I’m only a small business, why do I need a strategy?
I believe that every business, no matter how big or small, needs a strategy. You might think that words like strategy, planning and budget are reserved for the world of big corporations but a business mind-set can also help you to achieve your goals.
You have your business goals, you know how much money you want to make from your business, how many people’s lives you want to improve, what you make to make better in the world. Your strategy is simply your route map to help you get there.
Imagine that you are going on a journey. You start out with a destination in mind, and pop the postcode into Google maps. You click on directions and you can choose whether you want to drive, walk or use public transport. Once you’ve made your choice you are then given your directions, which roads to drive or walk down, which bus or train to catch. What happens if you don’t choose? You head out of the door, jump in the car and drive off in the general direction of where you want to be. You might get there, but you may lose your way.
It’s exactly the same in business. Your goals are your direction, the place you want to be, by a certain point in time. Your strategy are the choices you can make to get reach your goal. Your tactics are what you actually do to get there.
A strategy doesn’t need to be a multiple page business plan, complete with executive summary and detailed financial projections. I use an excel spreadsheet that can be printed onto an A4 piece of paper, but you could just as easily use A3 or a flip chart to write your plan. You could write on the back of an envelope if you like, just plan it out, write it down, then work on your tactics to bring it to life.
I check my document every few days, just to make sure that I’m on track, and that I’m focussing my time on the things that will help me reach my goals. It’s so easy to get distracted by the admin of daily life. Having a strategy will help you stay on track.
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