the example for the rest of the team. Trust and loyalty from employees and customers come from the leaders ability demonstrate they care. They care enough about other and don't take for granted the contributions needed to build a strong business.
Focus on What's Most Essential for Your Business, and Ignore the Rest
There is so much business advise out in the world that not only is it hard to keep up, but it's hard to tell what's truth or fiction. It's hard to know what to do or where to start. This is where finding guidance and support comes into play. Doing it all on your own is hard. Having an objective non-equity business partner is needed and valuable. Together we'll focus on what's most essential for your business and quickly accelerate results.