The Challenge : Do you have a Strategy to Grow?

Developing a business strategy is one of the most important things to do to grow your business. It is also the one thing that garners the most skepticism amongst business owners, many of whom believes that it is fluff and they are better off doing sales than to set aside precious time to “strategize”. Nothing could be further from the truth. Strategy is so important because it is fundamental to the success and sustainability of any company for the following reasons:

1. Understand your company, industry and competitors

Strategy allows companies to develop a clearer understanding of their own company and what is required for them to succeed. It helps companies understand their core capabilities, identify and address weaknesses and mitigate risks.

2. Adapt and grow in a changing world

Understanding changes that are taking place in your industry, or with your market place is important. Because if you don’t adapt you die. Even successful businesses need to realize that what made them successful today is not what will make them successful tomorrow.

3. Create a vision and direction for the whole company

All companies and their staff need to understand their purpose, the end point and the course they are taking to get there. To run a company without a strategy is akin to sending your staff into the desert and leaving them to follow mirages in search of water.

Without a destination and focus in mind your staff will wander aimlessly from one activity to the other never knowing what to focus on or how to prioritize.

 

3 Key Benefits you will get from doing Step 4

CLEAR VISION

Setting up strategies will help you and your staff visualise the end goals and objectives clearly. Work gets done more efficiently and effectively, bringing you optimum results more rapidly.

DAMAGE CONTROL

The journey to success is not always a smooth sailing one. Businesses are always prone to adversities in one form or another. Crafting strategies will help buffer the impact of the “damages” done to your business and cut down on your losses.

AHEAD OF THE GAME

With a deep analysis of your competition and other surrounding factors, you’ll be able to predict the outcome of your future plans more accurately. This will definitely help you save time, cost and effort while getting the best results possible.

Step # 4 : Synergize with your Strategy
Develop Strategies that

 

Step 1 : Do your SWOT online

 

Step 2 : Prioritize the Areas to Improve

 

Step 3 : Map out the improvement plans & do it

Step 4 : Continuous Improvement & Reviews

A Vision Without Strategy Remains An Illusion

Having a vision drives your company, but having a strategy is the execution of your vision. Developing a strategy will help you take calculated risks, and aid you in the analysis of potential allies or threats regarding your business.

Strategic planning challenges your foresight, which is an extremely crucial factor that can push you ahead of your competition or hold you back.

As the CEO, do you know what are some of your strengths, weaknesses, opportunities and threats? Take this test and you will be able to find out.

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